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 per cent over the analysis period 2020- 2027.
Light Duty Vehicles, one of the segments analyzed in the report, is projected to record a 6.1 per cent 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 per cent CAGR for the next 7-year period.
The 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 per cent over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3 per cent and 4.8 per cent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approxikia Sonet mately 5.1 per cent CAGR