LNG Truck Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Description

The Global LNG Truck Market was valued at USD 11.8 billion in 2023 and is projected to grow at a CAGR of 10% from 2024 to 2032. 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. The overall LNG truck industry is classified based on class, application, ownership, cab, and region. The 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 market 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.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$11.8 Billion
Forecast Value	$54.6 Billion
CAGR	10%

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.

In 2023, 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.

Product Code: 11242

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 360° synopsis, 2021 - 2032

Chapter 3 Industry 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

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Class, 2021 - 2032 ($Mn & Units)

5.1 Key trends
- 5.1.1 Class 7
- 5.1.2 Class 8

Chapter 6 Market Estimates & Forecast, By Cab, 2021 - 2032 ($Mn & Units)

6.1 Key trends
6.2 Day cab
6.3 Sleeper cab

Chapter 7 Market Estimates & Forecast, By Application, 2021 - 2032 ($Mn & Units)

7.1 Key trends
7.2 Freight delivery
7.3 Utility services
7.4 Construction & mining
7.5 Others

Chapter 8 Market Estimates & Forecast, By Axle, 2021 - 2032 ($Mn & Units)

8.1 Key trends
8.2 4x2
8.3 6x4
8.4 6x2

Chapter 9 Market Estimates & Forecast, By Ownership, 2021 - 2032 ($Mn & Units)

9.1 Key trends
9.2 Fleet operator
9.3 Independent operator

Chapter 10 Market Estimates & Forecast, By Region, 2021 - 2032 (($Mn & Units)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Russia
- 10.3.6 Belgium
- 10.3.7 Sweden
- 10.3.8 Rest of Europe
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 Indonesia
- 10.4.6 Thailand
- 10.4.7 Vietnam
- 10.4.8 Rest of Asia Pacific
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Argentina
- 10.5.4 Rest of Latin America
10.6 MEA
- 10.6.1 South Africa
- 10.6.2 UAE
- 10.6.3 Saudi Arabia
- 10.6.4 Iran
- 10.6.5 Turkey
- 10.6.6 Rest of MEA

Chapter 11 Company Profiles

11.1 Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Motors)
11.2 Ashok Leyland
11.3 CNHTC (China National Heavy Duty Truck Group Corporation)
11.4 Daimler AG
11.5 Dongfeng Motor Corporation
11.6 FAW Group (First Automobile Works)
11.7 Hino Motors, Ltd.
11.8 Isuzu Motors Ltd.
11.9 IVECO
11.10 Kenworth (PACCAR Inc.)
11.11 MAN Truck & Bus
11.12 Peterbilt Motors (PACCAR Inc.)
11.13 Scania AB
11.14 Shaanxi Automobile Group
11.15 Sinotruk (China National Heavy Duty Truck Group Co., Ltd.)
11.16 Tata Motors
11.17 Volvo Trucks