Executive Summary
Azoth Analytics has released a research report titled "Global LNG Truck Market (2023 Edition)" which provides a complete analysis of the Global LNG Truck industry in terms of value and volume (number of LNG trucks), market segmentation by Type (Tractor Truck, Dump Truck, Other Types), Application (Construction and Mining, Freight and Logistics and Other Applications), Weight Type (Light Truck, Medium Truck and Heavy Truck) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.
The Global LNG Truck market showcased growth at a CAGR of 3.3% during 2019-2022. The market was valued at USD 1.82 Billion in 2022 which is expected to reach USD 3.6 Billion in 2029. LNG trucks produce lower emissions of nitrogen oxides (NOx), particulate matter, and greenhouse gases compared to diesel trucks. This aligns with stringent emissions regulations in many regions, making LNG trucks an attractive option for compliance with environmental standards. Moreover, LNG often offers cost savings compared to diesel fuel due to which there is high demand for the LNG truck market globally. Governments and regulatory bodies in various regions are implementing incentives and policies to encourage the adoption of cleaner fuels. Incentives may include tax credits, subsidies, and regulatory exemptions for fleets using LNG trucks.
The Global LNG Truck Market is expected to grow in the forecast period and register growth at a CAGR of 10.24% during the forecast period. LNG is known for its lower carbon content compared to diesel, resulting in reduced greenhouse gas emissions when burned. The lower emissions profile of LNG trucks appeals to companies and governments aiming to address climate change and air quality concerns, as businesses and fleet operators recognize the economic, environmental, and regulatory advantages of adopting LNG as a fuel source.
Moreover, one of the key drivers behind the global rise of LNG trucks is the increasing emphasis on environmental sustainability. With the transportation sector being a major contributor to greenhouse gas emissions, there is a growing urgency to transition to cleaner fuels. LNG, with its lower emissions profile compared to diesel, aligns with global efforts to combat climate change and reduce air pollutants. Stringent emissions regulations in various regions worldwide have further accelerated the adoption of LNG trucks, as fleet operators seek compliance with these standards.
Due to global warming to no more than 1.5°C - as called for in the Paris Agreement - emissions need to be reduced by 45% by 2030 and reach net zero by 2050. Increasing emission standards often favour cleaner technologies, including alternative fuels like LNG. The LNG truck market can experience growth as fleet operators seek compliance with stringent emission policies.
LNG trucks, known for producing lower emissions compared to traditional diesel vehicles, become more competitive in regions with strict emission policies. This can contribute to market share gains for LNG trucks in the commercial vehicle sector. Governments may offer incentives, subsidies, or tax breaks to encourage the adoption of vehicles that meet or exceed stringent emission standards. These incentives can enhance the economic attractiveness of LNG trucks, driving increased adoption.
Moreover, to support the adoption of cleaner technologies, governments and private entities may invest in the development of LNG infrastructure, including refuelling stations. This infrastructure expansion is crucial for the widespread adoption of LNG trucks. LNG is considered a cleaner-burning fuel, emitting fewer pollutants and greenhouse gases than traditional diesel. The adoption of LNG trucks aligns with environmental goals and helps reduce the overall carbon footprint of the transportation sector.
Scope of the Report:
• The report analyses the LNG Truck Market by Value (USD Million) and By Volume (Number of Units).
• The report presents the analysis of the LNG Truck Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the LNG Truck Market By Type (Tractor Truck, Dump Truck and Other Types)
• The report analyses the LNG Truck Market By Application (Construction and Mining, Freight and Logistics and Other Applications).
• The report analyses the LNG Truck Market By Weight Type (Light Truck, Medium Truck and Heavy Truck).
• The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Types, by mode of operation & by end users.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include of are Volvo Group and Traton Group, Iveco Group NV, Tata Motors Ltd, Mercedes Benz Group AG, FAW Jiefang Group Co. LTD, Sinotruk Hong Kong Ltd, Ashok Leyland Ltd, Beiqi Foton Motor Co Ltd and Blue Energy Motors.
