Global CNG Vehicles Market to reach US$59 bn by 2026 as Government Provides Easy Financing Schemes to Encourage Adoption of CNG Vehicles
The major players in the market include Fiat Chrysler, Volkswagen, Mercedes-Benz, Renault, Iran Khodro, Nissan, Volvo Group, PSA Peugeot Citroen, General Motors, Toyota, Hyundai, Honda, Suzuki, Great Wall Motors, etc.
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Increasing Focus of Governments on Curbing Air Pollution to Drive Market
The demand for CNG vehicles is expected to increase as they are more efficient and cost-effective than traditional gasoline or diesel engines. The rising levels of air pollution and its adverse effect on health has brought attention of governments around the globe towards CNG vehicles. Thus, governments are encouraging people to adopt cleaner sources of energy. Hence, there is also a rising adoption of these vehicles as they emit less harmful pollutants, making it a cleaner alternative to fuel. Additionally, there are various easy financing schemes and tax incentives by governments that are further encouraging the adoption of CNG vehicles.
Furthermore, there is additional safety provided by manufacturers such as fuel storage cylinders of which is much stronger than gasoline or diesel tanks. Factors like fuel efficiency, better performance, and low cost are some of the major factor driving the growth of overall market share.
OEM Segment to Hold Largest Market Share
Stringed regulation around the emission of gas from automobiles have led to increased participation from several OEM towards use of cleaner alternatives. Additionally, higher safety of the passenger and eco-friendly will further boost the trend of CNG vehicle among OEM.
Asia Pacific Region to Rise Significantly in Global Market
The developing countries in Asia Pacific like India and China are expected to register growth from CNG vehicle market as governments in the region are focusing more on higher price of crude oil, shifting their preference to CNG vehicles.
Manufacturers to Focus on Cleaner Alternatives Along With Enhanced Performance
In 2019, Ford launched a CNG powered car, Ford Aspire. The car is fitted with CNG sequential kit, which is supplied and installed by Lovato. The model was launched in two variants Ambiente and Trend+. The CNG powered automobile can deliver high quality performance, reliability, improved mileage, lower emission, better engine life, and improve vehicle dynamics and brake performance. The speed can also be governor at 80 km/h for taxi segment. Through this car the company is expected to launch itself in the clean energy market to reduce its global footprint and combat competition.
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