CNG Tanks Market Analysis By Industry Value, Market Size, Top Companies And Growth Forecast To 2031

According to a new report published by Allied Market Research, titled, "CNG Tanks Market," The CNG tanks market was valued at $1.5 billion in 2021, and is estimated to reach $2.6 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 - https://www.alliedmarketresearch.com/request-sample/17816

The report offers an in-depth division of the global CNG Tanks market based on Raw Material, Propulsion, Vehicle Type, Type, and Region. It provides an in-depth investigation of every segment and sub-segment in tables and figures through which consumers can get insights into market trends. The market report analysis aids organizations, investors, and entrepreneurs in knowing which sub-segments are to be explored for achieving massive growth in the ensuing years.

Based on raw material, the glass fiber composites raw materials segment contributed the largest market share in 2021, accounting for more than two-fifths of the overall share of the global CNG Tanks market. Moreover, this segment is predicted to retain its dominant status during the forecast timeline. Moreover, the glass fiber composites raw materials segment is slated to register the highest CAGR of nearly 6.4% from 2022 to 2031. The report also encompasses other segments such as carbon fiber composites raw materials and others.

In terms of propulsion, the petrol segment accounted for the highest share of the global market in 2021, contributing more than 90% of the overall share of the global CNG Tanks market. Moreover, this segment is predicted to contribute the highest market share by 2031. In addition, this same segment is anticipated to register the fastest growth with a CAGR of nearly 6.0% during the forecast timeframe. The report also includes other segments such as diesel.

Based on region, Asia-Pacific contributed the largest market share in 2021, accounting for nearly one-third of the global CNG Tanks market share. The region is predicted to continue its market dominance by 2031. Moreover, the Asia-Pacific CNG Tanks market is set to register the fastest CAGR of 7.7% during the assessment period. The report also includes other regions such as LAMEA, North America, and Europe.

𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 - https://www.alliedmarketresearch.com/purchase-enquiry/17816

On basis of the vehicle type, the passenger vehicles segment accounted for a major share of the global market in 2021, contributing more than four-fifths of the global CNG Tanks market share. Moreover, the segment is set to maintain its dominance during the forecast period. Furthermore, the same segment is anticipated to record the fastest CAGR of nearly 6.1% from 2022 to 2031.

The report evaluates these key participants in the global CNG Tanks industry. These participants have executed a slew of major business plans such as the extension of the consumer base, technology innovation, strategic partnerships, and collaborations for enhancing penetration of new technologies in the global markets and establishing strong market growth globally. The market study report helps in monitoring the performance of each segment along with examining the effect of new technology launches on the overall market earnings.

Key players that operate in this CNG tanks market include Anhui Clean Energy Co., Ltd., Avanco GmbH, Beijing Tianhai Industry Co., Ltd., Everest Kanto Cylinders Limited, Faber Industrie S.P.A, FIBA Technologies, Inc., Hexagon Composites ASA, Indoruss Synergy Pvt. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Luxfer Holdings PLC, Maruti Koatsu Cylinders Ltd., NGV Technologies Inc., Plastic Omnium, Praxair Technology, Inc., Quantum Fuel Systems LLC, ULLIT, and Worthington Industries Inc.

𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 (380 𝗣𝗮𝗴𝗲𝘀 𝗣𝗗𝗙 𝘄𝗶𝘁𝗵 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀, 𝗖𝗵𝗮𝗿𝘁𝘀, 𝗧𝗮𝗯𝗹𝗲𝘀, 𝗙𝗶𝗴𝘂𝗿𝗲𝘀) 𝗮𝘁: https://www.alliedmarketresearch.com/cng-tanks-market/purchase-options

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.