Market Size of CNG Tanks Industry Valued $1.5 Billion in 2021, estimated to reach $2.6 Billion by 2031, Growing at a CAGR of 5.9%

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.

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

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

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.

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.

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

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The COVID-19 outbreak forced governments to impose strict lockdowns and ban the import & export of key raw materials, thereby impacting the growth of the global CNG Tanks market during the COVID-19 period.

Disruption of supply chain activities and halt in the production of raw materials for manufacturing CNG tanks adversely affected the revenue and sales of CNG tanks.

Reduction in petroleum products demand due to the lockdown during the COVID-19 period led to a reduction in the use of personal vehicle transportation and this minimized the demand for crude oil, thereby causing a decimation in CNG costs and adversely impacting the global market surge.

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 include𝐀𝐧𝐡𝐮𝐢 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.

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.

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