CNG and LNG commercial vehicle market : Introduction
As awareness of the dangerous impact of carbon emissions grows, the demand for compressed natural gas (CNG) and liquefied natural gas (LNG) commercial vehicles is increasing. The commercial vehicle manufacturer is constantly trying different technologies, in order to ensure that their commercial vehicles are not only safe but also green and efficient. The government of various regions accepts CNG and LNG commercial vehicles as an alternative to diesel and gasoline, until the car manufacturers design and develop a reasonable and practical electric vehicle. Also, governments are taking initiatives and increasing investment in establishing appropriate infrastructure, which drives the growth of the CNG and LNG commercial vehicle market. The use of LNG in a passenger car is much less possible, Because the average passenger car idles more often; As a result, it causes high evaporation losses. Whereas the use of CNG and LNG is a suitable option for large long-distance trucks because it travels continuously.
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CNG and LNG Commercial Vehicle Market: Dynamics
The major factor driving the global CNG and LNG commercial vehicle market is the growing awareness about the dangerous impact of carbon emissions on the global environment. Commercial CNG and LNG vehicles are considered as an alternative to gasoline and diesel vehicles by the governments and OEMs of various regions, in order to reduce carbon emissions and improve the efficiency and productivity of commercial vehicles.
The production of natural gas becomes an easier and safer process, and hence the rate of adoption of LNG among car manufacturers is increasing. Another factor driving the global CNG and LNG commercial vehicles is the government support and technological advancement, taking place in the CNG and LNG commercial vehicles market.
However, lack of developed infrastructure, especially in developing regions, required for CNG and LNG commercial vehicle market growth, such as infrastructure refueling, distribution network, and others, hampers CNG and LNG commercial vehicle market growth.
The manufacturer involved in the CNG and LNG commercial vehicle market focuses on long-term contracts with vehicle manufacturers and OEMs, for the adoption of CNG and LNG as an alternative to gasoline and diesel commercial vehicles.
Significant manufacturers are focusing on opening in the developing regions, such as China, Brazil and others, where the automotive industry is moving with the fast pace and creating more demand of skid loader.
CNG and LNG Commercial Vehicle Market: Segmentation
| based on vehicle type |
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| based on the type of fuel |
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CNG and LNG Commercial Vehicle Market: Regional Outlook
The skid steer loader market is expected to be led by North America during the forecast period due to the increasing adoption rate of natural gas in buses and trucks, also the growing automotive industry as well as the automotive equipment industry in this region driving the CNG LNG commercial vehicle market.
Europe is anticipating strong growth in the CNG and LNG commercial vehicle market, due to stringent government regulations regarding carbon emissions, and the growing demand for CNG and LNG commercial vehicles in this region.
Asia Pacific is the prominent market for CNG and LNG commercial vehicles and is expected to witness significant growth, in terms of volume, due to the significant growth in the natural gas industry as well as the automotive industry. The growing adoption of new technology in the Middle East and Africa is boosting the CNG and LNG commercial vehicle market in this region.
CNG and LNG Commercial Vehicles Market: Key Players
The key players involved in the commercial vehicle CNG and LNG market are AB Volvo, Beiqi Foton Motor Co., Westport Fuel Systems Inc., Navistar, Inc., PACCAR, Inc., Cummins, Inc., and others
The research report presents a comprehensive assessment of the CNG and LNG Commercial Vehicles market and contains thoughtful insights, facts, historical data and statistically supported and industry validated market data. It also contains predictions using an appropriate set of assumptions and methodologies.
The research report provides analysis and information by segments of the CNG and LNG Commercial Vehicle market such as component, type, application, end user, and region etc.
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