In a recent report released by ResearchAndMarkets.com, the global market for Natural Gas Vehicles (NGVs) is experiencing remarkable growth. The data, spanning from 2016 to 2030, shows a substantial increase, with an estimated 25.2 million units in 2022 set to skyrocket to 42.3 million units by 2030. This significant surge reflects a Compound Annual Growth Rate (CAGR) of 6.7% over the analysis period of 2022-2030.
- Segment Growth: The report delves into various vehicle categories, highlighting the growth of Light Duty Vehicles, Medium & Heavy Duty Trucks, and Medium & Heavy Duty Buses. Notably, Light Duty Vehicles are expected to witness a 6.8% CAGR, reaching 39 million units by the end of the analysis period.
- Global Leaders: While the United States’ NGV market is estimated at 172.2 thousand units in 2022, China, the world’s second-largest economy, is forecasted to reach an impressive 9.9 million units by 2030, with a CAGR of 7.4% from 2022 to 2030.
- Geographic Insights: The report provides a comprehensive analysis of NGV populations across diverse regions, including the USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Japan and Canada are expected to grow at 4.9% and 5.5%, respectively, over the 2022-2030 period. Within Europe, Germany is forecasted to grow at approximately 5.7% CAGR.
- Market Dynamics: Key competitors, such as BMW, Daimler AG, and Ford Motor Company, are closely analyzed, offering valuable insights into the industry’s competitive landscape.
- The report includes special discussions on the global economic climate and market sentiment, providing crucial context for the NGV market’s trajectory.
- Enhanced coverage on global competitiveness and key competitor market shares offers a deeper understanding of market dynamics.
- Market presence analysis categorizes players as Strong, Active, Niche, or Trivial, providing nuanced insights into industry participation.
- The introduction of an online interactive peer-to-peer collaborative bespoke update system ensures real-time information exchange among industry stakeholders.
- Subscribers gain access to digital archives and a trademarked research platform, enhancing the depth of their market knowledge.
- Complimentary updates for one year keep subscribers informed about the latest developments in the NGV market.
- Access to curated YouTube video transcripts featuring CEOs, domain experts, and market influencers offers unique perspectives through interviews, podcasts, press statements, and event keynotes.
Stay tuned for more updates as the NGV market continues to evolve, shaping the future of sustainable transportation worldwide.