1. Market Background
1.1 Scope and Product Outlook
1.2 Executive Summary
1.3 Research Methodology
2. Analyst Recommendations
3. Global LNG Truck Market: Historic and Forecast (2019-2029)
3.1 Impact Analysis of Macro Economic Factors on Global LNG Truck Market
3.2 Comparison of LNG Truck and Diesel Truck in Tailpipe GHG Emissions Including CO2
3.3 LNG Truck User costs of a semitrailer (5 years lifetime) in Germany
3.4 Global LNG imports from 2020 to 2050
3.5 Global LNG Truck Market: Dashboard
3.6 Global LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
3.7 Global LNG Truck Market: Volume Number of Trucks
3.8 Global LNG Truck Market: Market Value Assessment
3.9 Assessment: Degree of Impact of COVID-19 on Global LNG Truck Market
3.10 Global LNG Truck Market Segmentation: By Type
3.10.1 Global LNG Truck Market, By Type Overview
3.10.2 Global LNG Truck Market Size, By Tractor Truck, By Value, 2019H-2029F (USD Million & CAGR)
3.10.3 Global LNG Truck Market Size, By Dump Truck, By Value, 2019H-2029F (USD Million & CAGR)
3.10.4 Global LNG Truck Market Size, By Other Types, By Value, 2019H-2029F (USD Million & CAGR)
3.11 Global LNG Truck Market Segmentation: By Application
3.11.1 Global LNG Truck Market, By Application Overview
3.11.2 Global LNG Truck Market Size, By Construction and Mining, By Value, 2019H-2029F (USD Million & CAGR)
3.11.3 Global LNG Truck Market Size, By Freight and Logistics, By Value, 2019H-2029F (USD Million & CAGR)
3.11.4 Global LNG Truck Market Size, By Other Applications, By Value, 2019H-2029F (USD Million & CAGR)
3.12 Global LNG Truck Market Segmentation: By Weight Type
3.12.1 Global LNG Truck Market, By Weight Type Overview
3.12.2 Global LNG Truck Market Size, By Light Truck, By Value, 2019H-2029F (USD Million & CAGR)
3.12.3 Global LNG Truck Market Size, By Medium Truck, By Value, 2019H-2029F (USD Million & CAGR)
3.12.4 Global LNG Truck Market Size, By Heavy Truck, By Value, 2019H-2029F (USD Million & CAGR)
4. LNG Truck Market, Regional Analysis
4.1 Regional Coverage of the Study
4.2 Regional Snapshot
5. Americas LNG Truck Market: Historic and Forecast (2019-2029)
5.1 Americas LNG Truck Market: Snapshot
5.2 Americas LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
5.3 Americas LNG Truck Market: Volume Number of Trucks
5.4 Americas LNG Truck Market: Key Factors
5.5 Americas LNG Truck Market: Segment Analysis
5.6 Americas LNG Truck Market Segmentation: By Type
5.6.1 Americas LNG Truck Market, By Type Overview
5.6.2 Americas LNG Truck Market Size, By Tractor Truck, By Value, 2019H-2029F (USD Million & CAGR)
5.6.3 Americas LNG Truck Market Size, By Dump Truck, By Value, 2019H-2029F (USD Million & CAGR)
5.6.4 Americas LNG Truck Market Size, By Other Types, By Value, 2019H-2029F (USD Million & CAGR)
5.7 Americas LNG Truck Market Segmentation: By Application
5.7.1 Americas LNG Truck Market, By Application Overview
5.7.2 Americas LNG Truck Market Size, By Construction and Mining, By Value, 2019H-2029F (USD Million & CAGR)
5.7.3 Americas LNG Truck Market Size, By Freight and Logistics, By Value, 2019H-2029F (USD Million & CAGR)
5.7.4 Americas LNG Truck Market Size, By Other Applications, By Value, 2019H-2029F (USD Million & CAGR)
5.8 Americas LNG Truck Market Segmentation: By Weight Type
5.8.1 Americas LNG Truck Market, By Weight Type Overview
5.8.2 Americas LNG Truck Market Size, By Light Truck, By Value, 2019H-2029F (USD Million & CAGR)
5.8.3 Americas LNG Truck Market Size, By Medium Truck, By Value, 2019H-2029F (USD Million & CAGR)
5.8.4 Americas LNG Truck Market Size, By Heavy Truck, By Value, 2019H-2029F (USD Million & CAGR)
5.9 Americas LNG Truck Market Segmentation: By Country
5.9.1 Americas LNG Truck Market, by Country Overview
5.9.2 United States LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
5.9.2.1 United States LNG Truck Market, By Type
5.9.2.2 United States LNG Truck Market, By Application
5.9.2.3 United States LNG Truck Market, By Weight Type
5.9.3 Canada LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
5.9.3.1 Canada LNG Truck Market, By Type
5.9.3.2 Canada LNG Truck Market, By Application
5.9.3.3 Canada LNG Truck Market, By Weight Type
