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CNG Powertrain Market 2024: Global Industry Growth Factors, Trends, Demand Status And Forecast To 2033
CNG Powertrain Market
The Business Research Company presents an extensive market research report on the CNG Powertrain Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The cng powertrain market size has grown exponentially in recent years. It will grow from $83.58 billion in 2023 to $100.5 billion in 2024 at a compound annual growth rate (CAGR) of 20.2%. The growth in the historic period can be attributed to environmental regulations and emissions standards, price stability of natural gas, reduced dependency on oil, fuel efficiency and cost savings, global energy security concerns.
The cng powertrain market size is expected to see rapid growth in the next few years. It will grow to $195.91 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to rise in renewable natural gas (rng) production, focus on lightweight materials in cng vehicle design, enhanced fueling experience through digital solutions, global expansion of cng fueling infrastructure. Major trends in the forecast period include increased focus on sustainable transportation, advancements in cng engine technology, innovations in cng engine management systems, technology integration in cng vehicles.
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Key Market Players:
Major companies operating in the cng powertrain market report are Volkswagen AG, Ford Motor Company, Honda Motor Company, Hyundai Motor Company, Robert Bosch GmbH, Nissan Motor Co. Ltd., The Volvo Group, Cummins Inc., Tata Motors Limited, Maruti Suzuki India Limited, Worthington Industries Inc., Chart Industries Inc., Minda Industries Ltd., Clean Energy Fuels Corp., FPT Industrial S.p.A., Landi Renzo S.p.A, Agility Fuel Solutions, Westport Fuel Systems Inc., ANGI Energy Systems Inc., Delta Fuel Company, Viatec Incorporated, Cenergy Solutions Inc., Mijo Auto Gas Pvt. Ltd., Corban Energy Group Corp., Altech-Eco Corporation, NGV Motori Inc., American Power Group, Greenkraft Inc., Nat G CNG Solutions
Market Drivers:
The rising demand for alternate cleaner fuels is significantly contributing to the growth of the CNG powertrain market going forward. 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. For instance, in December 2022, according to the U.S Energy Information Administration (EIA), a US-based government agency responsible for researching, collecting, and disseminating data related to energy, the U.S natural gas imports increased from 2.55 trillion cubic feet in 2020 to 2.81 trillion cubic feet in 2021. Further, the U.S. natural gas exports increased from 5.28 trillion cubic feet in 2020 to 6.65 trillion cubic feet in 2021. Therefore, the rising demand for alternate cleaner fuels drives the CNG powertrain market.
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https://www.thebusinessresearchcompany.com/report/cng-powertrain-global-market-report
The cng powertrain market covered in this report is segmented -
1) By Drive: Front Wheel Drive, All-Wheel Drive, Rear Wheel Drive
2) By Fuel: Mono Fuel, Bi fuel
3) By Vehicle: Commercial Vehicle, Passenger Vehicle
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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