LONDON--(BUSINESS WIRE)--The light and heavy duty natural gas vehicle market is expected to grow by 251.43 K units, progressing at a CAGR of over 2% during the forecast period.
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The higher fuel efficiency of natural gas trucks is one of the major factors propelling market growth. However, factors such as high cost of heavy-duty NGVs will hamper the market growth.
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Light and Heavy Duty Natural Gas Vehicle Market: Application Landscape
During 2020, the light-duty NGV segment accounted for the major shares and dominated the natural gas vehicles market. The coming years will witness a significant rise in the demand for light commercial vehicles (LCV) that play a significant role in the delivery of time-critical goods, high-value goods, and support services. The focus of LCV fleet operators to reduce their maintenance, repair, and operational expenses will propel the growth of this segment in the light and heavy duty natural gas vehicles market due to the low fuel costs of NGVs. However, the market growth in the light duty NGV segment will be slower than the growth of the market in the heavy-duty NGV segment.
Light And Heavy Duty Natural Gas Vehicle Market: Geographic Landscape
The rise in living standards and increasing disposable income in countries such as India, China, and South Korea, the growing need for logistics services, and the increasing demand for fuel-efficient vehicles from fleet operators to reduce operating costs will significantly drive light and heavy duty natural gas vehicle market growth in this region over the forecast period. 59% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for light and heavy duty natural gas vehicles in APAC. Market growth in this region will be slower than the growth of the market in South America.
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Companies Covered:
- AB Volvo
- CNH Industrial NV
- Cummins Inc.
- Daimler AG
- General Motors Co.
- MAN SE
- Navistar International Corp.
- PACCAR Inc.
- Renault SA
- Volkswagen AG
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, until 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application by Volume
- Market segments
- Comparison by Application by volume
- Light-duty NGV - Market size and forecast 2019-2024
- Heavy-duty NGV - Market size and forecast 2019-2024
- Market opportunity by Application by volume
Customer landscape
Geographic Landscape by Volume
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- AB Volvo
- CNH Industrial NV
- Cummins Inc.
- Daimler AG
- General Motors Co.
- MAN SE
- Navistar International Corp.
- PACCAR Inc.
- Renault SA
- Volkswagen AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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