5.9.4 Brazil LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
5.9.4.1 Brazil LNG Truck Market, By Type
5.9.4.2 Brazil LNG Truck Market, By Application
5.9.4.3 Brazil LNG Truck Market, By Weight Type
5.9.5 Rest of Americas LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
5.9.5.1 Rest of Americas LNG Truck Market, By Type
5.9.5.2 Rest of Americas LNG Truck Market, By Application
5.9.5.3 Rest of Americas LNG Truck Market, By Weight Type
6. Europe LNG Truck Market: Historic and Forecast (2019-2029)
6.1 Europe LNG Truck Market: Snapshot
6.2 Europe LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
6.3 Europe LNG Truck Market: Volume Number of Trucks
6.4 Europe LNG Truck Market: Key Factors
6.5 Europe LNG Truck Market: Segment Analysis
6.6 Europe LNG Truck Market Segmentation: By Type
6.6.1 Europe LNG Truck Market, By Type Overview
6.6.2 Europe LNG Truck Market Size, By Tractor Truck, By Value, 2019H-2029F (USD Million & CAGR)
6.6.3 Europe LNG Truck Market Size, By Dump Truck, By Value, 2019H-2029F (USD Million & CAGR)
6.6.4 Europe LNG Truck Market Size, By Other Types, By Value, 2019H-2029F (USD Million & CAGR)
6.7 Europe LNG Truck Market Segmentation: By Application
6.7.1 Europe LNG Truck Market, By Application Overview
6.7.2 Europe LNG Truck Market Size, By Construction and Mining, By Value, 2019H-2029F (USD Million & CAGR)
6.7.3 Europe LNG Truck Market Size, By Freight and Logistics, By Value, 2019H-2029F (USD Million & CAGR)
6.7.4 Europe LNG Truck Market Size, By Other Applications, By Value, 2019H-2029F (USD Million & CAGR)
6.8 Europe LNG Truck Market Segmentation: By Weight Type
6.8.1 Europe LNG Truck Market, By Weight Type Overview
6.8.2 Europe LNG Truck Market Size, By Light Truck, By Value, 2019H-2029F (USD Million & CAGR)
6.8.3 Europe LNG Truck Market Size, By Medium Truck, By Value, 2019H-2029F (USD Million & CAGR)
6.8.4 Europe LNG Truck Market Size, By Heavy Truck, By Value, 2019H-2029F (USD Million & CAGR)
6.9 Europe LNG Truck Market Segmentation: By Country
6.9.1 Europe LNG Truck Market, by Country Overview
6.9.2 Germany LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
6.9.2.1 Germany LNG Truck Market, By Type
6.9.2.2 Germany LNG Truck Market, By Application
6.9.2.3 Germany LNG Truck Market, By Weight Type
6.9.3 United Kingdom LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
6.9.3.1 United Kingdom LNG Truck Market, By Type
6.9.3.2 United Kingdom LNG Truck Market, By Application
6.9.3.4 United Kingdom LNG Truck Market, By Weight Type
6.9.4 France LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
6.9.4.1 France LNG Truck Market, By Type
6.9.4.2 France LNG Truck Market, By Application
6.9.4.3 France LNG Truck Market, By Weight Type
6.9.5 Italy LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
6.9.5.1 Italy LNG Truck Market, By Type
6.9.5.2 Italy LNG Truck Market, By Application
6.9.5.3 Italy LNG Truck Market, By Weight Type
6.9.6 Rest of Europe LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
6.9.6.1 Rest of Europe LNG Truck Market, By Type
6.9.6.2 Rest of Europe LNG Truck Market, By Application
6.9.6.3 Rest of Europe LNG Truck Market, By Weight Type
7. Asia Pacific LNG Truck Market: Historic and Forecast (2019-2029)
7.1 Asia Pacific LNG Truck Market: Snapshot
7.2 Asia Pacific LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
7.3 Asia Pacific LNG Truck Market: Volume Number of Trucks
7.4 Asia Pacific LNG Truck Market: Key Factors
7.5 Asia Pacific LNG Truck Market: Segment Analysis
7.6 Asia Pacific LNG Truck Market Segmentation: By Type
7.6.1 Asia Pacific LNG Truck Market, By Type Overview
7.6.2 Asia Pacific LNG Truck Market Size, By Tractor Truck, By Value, 2019H-2029F (USD Million & CAGR)
7.6.3 Asia Pacific LNG Truck Market Size, By Dump Truck, By Value, 2019H-2029F (USD Million & CAGR)
7.6.4 Asia Pacific LNG Truck Market Size, By Other Types, By Value, 2019H-2029F (USD Million & CAGR)
7.7 Asia Pacific LNG Truck Market Segmentation: By Application
7.7.1 Asia Pacific LNG Truck Market, By Application Overview
7.7.2 Asia Pacific LNG Truck Market Size, By Construction and Mining, By Value, 2019H-2029F (USD Million & CAGR)
