Press release
CNG Powertrain Market Size, Share, Growth, Analysis And Forecast To 2032
CNG Powertrain Market Report
The Business Research Company's CNG Powertrain Global Market Report 2023 identifies the rising demand for alternate cleaner fuels as the major driver for the CNG powertrain market's growth in the forecast period. Alternate fuels are fuels for internal combustion engines generated in part or entirely from sources other than petroleum and are less harmful to the environment than typical fuels. Compressed natural gas (CNG) powertrain uses alternative fuels such as CNG to power the vehicle, resulting in lesser carbon emissions and particle-free consumption, which is essential to reduce air pollution.
The global CNG powertrain market is expected to grow from $69.44 billion in 2022 to $83.58 billion in 2023 at a compound annual growth rate (CAGR) of 20.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The CNG powertrain market is expected to reach $166.25 billion in 2027 at a CAGR of 18.8%.
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Major competitors in the CNG powertrain market are Volkswagen AG, Ford Motor Company, Honda Motor Company, Hyundai Motor Company, Robert Bosch GmbH.
A key trend in the CNG powertrain market includes technological innovation. Major companies operating in the CNG powertrain market focus on increasing engine performance in their new offerings. For instance, in May 2022, US Hybrid, a US-based power conversion and powertrain system manufacturer, launched natural gas-powered parallel hybrid powertrain technology with near-zero emissions to be employed in drayage and long-haul trucks. The new powertrain delivers more power than other CNG or diesel powertrains with 640 hp combined horsepower and 1770 lb-ft maximum torque. This industry-first, innovative technology would provide near-zero-emission roadside charging assistance to standard long-haul fleet operators, providing fleet clients with versatility and convenience.
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The CNG powertrain market is segmented -
•By Drive: Front Wheel Drive, All-Wheel Drive, Rear Wheel Drive
•By Fuel: Mono Fuel, Bi fuel
•By Vehicle: Commercial Vehicle, Passenger Vehicle
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia Pacific was the largest region in the CNG powertrain market.
The Business Research Company's "Global CNG Powertrain Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The CNG Powertrain Market Include:
1. Executive Summary
2. CNG Powertrain Market Characteristics
3. CNG Powertrain Market Trends And Strategies
4. CNG Powertrain Market - Macro Economic Scenario
5. Global CNG Powertrain Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
……
32. Global CNG Powertrain Market Competitive Benchmarking
33. Global CNG Powertrain Market Competitive Dashboard
34. Key Mergers And Acquisitions In The CNG Powertrain Market
35. CNG Powertrain Market Future Outlook and Potential Analysis
36. Appendix
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