On the Road to Sustainability : The Growing CNG Tanks Market Forecast, 2021-2031

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/17816

In 2021, Asia-Pacific dominated the market, in terms of revenue, followed by North America, Europe, and LAMEA. Increase in vehicle production, rise in fuel efficiency norms in Asia-Pacific drives growth of the CNG tanks market in the region. Furthermore, stringent government regulations on account of environmental concern and increase in subsidy among various regions such as Asia-Pacific and LAMEA has increased the demand for CNG in the automotive industry which in turn is expected to fuel the demand for CNG tanks market

The prominent key factors that drive growth of the CNG tanks market are surge in adoption of natural gas in the automotive industry and rise in environmental awareness. Owing to ever-increasing oil prices, the low-cost of CNG is preferred in many countries. Moreover, the growth in energy requirement by various nations leads to the use of non-conventional fuel such as compressed natural gas, which drives the market. Owing to this, increase in government regulations to promote the usage of CNG as fuel in the transportation sector.

The CNG tanks market is segmented on the basis of raw material, propulsion, vehicle type, type, and region. By raw material, it is divided into glass fiber composites raw materials, carbon fiber composites raw materials, and others. By propulsion, it is bifurcated into petrol and diesel.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/cng-tanks-market/purchase-options

By vehicle type, it is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). By type, it is divided into P Type 1 CNG Tanks, Type 2 CNG Tanks, Type 3 CNG Tanks, and Type 4 CNG Tanks. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :

By raw material, the glass fiber composites raw materials segment is expected to register a significant growth during the forecast period.

By propulsion, the petrol segment is projected to lead the global CNG tanks market.

By vehicle type, the passenger vehicles segment is projected to lead the global CNG tanks market.

By type, the type 2 CNG tanks segment is projected to lead the global CNG tanks market.

Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/17816

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.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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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.

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This release was published on openPR.