Global natural gas vehicle (NGV) market to reach 34.7 million units by 2027


Editing: 18; Posted: March 2021
Executive commitments: 11714
Companies: 55– Players covered include AB Volvo; Bajaj Auto Limited; Bayerische Motoren Werke AG; CNH Industrial NV; Daimler AG; Dongfeng Motor Corporation; Ford Motor Company; General Motors Company; Landi Renzo SpA.; Opel Automobile GmbH; PACCAR Inc .; Tata Motors Limited and others.
Blanket: All major geographies and key segments
Segments: Vehicle type (light vehicles, medium and heavy trucks, medium and heavy buses)
Geographies: World; United States; 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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Global natural gas vehicle (NGV) market to reach 34.7 million units by 2027
Amid the COVID-19 crisis, the global natural gas vehicle (NGV) market estimated at 23.2 million units in 2020, is expected to reach a revised size of 34.7 million units by 2027 , with a CAGR of 5.9% analysis period 2020-2027. Light vehicles, one of the segments analyzed in the report, is expected to register a CAGR of 6.1% and reach 31.9 million units by the end of the analysis period. After an initial analysis of the business implications of the pandemic and its induced economic crisis, the growth of the medium and heavy truck segment is readjusted to a revised CAGR of 5.3% for the next 7 year period.

The US market is estimated at 160.7 thousand units, while China is expected to grow at 6.6% CAGR
The market for natural gas vehicles (NGV) in the United States is estimated at 160.7 thousand units in 2020. China, the world’s second-largest economy, is expected to reach a projected market size of 7.9 million units by 2027, with a CAGR of 6.6% over the analysis period 2020 to 2027. Other notable geographies are Japan and Canada, each forecasts growth of 4.3% and 4.8% respectively over the period 2020-2027. In Europe, Germany is expected to grow by around 5.1% CAGR.

Medium and heavy bus segment registers 4.3% CAGR
In the global medium and heavy bus segment, United States, Canada, Japan, China and Europe will result in the estimated 4.3% CAGR for this segment. These regional markets representing a combined market size of 337.4 thousand units in 2020 will reach a projected size of 452.9 thousand units by the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific is expected to reach 9.4 million units by 2027, while Latin America will increase at a CAGR of 4.4% throughout the analysis period. After

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