Global Compressed Natural Gas (CNG) Vehicles Market Overview by Recent Opportunities, Growth Size, Regional Analysis and Forecasts to 2028

The global compressed natural gas (CNG) vehicles market is anticipated to grow at a significant CAGR 4% during the forecast period (2022-2028). The rise in the demand for CNG vehicles is anticipated to drive the growth of the market. According to Autocar India, in April -September 2021 period, approximately1,10,412 CNG cars were sold in India, accounting for 97.0% annual growth against 51,448 units in 2020. Also, CNG provides considerable savings when compared to its diesel or petrol counterparts. Thus, the rise in the price of petrol and diesel is one of the factors driving the demand for CNG vehicles. For instance, the price of petrol (Rs 109.98 in Mumbai on November 8) and diesel (Rs 94.14 liter in Mumbai on November 8), while CNG Costs 57.54 per kg.

The presence of major players in the market such as Hyundai, Maruthi Suzuki, and others are anticipated to drive the growth of the global compressed natural gas (CNG) vehicles market. For instance, Maruthi Suzuki had sold approximately 1,57,954 CNG vehicles in 2021, with 82,351 units sold in just six months, which accounted for 12.0% of its PV sales of 1293840 units. Out of these, the WagaonR CNG was the significant contributor to CNG model sales with 60222 units or 38.0% of the carmaker's total CNG sales. While, the ertiga with 21,610 units had clocked 111.0% growth, while Eeco registered a 136.0% growth with 13,549 units sold. Meanwhile, Hyundai also witnessed a strong demand with its Aura CNG selling 9,578 units in the first half of 2021 registering a 359.0% growth. Thus, the presence of major players coupled with their benchmarking sales is anticipated to fuel the demand for the global CNG vehicles market during the forecast period.

The rising government regulations regarding vehicle emissions are anticipated to drive the growth of the global CNG vehicles market. For instance, in December 2021, US Environmental Protection Agency (EPA) revised national greenhouse emissions standards for passenger cars and trucks for model years 2023-2026. The final standards are projected to achieve significant GHC emissions reductions along with reductions in other criteria pollutants. Also, in July 2021, European Commission adopted a series of legislative proposals setting out how it intends to achieve climate neutrality in the EU by 2050. Thus, the EU has set stricter fleet-wide CO2 emissions targets. EU targets for 15.0% reduction in CO2 emission for 2025 and 37.5% reduction for 2030 for passenger cars.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- SG Automotive Group, Volkswagen AG, and Hyundai Motor Co. among others
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

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https://orionmarketreports.com/global-compressed-natural-gas-cng-vehicles-market/108848/

Global Compressed Natural Gas (CNG) Vehicles Market Report by Segment

By Type
• Passenger Car
• Bus
• Trucks

By Application
• Operating Vehicle
• Family Car

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