Some of the major reasons propelling the growth of the global CNG truck market are the rising environmental concerns around the world and the increased demand for CNG-powered trucks from the commercial vehicle segment. One of the main factors driving this market is the strict pollution rules implemented by government organisations like the California Air Resources Board (CARB) and Euro 6 that encourage automakers to switch to alternative fuels. Additionally, several governments offer CNG vehicles a variety of discounts and incentives, which is likely to increase their sales shortly. Additionally, during the projected period, technology development focused on enhancing fuel efficiency and lowering emissions is anticipated to stimulate market expansion.
The CNG truck market is estimated to reach at a value of 330.6 billion by 2031, at a growing CAGR of 17% during the forecast period.
.png)
Some of the major reasons propelling the growth of the global CNG truck market are the rising environmental concerns around the world and the increased demand for CNG-powered trucks from the commercial vehicle segment. One of the main factors driving this market is the strict pollution rules implemented by government organisations like the California Air Resources Board (CARB) and Euro 6 that encourage automakers to switch to alternative fuels. Additionally, several governments offer CNG vehicles a variety of discounts and incentives, which is likely to increase their sales shortly. Additionally, during the projected period, technology development focused on enhancing fuel efficiency and lowering emissions is anticipated to stimulate market expansion.
Commercial and heavy-duty trucks that run on compressed gas are known as CNG trucks. Because these trucks emit fewer emissions than diesel or gasoline-powered cars, the ecosystem and air quality are improved. Due to lower fuel prices, longer life of the motor, and low maintenance expenses, CNG trucks offer cost benefits. Additionally, using CNG truck lowers overall pollution and increases fuel efficiency, lowering greenhouse emissions.
Despite the many advantages that CNG trucks provide, several limitations are preventing the marketplace from expanding. The inadequacy of infrastructure and refilling stations is one of them, as is the expensive expense of converting diesel-powered vehicles to CNG-powered ones. A CNG truck may also take a long time to refuel, depending on the size of the vehicle and fuel tank. Additionally, the adoption of CNG trucks is being hampered in several nations by safety concerns. As a result, these elements work together to lower the demand for CNG trucks on a global scale. Despite this, the market expansion will continue to be fueled by government interventions and the creation of suitable infrastructure over the projected timeframe.
COVID-19 Impact and Market Status
Due to travel limitations and a drop in consumer demand, the COVID-19 pandemic has affected the transportation sector. Governments all around the world have imposed travel restrictions, which has caused a reduction in logistics activity. This is probably going to have an impact on the manufacturing of CNG trucks and hinder their expansion in 2020–2021. Over the forecast period, it is anticipated that demand for CNG trucks would rise as economies progressively reopen.
Segment Analysis
The Special Fuel Type emerged as the Most Booming Segment
The dual fuel and special fuel segments of the worldwide CNG truck market have been created based on type. The special fuel sector is predicted to have the biggest market share of these throughout the projection period. Due to their benefits like lower emissions and higher fuel efficiency, CNG-powered vehicles are increasingly in demand, which is the cause of this surge.
The Most Prominent Application Segment is the Command Posts
The CNG truck market is divided into light-duty vehicles and heavy-duty vehicles based on application. Due to the rising demand for heavy-duty vehicles in commercial transport applications as well as the escalating number of government laws aimed at reducing emissions, this market segment is anticipated to experience the fastest growth rate throughout the projected timeframe.
The North American Region to render Ample Financing Opportunities
Geographically, the North American, South American, European, Asian Pacific, African, and Middle Eastern regions make up the worldwide CNG truck market. Because of the strict pollution rules imposed by governments and the rising investments made by manufacturers in CNG-powered vehicles, North America is anticipated to dominate the global market over the coming years. The provincial CNG truck industry is growing as a result of the establishment of important players in the area.
Among others, Westport Fuel Systems, CNH Industrial N.V., Volvo Group, Toyota Motor Corporation, Cummins Inc., Volkswagen AG, Daimler AG, General Motors Company, Royal Dutch Shell Plc., and Ford Motor Company are the major market participants in the world for CNG trucks. These businesses provide a large selection of CNG-powered trucks for a variety of uses. Additionally, they concentrate on R&D operations to create cutting-edge technology for goods that are more effective and affordable. To boost the use of CNG vehicles around the world, these firms are also engaging in strategic alliances with various governmental bodies.
Recent Developments in the CNG Truck Market
• Volvo Trucks announced in April 2021 that its fleet of CNG trucks would be used in Germany to cut CO2 emissions. Similar to this, Mercedes-Benz recently launched a new line of CNG/LPG vehicles for distribution in urban areas. Additionally, Hyundai debuted the first hybrid truck in serial production fueled by compressed natural gas in Europe (CNG). Isuzu Motors Limited, Cummins Inc., Daimler AG, and MAN SE are further significant competitors in the international CNG truck industry.
• The US Department of Energy revealed its funding strategy for the development and adoption of clean heavy-duty vehicles, particularly CNG trucks, in May 2021. The programme aims to minimise emissions from medium- and heavy-duty vehicles, which are a significant contributor to air pollution in urban areas. The use of CNG truck technology has also led to the implementation of legislation by various European governments to lower pollution levels.
CNG Truck Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 330.6 billion |
| Growth Rate | CAGR of 17 % during 2021-2031 |
| Segment Covered | by Type, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Westport Fuel Systems, CNH Industrial N.V., Volvo Group, Toyota Motor Corporation, Cummins Inc., Volkswagen AG, Daimler AG, General Motors Company, Royal Dutch Shell Plc., and Ford Motor Company |
Key Segments of the Global CNG Truck Market
By Type Overview (USD Billion)
- Special Fuel
- Dual Fuel
By Application Overview (USD Billion)
- Light-duty Vehicle
- Heavy-duty Vehicle
By Regional Overview (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and Africa
Frequently Asked Questions (FAQ) :
CNG Truck Market is projected to reach by 330.6 billion,2031
The CNG Truck market is growing at a CAGR of 17 % during the projection period
Key companies covered in the CNG Truck market are Westport Fuel Systems, CNH Industrial N.V., Volvo Group, Toyota Motor Corporation, Cummins Inc., Volkswagen AG, Daimler AG, General Motors Company, Royal Dutch Shell Plc., and Ford Motor Company