CNG Vehicles Market Is Likely to Upsurge by , Size, Share, Trend, Demand
CNG Vehicles Market is estimated to be worth USD 310.32 billion, registering a CAGR 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 offer less 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.
The advancement 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 tax incentives 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.
Market segmentation
Based on vehicles
Passenger
Commercial
Others
Based on product
Dedicated Fuel
Bi-Fuel
Dual Fuel
Based on the Intake System Type (LPG):
Converter-mixer System
Vapor Phase Injection (VPI)
Liquid Phase Injection (LPI)
Liquid Phase Direct Injection (LPDI)
Based on the Fitting Type:
OEM/Factory-fitted
Aftermarket
Based on the Kit Type:
Venturi
Sequential
Based on the 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
Regional analysis
The world'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 CNG vehicles due to government backing and strict emission rules. In Japan and Indonesia, emission rules are strict, offering opportunities for growth in CNG and LPG vehicle market.
Industry news
There was a 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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