LNG Truck Market to surpass $54.6 Bn by 2032, Says Global Market Insights Inc.

Selbyville, Delaware, Nov. 06, 2024 (GLOBE NEWSWIRE) —

The LNG truck market valuation is predicted to cross USD 54.6 billion by 2032, reported in a research analysis by Global Market Insights Inc.

A key driver for this growth is the expansion of LNG refueling infrastructure. Both governments and private entities are heavily investing in a network of LNG refueling stations along major transportation corridors. This infrastructure is vital for alleviating range anxiety and ensuring the reliability of LNG-powered trucks for long-haul journeys. For example, in March 2024, GAIL, India’s state-run natural gas company, unveiled plans for a network of LNG retail outlets on major national highways, targeting medium and heavy commercial vehicles. GAIL aims to secure over 50% market share in this sector by 2030.

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The LNG truck market categorizes vehicles into class 7 and class 8 segments. In 2023, class 8 dominated with approximately 80% market share and is set to grow by 2032. The class 8 segment’s prominence in the LNG truck industry stems from the rising demand for heavy-duty trucks in long-haul transport. LNG-powered Class 8 trucks are favored for their ability to manage heavy cargo over long distances while minimizing emissions. Their efficient engines, compliant with stringent emission standards, make them a top choice for logistics firms. Additionally, the growing LNG refueling infrastructure on major routes bolsters the adoption of Class 8 LNG trucks, propelling this segment’s growth.

The market segments cabs into day cab and sleeper cab categories. In 2023, the sleeper cab segment held a dominant 72% market share. The sleeper cab’s dominance in the LNG truck market is largely due to the demand for driver comfort during long hauls. Offering essential rest facilities, these cabs are perfect for extended journeys in logistics. As the industry leans more towards long-haul routes, the appetite for LNG-equipped sleeper cabs is escalating. The allure of reduced emissions, cost savings, and driver comfort is making LNG-powered sleeper cabs a top pick for fleet operators, driving the segment’s growth.

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The Asia Pacific region led the LNG truck market with a commanding share of over 60%. Countries like China and India, witnessing rapid industrialization and a burgeoning logistics sector, are fueling this dominance. Heightened environmental awareness and the government’s push to cut carbon emissions are furthering the adoption of LNG trucks. Investments in LNG refueling infrastructure along key routes amplify the market’s potential. Coupled with the region’s manufacturing prowess and cost-effective production, LNG trucks are increasingly seen as a viable alternative to diesel for both regional and long-haul transport.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope

1.1    Research design

1.1.1    Research approach

1.1.2    Data collection methods

1.2    Base estimates and calculations

1.2.1    Base year calculation

1.2.2    Key trends for market estimates

1.3    Forecast model

1.4    Primary research & validation

1.4.1    Primary sources

1.4.2    Data mining sources

1.5    Market definitions

Chapter 2   Executive Summary

2.1    Industry 360⁰ synopsis, 2021 – 2032

Chapter 3   LNG Truck Market Insights

3.1    Industry ecosystem analysis

3.2    Supplier landscape

3.2.1    Raw material suppliers

3.2.2    Component suppliers

3.2.3    Manufacturers

3.2.4    Service providers

3.2.5    Distribution channel

3.2.6    End users

3.3    Profit margin analysis

3.4    Pricing analysis

3.5    Cost breakdown analysis

3.6    Technology & innovation landscape

3.7    Patent analysis

3.8    Key news & initiatives

3.9    Regulatory landscape

3.10    Impact forces

3.10.1   Growth drivers

3.10.1.1    Shift towards cleaner alternative fuel vehicles

3.10.1.2    Growing infrastructure for LNG refueling stations

3.10.1.3    Government incentives supporting LNG truck adoption

3.10.1.4    Increasing concerns about reducing carbon emissions

3.10.2   Industry pitfalls & challenges

3.10.2.1    Technical challenges in LNG storage and handling

3.11    Growth potential analysis

3.12    Porter’s analysis

3.13    PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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