CNG Powertrain Market 2024 - Business Revenue, Trends, Top Key Players, Future Opportunities, Industry Share And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global CNG Powertrain Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

CNG Powertrain Market 2024 Key Insights:

• 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%.
• Growing Demand For Cleaner Fuels Propels Cng Powertrain Market Growth
• Introduction Of Innovative Natural Gas-Powered Parallel Hybrid Powertrain
• Asia Pacific was the largest region in the CNG powertrain market in 2023

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This release was published on openPR.