The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
As the awareness regarding the hazardous effect of carbon emission is increasing, the demand for compressed natural gas (CNG) and liquefied natural gas (LNG) commercial vehicle in growing. Manufacturer of the commercial vehicle continually trying out different technologies, in order to ensure that their commercial vehicles are not only safe but also green and efficient. The government of various region accepting CNG and LNG commercial vehicle as an alternative to both diesel and petrol until automakers design and develop an affordable and practical electric vehicle. Also, the governments taking initiatives and increases thein investment to establish a suitable infrastructure, which drives the growth of CNG and LNG commercial vehicle market.
The use of LNG in a passenger car is far less feasible, owing to an average passenger car stand idle more often; as a result, it gives rise to high evaporative losses. Whereas the use of CNG and LNG is a suitable option for large long-distance trucks because it is continuously traveling.
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CNG & LNG Commercial Vehicle Market: Dynamics
The major factor which drives the global CNG and LNG commercial vehicle market is the increasing awareness regarding the hazardous effect of carbon emission on the global environment. CNG and LNG commercial vehicles are considered as an alternative for petrol and diesel vehicle by the governments and also OEM of various regions, in order to reduce carbon emission and improve efficiency and productivity of commercial vehicles. The production of natural gas is becoming an easy process and safer too, hence the adoption rate of LNG among automakers is increasing. Another factor which are driving the global CNG and LNG commercial vehicles is the government support and technological advancement, occurring in the CNG & LNG commercial vehicle market.
However, the lack of developed infrastructure, especially in developing regions, which is needed for the growth of CNG and LNG commercial vehicle market, such as fueling infrastructure, distribution network and others, hampering the growth of the CNG and LNG commercial vehicle market
The manufacturer involved in the CNG & LNG commercial vehicle market is focusing on the long term contracts with the automakers and OEM, for the adoption of CNG and LNG as an alternative for petrol and diesel commercial vehicles. Significant manufacturers are focusing on the opening up in the emerging regions, such as China, Brazil and other, where the automotive industry is moving with the fast pace and creating more demand of skid steer loader.
CNG & LNG Commercial Vehicle Market: Segmentation
Globally, the CNG & LNG Commercial Vehicle market can be segmented on the basis vehicle type, and fuel type.
Based on the vehicle type, the CNG & LNG Commercial Vehicle market can be segmented into,
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
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Based on the fuel type, the CNG & LNG Commercial Vehicle market can be segmented into,
- Compressed Natural Gas (CNG)
- Liquefied Natural Gas (LNG)
CNG & LNG Commercial Vehicle Market: Regional Outlook
The market of skid steer loader is anticipated to lead by North America during the forecast period due to the reason that increasing adoption rate of natural gas in buses and trucks, also the growing automotive industry as well as automotive equipment industry in this region driving the CNG & LNG commercial vehicle market. Europe has anticipated robust growth in CNG & LNG commercial vehicle market, owing to stringent government regulations regarding the carbon emission, and growing demand of CNG and LNG commercial vehicle in this region. The Asia Pacific is the prominent market of CNG & LNG commercial vehicle and expected to witness, significant growth, in terms of volume, due to the significant growth in the natural gas industry as well as in the automotive industry. The growing adoption of new technology in the Middle East and Africa boosting the CNG & LNG commercial vehicle market in this region.
CNG & LNG Commercial Vehicle Market: Market Participants,
The key players involved in the CNG & LNG Commercial Vehicle 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 & LNG commercial vehicle market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to CNG & LNG commercial vehicle market segments such as component, type, application, end-user and region, etc.
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