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LNG Truck Market Share

Report ID: GMI11242
Published Date: Sep 2024
Report Format: PDF

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LNG Truck Market Share

Daimler and Volvo are the major market players operating in the global LNG truck industry accounting for over 20% of market share in 2023. Daimler is a key player in the LNG truck industry, leveraging its strong brand presence and technological expertise to maintain a competitive edge. The company focuses on innovation, offering LNG-powered trucks that meet stringent emission standards while providing high performance and efficiency. Daimler also invests in expanding LNG refueling infrastructure and collaborates with energy providers to enhance fuel availability. By offering comprehensive service and maintenance packages, Daimler ensures customer satisfaction and reliability, strengthening its market position and attracting fleet operators seeking sustainable and efficient transportation solutions.

Volvo remains competitive in the market through its commitment to sustainability and innovation. The company offers a range of LNG-powered trucks that are designed for long-haul and heavy-duty applications, catering to the growing demand for cleaner transport solutions. Volvo invests in research and development to enhance the performance and efficiency of its LNG trucks.

LNG Truck Market Companies

Major players operating in the LNG truck industry are:

Daimler AG
Dongfeng Motor Corporation
FAW Group (First Automobile Works)
IVECO
Kenworth (PACCAR Inc.)
MAN Truck & Bus
Peterbilt Motors (PACCAR Inc.)
Scania AB
Shaanxi Automobile Group
Volvo Trucks

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of LNG truck was worth over USD 11.8 billion in 2023 and will record a 10% CAGR between 2024 and 2032, fueled by the expansion of LNG refueling infrastructure.

The class 8 segment held an 80% revenue share in the LNG truck market in 2023, driven by spurring demand for heavy-duty trucks for long-haul transport.

Asia Pacific LNG truck industry captured over 60% revenues share in 2023, fueled by rapid industrialization and the expanding logistics sector.

Daimler AG, Dongfeng Motor Corporation, FAW Group (First Automobile Works), IVECO, Kenworth (PACCAR Inc.), MAN Truck & Bus, Peterbilt Motors (PACCAR Inc.), Scania AB, Shaanxi Automobile Group, and Volvo Trucks.