Press release
CNG Powertrain Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
The Business Research Company offers in-depth market insights through CNG Powertrain Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Growing Demand For Cleaner Fuels Propels Cng Powertrain Market Growth
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.
Competitive Landscape:
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
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Top Trend - Introduction Of Innovative Natural Gas-Powered Parallel Hybrid Powertrain
Technological innovation is the key trend gaining popularity in the CNG powertrain market. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. CNG Powertrain Market Characteristics
3. CNG Powertrain Market Trends And Strategies
4. CNG Powertrain Market - Macro Economic Scenario
5. CNG Powertrain Market Size And Growth
…..
27. CNG Powertrain Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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