New Analysis from Global Industry Analysts Reveals Steady Growth for Natural Gas Vehicles (NGVs), with the Market to Reach 32.5 Million Units Worldwide by 2026

SAN FRANCISCO, March 16, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Natural Gas Vehicles (NGVs) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 19; Released: February 2022

Executive Pool: 11714
Companies: 55 - Players covered include AB Volvo ; Bajaj Auto Limited; Bayerische Motoren Werke AG; CNH Industrial N.V.; Daimler AG ; Dongfeng Motor Corporation; Ford Motor Company; General Motors Company; Landi Renzo S.p.A.; Opel Automobile GmbH; PACCAR Inc.; Tata Motors Limited and Others.
Coverage: All major geographies and key segments
Segments: Vehicle Type (Light Duty Vehicles, Medium & Heavy Duty Trucks, Medium & Heavy Duty Buses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; Russia; Armenia; Rest of Europe; Asia-Pacific; India; Pakistan; Thailand; Uzbekistan; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Colombia; Rest of Latin America; Middle East; Iran; Rest of Middle East; Africa.

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ABSTRACT-

Global Natural Gas Vehicles (NGVs) Market to Reach 32.5 Million Units by 2026
Natural Gas (NG) is a clean-burning alternative fuel with a remarkable capability for reducing harmful emissions from vehicles, specifically involving fine particles. Vehicular particulate emissions are a major concern, as they are small particles, causing harm to human health. Natural gas is a mixture of hydrocarbons, mainly methane, which is generally extracted from underground reserves. Natural gas is also obtained as a byproduct of landfill operations. Natural gas is used in vehicles in either its compressed form, known as Compressed Natural Gas (CNG), or liquefied form, known as Liquefied Natural Gas (LNG). Continuing climate change and associated complications are prompting various countries to make serious efforts toward decarbonization that entails carbon emission reductions for halting climate change. One of the key strategies linked with ongoing decarbonization efforts is to reduce dependence on fossil fuel-powered vehicles by transition toward more eco-friendly, green options like electric and natural gas vehicles. Tightening emissions regulations, particularly for diesel engines and stable natural gas prices continue to push fleets further toward natural gas conversions. To meet corporate carbon footprint and save on fuel costs, fleet operators are placing hefty truck orders and making large commitments to invest in fueling infrastructure. In the U.S., Germany, Australia, Argentina and India, natural gas-powered buses have widespread use in their public transportation fleets.

Amid the COVID-19 crisis, the global market for Natural Gas Vehicles (NGVs) estimated at 25.2 Million Units in the year 2022, is projected to reach a revised size of 32.5 Million Units by 2026, growing at a CAGR of 5.9% over the analysis period. Light Duty Vehicles, one of the segments analyzed in the report, is projected to record a 6.1% CAGR and reach 31.9 Million Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Medium & Heavy Duty Trucks segment is readjusted to a revised 5.3% CAGR for the next 7-year period.

The U.S. Market is Estimated at 172.2 Thousand Units in 2022, While China is Forecast to Reach 7.4 Thousand Units by 2026
The Natural Gas Vehicles (NGVs) market in the U.S. is estimated at 172.2 Thousand Units in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of 7.4 Thousand Units by the year 2026 trailing a CAGR of 6.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR. In North America, natural gas heavy duty vehicle sales are bolstered by refuse fleets, transit fleets, and school bus operators, replacing older vehicles or adding more vehicles. In OECD countries, driven by favorable economics in fleet operation, natural gas as transportation fuel is forecast to observe highest growth.

Medium & Heavy Duty Buses Segment to Record 4.3% CAGR
In the global Medium & Heavy Duty Buses segment, USA, Canada, Japan, China and Europe will drive the 4.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of 337.4 Thousand Units will reach a projected size of 452.9 Thousand Units by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 400.3 Thousand Units by the year 2026, while Latin America will expand at a 4.4% CAGR through the analysis period. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.