Compressed Natural Gas (CNG) Truck Market
Compressed Natural Gas (CNG) Truck Market Size, Share & Trends Analysis Report by Type (Special Fuel, Dual Fuel), by Application (Light-duty Vehicle, Medium-duty Vehicle, Heavy-duty Vehicle), by Technology (Manual, Semi-Automatic, Automatic), and by End-User Industry (Transport, Construction, Mining, Agriculture) Forecast Period (2023-2030)
CNG truck market is anticipated to grow at a considerable CAGR of 5.0% during the forecast period (2023-2030). The growth of the market is attributed to factors such as the increasing adoption of eco-friendly transportation solutions and the need to reduce carbon emissions. Moreover, the demand for CNG trucks is expected to rise in various end-user industries, including transport, construction, mining, and agriculture, which will fuel the market growth. For instance, the mining sector is witnessing a surge in the adoption of CNG trucks due to their lower emissions and cost-effective fuel options. In addition, turbocharged engines are preferred in CNG trucks owing to their ability to enhance power, efficiency, and performance. The turbocharger increases air pressure, improving fuel combustion and reducing consumption. This technology enables CNG engines to maintain performance at high altitudes and reduces emissions, making them environmentally friendly. For instance, in June 2022, Ashok Leyland launched the ecomet STAR 1115 CNG truck, which is equipped with a 144 HP turbocharged engine and has a cylinder capacity ranging from 300 to 400 litres. The truck has a gross vehicle weight of 11,500 kg and offers a wide variety of load options ranging between 17-22 feet. The CNG cylinder capacity of the truck is between 300 to 400 litres.
Segmental Outlook:
The global CNG truck market is segmented based on its type, application, technology, and end-user industry. The market is categorized into special fuel and dual fuel based on its type. For application, the market is further segmented into light-duty vehicle, medium-duty vehicle, and heavy-duty vehicle. In terms of technology, the market is divided into manual, semi-automatic, and automatic options. Moreover, based on the end-user industry, the market is segmented into transport, construction, mining, and agriculture.
The Heavy-Duty Vehicle Category is Expected To Witness Significant Growth during the Forecast Period
Among these segments, the heavy-duty vehicle category is expected to witness significant growth during the forecast period. The increasing demand for CNG trucks in heavy-duty applications, such as environmentally-friendly, long-haul transportation and heavy cargo operations, is driving this growth. Various market players such as VOLVO, Tata Motors, and Renault Trucks, among others comes up with new heavy-duty vehicle to cater the market demand of CNG trucks. For instance, in September 2022, Tata Motors introduced India's first CNG-powered truck in the medium and heavy commercial vehicle segment. The Signa CNG trucks offer low operational costs, high durability, and multiple-use applications. They are powered by a 5.7-litre SGI engine, generating 180hp and 650Nm of torque. The launch aims to tap into the growing market for environmentally-friendly and cost-effective commercial vehicles.
Regional Outlook
The global CNG truck market is divided into regions, namely North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World, encompassing the Middle East & Africa, and Latin America. The market can be analysed for a particular region or country level as per the requirement. Among these regions, Europe is expected to experience substantial growth, owing to strict emission regulations and government incentives promoting the adoption of CNG as a cleaner fuel alternative. The Asia-Pacific region is also projected to witness significant growth during the forecast period, driven by the increasing adoption of CNG trucks in emerging economies and the growing focus on sustainable transportation solutions.
Global Compressed Natural Gas (CNG) Trucks Market Growth by Region 2023-2030
The North American Region Is Anticipated to Hold A Significant Share in The Global CNG Truck Market
The North American region, including the US and Canada, is anticipated to hold a significant share in the global CNG truck market. This growth is primarily driven by supportive government policies, R&D investments for clean energy, advancements in CNG infrastructure, and the presence of well-established transportation networks. For instance,
• In May 2023, federal government invested $10 billion in developing America’s clean hydrogen capabilities, the integration of future fuels into the gas infrastructure can expand options and accelerate nation’s ability to reduce emissions.
• In March 2023, the US Department of Energy (DOE) allocated $1.5 billion for technology research, development, and demonstration projects to reduce the cost of clean hydrogen alternative power.
Market Players Outlook:
The major companies serving the global CNG truck market include Volvo Group, Mitsubishi Fuso Truck and Bus Corp., Renault Trucks, Tata Motors Ltd., and Volkswagen AG, and others. These market players are considerably contributing to the market growth by adopting various strategies such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches to stay competitive in the market. For instance, in May 2023, Toyota and Daimler agreed to merge their truck brands, Hino and Mitsubishi Fuso, under a holding company. Both companies will invest equally in the merged truck makers and focus on developing hydrogen, autonomous, connected, and electrified technology.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global CNG trucks market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Mitsubishi Fuso Truck and Bus Corp.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Renault Trucks
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Tata Motors Ltd.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Volkswagen AG
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Volvo Group
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global CNG Truck Market by Type