7.7.3 Asia Pacific LNG Truck Market Size, By Freight and Logistics, By Value, 2019H-2029F (USD Million & CAGR)
7.7.4 Asia Pacific LNG Truck Market Size, By Other Applications, By Value, 2019H-2029F (USD Million & CAGR)
7.8 Asia Pacific LNG Truck Market Segmentation: By Weight Type
7.8.1 Asia Pacific LNG Truck Market, By Weight Type Overview
7.8.2 Asia Pacific LNG Truck Market Size, By Light Truck, By Value, 2019H-2029F (USD Million & CAGR)
7.8.3 Asia Pacific LNG Truck Market Size, By Medium Truck, By Value, 2019H-2029F (USD Million & CAGR)
7.8.4 Asia Pacific LNG Truck Market Size, By Heavy Truck, By Value, 2019H-2029F (USD Million & CAGR)
7.9 Asia Pacific LNG Truck Market Segmentation: By Country
7.9.1 Asia Pacific LNG Truck Market, by Country Overview
7.9.2 China LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
7.9.2.1 China LNG Truck Market, By Type
7.9.2.2 China LNG Truck Market, By Application
7.9.2.3 China LNG Truck Market, By Weight Type
7.9.3 Japan LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
7.9.3.1 Japan LNG Truck Market, By Type
7.9.3.2 Japan LNG Truck Market, By Application
7.9.3.3 Japan LNG Truck Market, By Weight Type
7.9.4 India LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
7.9.4.1 India LNG Truck Market, By Type
7.9.4.2 India LNG Truck Market, By Application
7.9.4.3 India LNG Truck Market, By Weight Type
7.9.5 Rest of Asia Pacific LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
7.9.5.1 Rest of Asia Pacific LNG Truck Market, By Type
7.9.5.2 Rest of Asia Pacific LNG Truck Market, By Application
7.9.5.3 Rest of Asia Pacific LNG Truck Market, By Weight Type
8. Middle East & Africa LNG Truck Market: Historic and Forecast
8.1 Middle East & Africa LNG Truck Market: Snapshot
8.2 Middle East & Africa LNG Truck Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
8.3 Middle East & Africa LNG Truck Market: Volume Number of Trucks
8.4 Middle East & Africa LNG Truck Market: Key Factors
8.5 Middle East and Africa LNG Truck Market: Segment Analysis
8.6 Middle East & Africa LNG Truck Market Segmentation: By Type
8.6.1 Middle East & Africa LNG Truck Market, By Type Overview
8.6.2 Middle East & Africa LNG Truck Market Size, By Tractor Truck, By Value, 2019H-2029F (USD Million & CAGR)
8.6.3 Middle East & Africa LNG Truck Market Size, By Dump Truck, By Value, 2019H-2029F (USD Million & CAGR)
8.6.3 Middle East & Africa LNG Truck Market Size, By Other Types, By Value, 2019H-2029F (USD Million & CAGR)
8.7 Middle East & Africa LNG Truck Market Segmentation: By Application
8.7.1 Middle East & Africa LNG Truck Market, By Application Overview
8.7.2 Middle East & Africa LNG Truck Market Size, By Construction and Mining, By Value, 2019H-2029F (USD Million & CAGR)
8.7.3 Middle East & Africa LNG Truck Market Size, By Freight and Logistics, By Value, 2019H-2029F (USD Million & CAGR)
8.7.4 Middle East & Africa LNG Truck Market Size, By Other Applications, By Value, 2019H-2029F (USD Million & CAGR)
8.8 Middle East & Africa LNG Truck Market Segmentation: By Weight Type
8.8.1 Middle East & Africa LNG Truck Market, By Weight Type Overview
8.8.2 Middle East & Africa LNG Truck Market Size, By Light Truck, By Value, 2019H-2029F (USD Million & CAGR)
8.8.3 Middle East & Africa LNG Truck Market Size, By Medium Truck, By Value, 2019H-2029F (USD Million & CAGR)
8.8.4 Middle East & Africa LNG Truck Market Size, By Heavy Truck, By Value, 2019H-2029F (USD Million & CAGR)
9. Market Dynamics
9.1 Impact Assessment of Market Dynamics on the LNG Truck Market
9.2 Drivers
9.3 Restraints
9.4 Trends
10. Industry Ecosystem Analysis
10.1 Value Chain Analysis
10.2 Porter Analysis
11. Competitive Positioning
11.1 Companies' Product Positioning
11.2 Market Position Matrix
11.3 Market Share Analysis of LNG Truck Market
11.4 Company Profiles
11.4.1 Volvo Group
11.4.2 Traton Group
11.4.3 Iveco Group NV
11.4.4 Tata Motors Ltd
11.4.5 Mercedes Benz Group AG
11.4.6 FAW Jiefang Group Co. LTD
11.4.7 Sinotruk Hong Kong Ltd
11.4.8 Ashok Leyland Ltd
11.4.9 Beiqi Foton Motor Co Ltd
11.4.10 Blue Energy Motors
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