Press release
CNG Powertrain Market Poised for 18 % Growth, Set to Hit $226.77 Billion by 2029
CNG Powertrain Market
The growing preference for cleaner, alternative fuels is significantly propelling the CNG powertrain market's expansion. These alternative fuels, mostly or entirely sourced from non-petroleum resources, are less detrimental to the environment compared to conventional fuels. The compressed natural gas (CNG) powertrain employs these alternative fuels like CNG to propel the vehicle, leading to reduced carbon emissions and particulate-free consumption - a crucial step towards mitigating air pollution. For instance, a report by the Energy Information Administration, a statistical agency under the U.S. Department of Energy, revealed in January 2023 that natural gas usage in the U.S. had reached a daily record high of 141.0 billion cubic feet (Bcf) in 2023. Furthermore, the consumption of natural gas in the electric power sector saw a 45% boost in December 2022. This ascending trend for cleaner, alternate fuels is therefore steering the growth of the CNG powertrain market.
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What is the future CAGR of the cng powertrain market, and how will it impact industry expansion?
The market size for CNG powertrains has seen quick progression in the last few years. From $98.99 billion in 2024, it is projected to expand to $118.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.2%. Factors such as environmental policies and emission standards, consistency in natural gas prices, less oil reliance, fuel efficiency and cost benefits, along with worldwide energy security worries have contributed to the growth in the historic period.
In the coming years, the CNG powertrain market is forecasted to experience a swift expansion, reaching $226.77 billion in 2029 with a compound annual growth rate (CAGR) of 17.7%. Several factors contributing to this growth during the forecast period are the surge in renewable natural gas (RNG) production, the use of lighter materials in CNG vehicle construction, improvement in fueling experiences with digital innovations, and the worldwide growth of CNG fueling infrastructure. The forecast period also highlights the emerging trends such as a heightened focus on eco-friendly transportation, advances in CNG engine technology, innovative developments in CNG engine administration systems, and the inclusion of advanced technology in CNG vehicles.
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What are the most significant trends transforming the cng powertrain market today?
The primary trend gaining traction in the CNG powertrain market is technological advancement. Firms that dominate the market are intent on enhancing engine performance in their new products. For instance, in May 2022, US Hybrid, a power conversion and powertrain system manufacturing firm based in the US, introduced a revolutionary natural-gas-fuelled parallel hybrid powertrain technology that boasts near-zero emissions for use in both drayage and long-haul trucks. This novel powertrain outperforms other CNG or diesel powertrains, delivering a combined horsepower of 640 hp and a peak torque of 1770 lb-ft. This groundbreaking technology will offer long-haul fleet operators roadside charging assistance with near-zero emissions, adding versatility and convenience for fleet customers.
Which key market segments comprise the cng powertrain market and drive its revenue growth?
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
Subsegments:
1) By Front Wheel Drive (FWD): Conventional FWD Systems, Advanced FWD Systems With Enhanced Efficiency
2) By All-Wheel Drive (AWD): Full-Time AWD Systems, Part-Time AWD Systems, Adaptive AWD Technologies
3) By Rear Wheel Drive (RWD): Conventional RWD Systems, Performance-Oriented RWD Systems
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What regions are at the forefront of cng powertrain market expansion?
Asia Pacific was the largest region in the CNG powertrain market in 2024. The regions covered in the CNG powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the cng powertrain market?
Major companies operating in the CNG powertrain market include 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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What Is Covered In The CNG Powertrain Global Market Report?
• Market Size Forecast: Examine the cng powertrain market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cng powertrain market for a structured understanding.
• Key Players Overview: Analyze major players in the cng powertrain market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cng powertrain market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cng powertrain market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cng powertrain market.
• Industry Challenges: Identify potential risks and obstacles affecting the cng powertrain market.
• Competitive Landscape: Review strategic developments in the cng powertrain market, including expansions, agreements, and new product launches.
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