4.1.1. Special Fuel
4.1.2. Dual Fuel
4.2. Global CNG Truck Market by Application
4.2.1. Light-Duty Vehicle
4.2.2. Medium-Duty Vehicle
4.2.3. Heavy-Duty Vehicle
4.3. Global CNG Truck Market by Technology
4.3.1. Manual
4.3.2. Semi-Automatic
4.3.3. Automatic
4.4. Global CNG Truck Market by End-User Industry
4.4.1. Transport
4.4.2. Construction
4.4.3. Mining
4.4.4. Agriculture
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Ashok Leyland
6.2. Beiqi Foton Motor Co Ltd
6.3. Daimler Truck AG
6.4. Dongfeng Motor Corp.
6.5. Freightliner Custom Chassis Corp.
6.6. Hino Motors, Ltd.
6.7. Isuzu Motors Ltd.
6.8. Iveco
6.9. JAC Motors
6.10. Kenworth Truck Co.
6.11. Mack Trucks
6.12. MAN Truck & Bus AG
6.13. Navistar International Corp.
6.14. Oshkosh Corporation
6.15. Peterbilt Motors Co.
6.16. Scania AB
6.17. Shaanxi Automobile Group
6.18. Western Star Trucks
1. GLOBAL CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
2. GLOBAL SPECIAL FUEL FOR CNG TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL DUAL FUEL FOR CNG TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL CNG TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
5. GLOBAL CNG TRUCK AS LIGHT-DUTY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
6. GLOBAL CNG TRUCK AS MEDIUM-DUTY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL CNG TRUCK AS HEAVY-DUTY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
9. GLOBAL MANUAL CNG TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
10. GLOBAL SEMI-AUTOMATIC CNG TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
11. GLOBAL AUTOMATIC CNG TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL CNG TRUCK MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2022-2030 ($ MILLION)
13. GLOBAL CNG TRUCK FOR TRANSPORT MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL CNG TRUCK FOR CONSTRUCTION MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. GLOBAL CNG TRUCK FOR MINING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
16. GLOBAL CNG TRUCK FOR AGRICULTURE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
17. GLOBAL CNG TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
18. NORTH AMERICAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
19. NORTH AMERICAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
20. NORTH AMERICAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
21. NORTH AMERICAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
22. NORTH AMERICAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2022-2030 ($ MILLION)
23. EUROPEAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
24. EUROPEAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
25. EUROPEAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
26. EUROPEAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
27. EUROPEAN CNG TRUCK MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2022-2030 ($ MILLION)
28. ASIA-PACIFIC CNG TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
29. ASIA-PACIFIC CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
30. ASIA-PACIFIC CNG TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
31. ASIA-PACIFIC CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
32. ASIA-PACIFIC CNG TRUCK MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2022-2030 ($ MILLION)
33. REST OF THE WORLD CNG TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
34. REST OF THE WORLD CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
35. REST OF THE WORLD CNG TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
36. REST OF THE WORLD CNG TRUCK MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
37. REST OF THE WORLD CNG TRUCK MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2022-2030 ($ MILLION)
1. GLOBAL CNG TRUCK MARKET SHARE BY TYPE, 2022 VS 2030 (%)
2. GLOBAL SPECIAL FUEL FOR CNG TRUCK MARKET SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL DUAL FUEL FOR CNG TRUCK MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL CNG TRUCK MARKET SHARE BY APPLICATION, 2022 VS 2030 (%)
5. GLOBAL CNG TRUCK AS LIGHT-DUTY VEHICLE MARKET SHARE BY REGION, 2022 VS 2030 (%)
6. GLOBAL CNG TRUCK AS MEDIUM-DUTY VEHICLE MARKET SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL CNG TRUCK AS HEAVY-DUTY VEHICLE MARKET SHARE BY REGION, 2022 VS 2030 (%)
8. GLOBAL CNG TRUCK MARKET SHARE BY TECHNOLOGY, 2022 VS 2030 (%)
9. GLOBAL MANUAL CNG TRUCK MARKET SHARE BY REGION, 2022 VS 2030 (%)
10. GLOBAL SEMI-AUTOMATIC CNG TRUCK MARKET SHARE BY REGION, 2022 VS 2030 (%)
11. GLOBAL AUTOMATIC CNG TRUCK MARKET SHARE BY REGION, 2022 VS 2030 (%)
12. GLOBAL CNG TRUCK MARKET SHARE BY END-USER INDUSTRY, 2022 VS 2030 (%)
13. GLOBAL CNG TRUCK FOR TRANSPORT MARKET SHARE BY REGION, 2022 VS 2030 (%)
14. GLOBAL CNG TRUCK FOR CONSTRUCTION MARKET SHARE BY REGION, 2022 VS 2030 (%)
15. GLOBAL CNG TRUCK FOR MINING MARKET SHARE BY REGION, 2022 VS 2030 (%)
16. GLOBAL CNG TRUCK FOR AGRICULTURE MARKET SHARE BY REGION, 2022 VS 2030 (%)
17. GLOBAL CNG TRUCK MARKET SHARE BY REGION, 2022 VS 2030 (%)
18. US CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
19. CANADA CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
20. UK CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
21. FRANCE CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
22. GERMANY CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
23. ITALY CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
24. SPAIN CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
25. REST OF EUROPE CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
26. INDIA CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
27. CHINA CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
28. JAPAN CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
29. SOUTH KOREA CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
30. REST OF ASIA-PACIFIC CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
31. REST OF THE WORLD CNG TRUCK MARKET SIZE, 2022-2030 ($ MILLION)
