Global LNG Truck Market (2024 Edition): Analysis By Value and Volume, Truck Type (Tractor Truck, Dump Truck, Others), Weight Type (Light, Medium, Heavy), By Application, By Region, By Country: Market Insights and Forecast (2019-2029)

Global LNG Truck Market (2024 Edition): Analysis By Value and Volume, Truck Type (Tractor Truck, Dump Truck, Others), Weight Type (Light, Medium, Heavy), By Application, By Region, By Country: Market Insights and Forecast (2019-2029)

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.