Compressed Natural Gas (CNG) Vehicles Market size was valued at USD 19.2 Billion in 2024 and is projected to reach USD 31.4 Billion by 2033, exhibiting a CAGR of 5.5% from 2026 to 2033.
Compressed Natural Gas (CNG) Vehicles Market in South Korea: Industry Demand and Vehicle Types
The Compressed Natural Gas (CNG) Vehicles Market in South Korea is experiencing significant growth, driven by environmental concerns and economic benefits. In 2024, the market generated revenue of USD 8,648.0 million and is projected to reach USD 17,955.0 million by 2030, growing at a CAGR of 13.2% from 2025 to 2030.
Key factors contributing to this growth include:
Environmental Sustainability: CNG vehicles emit fewer pollutants compared to diesel and petrol vehicles, making them attractive options for improving urban air quality.
Economic Advantages: CNG is more cost-effective than gasoline or diesel, offering fuel savings for both consumers and fleet operators.
Government Initiatives: Policies promoting alternative fuel adoption and the development of CNG infrastructure support market expansion.
In terms of vehicle types, the market encompasses:
Passenger Cars: Increasing consumer awareness and demand for eco-friendly vehicles are driving the adoption of CNG-powered passenger cars.
Buses and Trucks: The public transportation sector is transitioning to CNG buses, while logistics companies are incorporating CNG trucks into their fleets to reduce emissions and operating costs.
Specialty Vehicles: Garbage trucks and construction equipment are also being equipped with CNG engines, expanding the market beyond conventional vehicles.
Industries requiring CNG vehicles include:
Public Transportation: Municipalities are investing in CNG buses to meet emission standards and provide cleaner transit options.
Logistics and Delivery Services: Companies are adopting CNG trucks to lower fuel expenses and comply with environmental regulations.
Waste Management: The use of CNG-powered garbage trucks helps reduce the carbon footprint of waste collection operations.
Advancements in CNG technology, such as improved engine efficiency and expanded refueling infrastructure, are further propelling market growth. The increasing availability of CNG refueling stations enhances accessibility and convenience for consumers and businesses alike.
Overall, the South Korean CNG vehicles market is poised for continued expansion, supported by favorable government policies, economic incentives, and a growing emphasis on environmental sustainability.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Compressed Natural Gas (CNG) Vehicles Market
Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)
Passenger Cars
Compressed Natural Gas (CNG)
Liquefied Natural Gas (LNG)
Public Transport
Freight and Logistics
Private Transportation
OEM (Original Equipment Manufacturer)
Aftermarket
Front-Wheel Drive (FWD)
Rear-Wheel Drive (RWD)
All-Wheel Drive (AWD)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Compressed Natural Gas (CNG) Vehicles Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Compressed Natural Gas (CNG) Vehicles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Compressed Natural Gas (CNG) Vehicles Market, By Type
6. South Korea Compressed Natural Gas (CNG) Vehicles Market, By Application
7. South Korea Compressed Natural Gas (CNG) Vehicles Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Compressed Natural Gas (CNG) Vehicles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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