CNG Cab/Taxi Market: Introduction
- Compressed Natural Gas (CNG) powered taxis/ cabs do not emit exhaust gases, unlike conventional I.C engine taxis propelled by gasoline or diesel engines which emit carbon monoxide, hydrocarbons, particulates matter, and other highly harmful gases that are hazardous and harmful to human health
- Demand for CNG cab/ taxis is increasing across the globe, as government agencies, automakers, and customers are inclined toward cleaner and economic mobility solutions
Key Drivers of CNG Cab/Taxi Market
- Automotive emissions are rising rapidly, which has led to climatic changes and thus, attracted attention of regulatory bodies around the world. Transportation regulatory agencies have enacted stringent emission norms enforcing vehicle owners and manufacturers to minimize their tail pipe emissions. The number of vehicles with CNG powertrain systems have been increasing consistently for the last few years. Increased usage of alternative powertrain technology with CNG as fuel is primarily because CNG produces far fewer CO2 emissions, as compared to that of liquid fuels, and combusts virtually particle-free. Thus, a rise in demand for emission reduction is boosting the global CNG cab/ taxi market.
- Rising fuel prices are resulting in expensive maintenance and operation of vehicles, which in turn is prompting commuters to travel either by public transportation or by ride-sharing through taxis. Additionally, owners of conventional I.C engine taxis and cabs also suffer the same. Significant increase in fuel prices for the last few years has prompted vehicle owners to opt for newer vehicles that are powered by alternative energy sources. CNG powered vehicles are rapidly gaining popularity due to the lower prices of CNG, as compared to that of gasoline or diesel, which makes it suitable fuel for cabs and taxis. Cost savings offered by CNG vehicles over conventional I.C engine vehicles is attracting numerous mobility service providing companies and individuals, thereby driving the global CNG cab/ taxi market.
Challenges in CNG Cab/Taxi Market
- Underdeveloped technologies for safe & convenient storage of CNG gas in vehicles along with poor refiling infrastructure hampers the adoption of CNG vehicles, which in turn is restraining the CNG cab/ taxi market across the globe
Impact of COVID-19 pandemic on CNG cab/taxi market
- The COVID-19 outbreak has posed several challenges for the automotive sector. It has resulted in shutdown of most vehicle manufacturing plants and negatively impacted Just-In-Time (JIT) inventory systems, thereby hampering the sale and production of CNG cab/ taxis. Moreover, the pandemic has created reluctance among people for shared mobility, which further hampers the demand for CNG cabs/ taxis.
Asia Pacific to hold significant share of CNG cab/taxi market
- Countries in Asia Pacific are leading manufacturers and customers of automobiles. Rise in number of on-road vehicles has led to high pollution levels, which in turn has prompted governments to promote cleaner fuels, including CNG for vehicles. Governments of countries such as Japan, China, and India are promoting CNG vehicles and increasing their production and import of CNG. Furthermore, several fleet owners are converting their vehicle fleets to CNG powered vehicles owing to reduced operational costs. These factors are driving the CNG cab/ taxi market in Asia Pacific.
Key Players Operating in CNG Cab/Taxi Market
The global CNG cab/ taxi market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the CNG cab/ taxi market are:
- Fiat Automobiles S.p.A
- Ford Motor Company
- Honda Motor Company, Ltd.
- Hyundai Motor Company
- Lovato Gas
- MIJO AUTO GAS PVT. LTD.
- Robert Bosch GmbH
- Suzuki Motor Corporation
- Toyota Motor Corporation
- UNO Minda
- Volkswagen AG
- Westport Fuel Systems Italia S.r.l.
Global CNG Cab/ Taxi Market: Research Scope
Global CNG Cab/ Taxi Market, by CNG System
Global CNG Cab/ Taxi Market, by Vehicle Type
- Utility Vehicles
Global CNG Cab/ Taxi Market, by Ownership
- Company Owned
- Individual Owned/ Private
Global CNG Cab/ Taxi Market, by Sales Channel
- Factory fitted
- Aftermarket fitted
Global CNG Cab/ Taxi Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.