Market research reports, consulting: Global Market Insights Inc.

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LNG Truck Market Trends

Report ID: GMI11242 Published Date: September 2024Report Format: PDF
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LNG Truck Market Trends

Manufacturers operating in the LNG truck industry are engaged in various inorganic growth strategies such as mergers & acquisitions, new product launches, and partnerships to stay competitive in the market. Additionally, the development of dual-fuel technology is providing significant market opportunities. Manufacturers are increasingly offering trucks that can run on both LNG and diesel, providing flexibility and reducing dependency on a single fuel source. This dual-fuel capability enhances the operational range of trucks, making them more attractive for long-haul transport.

The LNG truck market is witnessing technological advancements aimed at enhancing fuel efficiency and vehicle performance. Innovations in engine design, such as high-pressure direct injection (HPDI) systems, are being adopted to optimize LNG combustion, providing greater efficiency and power output. Additionally, improvements in cryogenic tank technology are enabling longer storage times and better insulation, reducing LNG evaporation losses. These advancements not only improve the overall performance of LNG trucks but also contribute to cost savings and environmental benefits, making LNG trucks a more attractive option for fleet operators.    

Author: Preeti Wadhwani,
Frequently Asked Question(FAQ) :

Who are the major vendors in the LNG truck market?+

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.

How big is the Asia Pacific LNG truck market?+

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

Why is the demand for the class 8 vehicles rising?+

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.

What is the estimation of the LNG truck market?+

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.

LNG Truck Market Scope

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