Global Natural Gas Vehicles (NGVs) Market to Reach 34.7 Million Units by 2027
SAN FRANCISCO, May 12, 2021 -- 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.
FACTS AT A GLANCE
Edition: 18; Released: March 2021
Executive Engagements: 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 34.7 Million Units by 2027
Amid the COVID-19 crisis, the global market for Natural Gas Vehicles (NGVs) estimated at 23.2 Million Units in the year 2020, is projected to reach a revised size of 34.7 Million Units by 2027, growing at a CAGR of 5.9% over the analysis period 2020-2027. 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 an early 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 160.7 Thousand Units, While China is Forecast to Grow at 6.6% CAGR
The Natural Gas Vehicles (NGVs) market in the U.S. is estimated at 160.7 Thousand Units in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of 7.9 Million Units by the year 2027 trailing a CAGR of 6.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
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 in the year 2020 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 9.4 Million Units by the year 2027, while Latin America will expand at a 4.4% CAGR through the analysis period. More
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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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