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.
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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.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Compressed Natural Gas (CNG) Truck Market Report Segment
By Type
- Special Fuel
- Dual Fuel
By Application
- Light-Duty Vehicle
- Medium-Duty Vehicle
- Heavy-Duty Vehicle
By Technology
- Manual
- Semi-Automatic
- Automatic
By End-User Industry
- Transport
- Construction
- Mining
- Agriculture
Global Compressed Natural Gas (CNG)Truck Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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.
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