CNGVehicles Market is estimated to be worth USD 310.32 billion, registering aCAGR of 14.72% from 2022 to 2030. The global CNG Vehicles market is estimated
to rise over the forecast period due to the demand for Bi-fuel. They provide
similar performance compared to gasoline-powered automobiles, and in
comparison, they provide a low cost of CNG compared to gasoline. This is
estimated to operate the growth of the market. The rising worry for the environment
may operate the demand for compressed natural gas vehicles in the upcoming
seven years.
They offerless dangerous gas emissions than diesel-powered automobiles or gasoline. The
government is taking initiatives toward decreasing air pollution and inspiring
the acceptance of eco-friendly technologies are anticipated to favor CNG
vehicles' industrial growth. The rise in compressed natural gas stations also
allows switching to these environmentally-friendly automobiles.
Theadvancement in technology leads to better fuel-efficient, performance, and low
cost, which are the main factors in revenue growth. These automobiles provide a
safety advantage. Unlike gasoline or diesel tanks, the fuel storage cylinders
of CNG automobiles are much stronger. In exceptional cases, if an accident
occurs, the compressed natural gas dissolves into the atmosphere, whereas
gasoline or diesel doesn't dissolve on the ground.
The taxincentives provided by the government, such as the state and the federal
government of the U.S., may also favor the industrial growth of CNG vehicles in
the upcoming seven years. The progress in new eco-friendly fuels may hamper the
CNG vehicles market over the estimated period. They are more expensive than
that petrol or diesel-powered automobiles, which may impact revenue growth, but
the lower fuel cost is expected to balance the difference.
Marketsegmentation
Based onvehicles
- Passenger
- Commercial
- Others
Based onproduct
- Dedicated Fuel
- Bi-Fuel
- Dual Fuel
Based onthe Intake System Type (LPG):
- Converter-mixer System
- Vapor Phase Injection (VPI)
- Liquid Phase Injection (LPI)
- Liquid Phase Direct Injection (LPDI)
Based onthe Fitting Type:
- OEM/Factory-fitted
- Aftermarket
Based onthe Kit Type:
- Venturi
- Sequential
Based onthe region:
- Asia Oceania
o China
o India
o Japan
o South Korea
o Indonesia
o Thailand
- North America
o US
o Canada
o Mexico
- Europe
o France
o Germany
o Italy
o Spain
o Russia
o Turkey
o United Kingdom
- RoW
o Brazil
o Argentina
o Iran
o South Africa
Regionalanalysis
Theworld's largest CNG and LPG vehicle markets are in Asia. Countries like India,
South Korea, China, and Thailand have the major share of the market in this
region. China is one of the major markets in the region due to its government
policies backing the adoption rate of low emission fuel vehicles.
However,India is the second-largest market for CNG and LPG vehicles and the
fastest-developing market in the region. South Korea and Thailand are also
great markets for LPG vehicles and CNGvehicles due to government backing and strict emission rules. In Japan andIndonesia, emission rules are strict, offering opportunities for growth in CNG
and LPG vehicle market.
Industrynews
There wasa 31% increase in the sales of cars that are CNG powered in Uttar Pradesh,
Haryana, Maharashtra, Gujarat, and Delhi for the presence of strong CNG
infrastructure in these states, which Maruti has experienced this year.
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