Compressed Natural Gas and Liquefied Natural Gas Vehicle Market

A natural gas vehicle (NGV) is an alternative fuel vehicle that uses compressed natural gas (CNG) or liquefied natural gas (LNG). Natural gas vehicles should not be confused with autogas vehicles powered by liquefied petroleum gas (LPG), mainly propane, a fuel with a fundamentally different composition.In a natural-gas-powered vehicle, energy is released by the combustion of methane gas (CH4) fuel with oxygen (O2) from the air to form carbon dioxide (CO2) and water vapor (H2O) in an internal combustion engine. Methane is the cleanest burning hydrocarbon, and many contaminants present in natural gas are removed at the source. Existing gasoline-powered vehicles may be converted to run on CNG or LNG and can be dedicated (running only on natural gas) or bi-fuel (running on either gasoline or natural gas). Diesel engines for heavy trucks and buses can also be converted and can be dedicated with the addition of new heads containing spark ignition systems, or can be run on a blend of diesel and natural gas, with the primary fuel being natural gas and a small amount of diesel fuel being used as an ignition source. It is also possible to generate energy in a small gas turbine and couple the gas engine or turbine with a small electric battery to create a hybrid electric motor-driven vehicle.
Compressed Natural Gas and Liquefied Natural Gas Vehicle Market contains market size and forecasts of Compressed Natural Gas and Liquefied Natural Gas Vehicle in global, including the following market information:
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market Revenue, 2017-2022, 2023-2028, ($ millions)
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market Sales, 2017-2022, 2023-2028, (Units)
Global top five Compressed Natural Gas and Liquefied Natural Gas Vehicle companies in 2021 (%)
The global Compressed Natural Gas and Liquefied Natural Gas Vehicle market was valued at 11980 million in 2021 and is projected to reach US$ 21930 million by 2028, at a CAGR of 9.0% during the forecast period 2022-2028.
The U.S. Market is Estimated at $ Million in 2021, While China is Forecast to Reach $ Million by 2028.
CNG Vehicle Segment to Reach $ Million by 2028, with a % CAGR in next six years.
The global key manufacturers of Compressed Natural Gas and Liquefied Natural Gas Vehicle include Maruti Suzuki, Iran Khodro, Volkswagen, Hyundai Motor, Stellantis, FAW Group, Chang'an Automobile, General Motors and Honda, etc. In 2021, the global top five players have a share approximately % in terms of revenue.
We surveyed the Compressed Natural Gas and Liquefied Natural Gas Vehicle manufacturers, suppliers, distributors and industry experts on this industry, involving the sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market, by Type, 2017-2022, 2023-2028 ($ Millions) & (Units)
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market Segment Percentages, by Type, 2021 (%)
CNG Vehicle
LNG Vehicle
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market, by Application, 2017-2022, 2023-2028 ($ Millions) & (Units)
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market Segment Percentages, by Application, 2021 (%)
Passenger Vehicle
Commercial Vehicle
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market, By Region and Country, 2017-2022, 2023-2028 ($ Millions) & (Units)
Global Compressed Natural Gas and Liquefied Natural Gas Vehicle Market Segment Percentages, By Region and Country, 2021 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Compressed Natural Gas and Liquefied Natural Gas Vehicle revenues in global market, 2017-2022 (Estimated), ($ millions)
Key companies Compressed Natural Gas and Liquefied Natural Gas Vehicle revenues share in global market, 2021 (%)
Key companies Compressed Natural Gas and Liquefied Natural Gas Vehicle sales in global market, 2017-2022 (Estimated), (Units)
Key companies Compressed Natural Gas and Liquefied Natural Gas Vehicle sales share in global market, 2021 (%)
Further, the report presents profiles of competitors in the market, key players include:
Maruti Suzuki
Iran Khodro
Volkswagen
Hyundai Motor
Stellantis
FAW Group
Chang'an Automobile
General Motors
Honda
Volvo Truck
IVECO
Scania