LNG Trucks

Global LNG Trucks Market to Reach US$41.1 Billion by 2030

The global market for LNG Trucks estimated at US$25.2 Billion in the year 2024, is expected to reach US$41.1 Billion by 2030, growing at a CAGR of 8.5% over the analysis period 2024-2030. Class 7, one of the segments analyzed in the report, is expected to record a 8.6% CAGR and reach US$25.3 Billion by the end of the analysis period. Growth in the Class 8 segment is estimated at 8.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.9 Billion While China is Forecast to Grow at 13.3% CAGR

The LNG Trucks market in the U.S. is estimated at US$6.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.9 Billion by the year 2030 trailing a CAGR of 13.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.3% and 8.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR.

Global LNG Truck Market – Key Trends & Drivers Summarized

Why Are LNG Trucks Gaining Popularity in the Transportation Industry?

The global push toward reducing carbon emissions and dependence on diesel-powered vehicles has led to increased adoption of liquefied natural gas (LNG) trucks. Compared to traditional diesel trucks, LNG-powered trucks offer lower greenhouse gas emissions, reduced operating costs, and compliance with stringent environmental regulations. Fleet operators and logistics companies are turning to LNG as an alternative fuel due to its ability to provide long-range capabilities while cutting fuel costs. Additionally, government incentives promoting LNG-powered commercial vehicles have further fueled market growth, particularly in regions where natural gas infrastructure is expanding. The logistics and freight transport sectors have emerged as primary adopters of LNG trucks, leveraging the fuel’s cost-effectiveness and sustainability benefits to transition toward cleaner transportation solutions.

How Are Advancements in LNG Truck Technology Enhancing Performance?

Technological advancements in LNG truck manufacturing have significantly improved vehicle efficiency, safety, and reliability. Modern LNG trucks are equipped with high-performance cryogenic fuel storage systems that maintain liquefied natural gas at extremely low temperatures, ensuring efficient combustion and extended driving ranges. Enhanced engine designs, including high-pressure direct injection (HPDI) technology, have optimized fuel efficiency while maintaining power output comparable to diesel engines. Additionally, onboard telemetry and fleet management software are enabling logistics operators to monitor fuel consumption, optimize routes, and enhance vehicle performance in real time. The introduction of dual-fuel engines, which allow trucks to switch between LNG and diesel based on fuel availability, has further increased the versatility of LNG-powered vehicles. These technological innovations are making LNG trucks more competitive with diesel alternatives, accelerating their adoption across the transportation industry.

What Are the Challenges Facing the LNG Truck Market?

Despite its benefits, the widespread adoption of LNG trucks faces challenges related to infrastructure availability, high initial costs, and fuel supply logistics. The lack of an extensive LNG refueling network in many regions limits the feasibility of long-haul operations, requiring significant investments in fueling infrastructure. The higher upfront costs of LNG trucks compared to diesel alternatives also pose a barrier to adoption, particularly for small and mid-sized logistics companies. Additionally, concerns over methane leakage during LNG handling and storage have raised environmental considerations that manufacturers and regulators are working to address. To overcome these challenges, governments and energy companies are investing in expanding LNG refueling stations, providing subsidies for fleet conversions, and developing stricter emission control measures for LNG-powered vehicles.

What Factors Are Driving Growth in the LNG Truck Market?

The growth in the LNG truck market is driven by several factors, including government regulations on emissions, advancements in natural gas engine technology, and the expansion of LNG refueling infrastructure. Stringent carbon emission reduction targets are pushing logistics companies to transition from diesel to cleaner fuel alternatives, making LNG a preferred choice for commercial fleets. The increasing availability of high-efficiency LNG engines with lower operating costs and reduced emissions is attracting fleet operators seeking long-term cost savings. Investments in LNG fueling infrastructure, particularly in Europe, China, and North America, are making LNG trucks more viable for long-haul transportation. Additionally, the rise of green logistics initiatives and corporate sustainability commitments are driving demand for alternative fuel vehicles, positioning LNG trucks as a critical solution for achieving low-emission freight transport. As technological advancements continue to improve vehicle efficiency and infrastructure expands, the LNG truck market is expected to witness sustained growth, reinforcing its role in the global transition toward cleaner transportation.

SCOPE OF STUDY:

The report analyzes the LNG Trucks market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Class (Class 7, Class 8); Cab (Day cab, Sleeper cab); Ownership (Fleet operator, Independent operator); Application (Freight delivery, Utility services, Construction & mining, Others)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 35 Featured) -

• ADB Global Sales
• Blue Energy Motors
• China FAW Group Corporation
• China National Heavy Duty Truck Group Co., Ltd. (Sinotruk)
• Daimler Truck AG
• Dongfeng Motor Corporation
• FAW Group Corporation
• Fiat Industrial (now CNH Industrial)
• GreenLine Mobility Solutions
• Hegelmann Group
• Hyundai Motor Company
• IVECO
• Isuzu Motors Ltd.
• Kenworth (PACCAR Inc.)
• MAN Truck & Bus
• Navistar International Corporation
• Nikola Corporation
• PACCAR Inc.
• Peterbilt Motors (PACCAR Inc.)
• Scania AB

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

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APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

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JAPAN
INDIA
176 OTHER COUNTRIES.

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