CNG vehicles Market Share Projected a Rise at a CAGR of 14.72% |...

CNG vehicles Market Share Projected a Rise at a CAGR of 14.72%

Posted 2023-11-22 12:11:58

CNG vehicles Market Overview:

CNG Vehicles Market size is projected to be worth USD 310.32 billion by 2030, registering a CAGR of 14.72% during the forecast period 2022 to 2030

Because they are more affordable and efficient than conventional fuels like gasoline and diesel, CNG and LPG cars are in great demand worldwide. These cars provide an appealing alternative in terms of lower operating costs and removing worries about range due to the availability of the dual fuel option. To create and maintain a market for natural gas fuel and automobiles, the State and Federal governments of the United States of America are passing legislation and offering incentives.

A natural gas car costs more to buy at first than a gasoline vehicle. Still, this cost is predicted to go down throughout the projection period due to the increased number of natural gas vehicle producers. Transporting carrying loads or passengers is the main usage of three-wheelers. These vehicles are frequently used as a practical last-mile connection for transferring products across short- to medium distances. Three-wheelers are widely used because of their great fuel efficiency, compact design, low cost, and minimal emissions. Compared to other heavy- to medium-duty vehicles, these require less maintenance.

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The logistics industry's increasing use of three-wheelers to move products to outlying areas is another factor fueling the market's expansion. In addition, the increased preference for CNG or LPG-powered three-wheelers is a result of the skyrocketing fuel costs for traditional fuels like gasoline and diesel. Additionally, the introduction of such eco-friendly counterparts results from the growing environmental worries regarding the rising GHG emissions from gasoline- or diesel-powered three-wheelers.

CNG vehicles Market Key Players

· Volkswagen Group

· Ford Motor Company

· Suzuki Motor Corporation

· Renault

· Volvo Group

· General Motors

· Groupe PSA

· Fiat Chrysler Automobiles

· Hyundai Motor Company

· Daimler AG

· Honda Motor Co. Ltd.

· Toyota Motor Corporation

CNG vehicles Market Research Methodologies

A business intelligence study on the CNG vehicles Market presents a comprehensive evaluation of the demand trends and growth opportunities during the forecast period of 2022 – 2030. The insights in the report present a scrutiny of the nature and size of the target customers, changing consumer needs and preferences, and strategies used to generate customer value by various companies and market players during the assessment/historical period. The market analysts adopt robust date science frameworks and cutting-edge methods to understand the consumer behavior in the CNG vehicles market and the underlying revenue streams for various businesses.

CNG vehicles Market Segmentation:

The global CNG Vehicles market has been divided into three sections product type, application, and regional basis. With the product type, the market is further divided into two sections OEM and car modification. As per the application section, the global CNG vehicles market is further divided into two sections, i.e., personal and commercial. On a regional basis, the global CNG vehicles market is further classified into five sections Asia-Pacific, North America, South America, Europe, and Middle East & Africa.

CNG vehicles Market Regional Analysis:

For the last several decades, government initiatives to lessen the negative effects of road traffic on the environment have been a major driver of the adoption of cleaner automobiles. Several nations and towns have implemented laws to increase fuel economy and minimize air pollution. Before this, smaller cars received the most attention for fuel-efficiency measures. The introduction of LPG and CNG into these classes of vehicles has been made possible because commercial and heavy freight trucks are now also subject to such frameworks.

According to a 2019 research by the Sustainable Gas Institute, emissions from trucks running on natural gas are 15% lower than those from diesel vehicles. With only 1% of all-natural gas cars worldwide, the volume of these commercial vehicles is still much lower.

In certain nations, the cost of building refueling infrastructure is also subsidized, which might lead to the emergence of additional gas stations and, in turn, an increase in the number of individuals choosing to purchase or use NGVs. This is anticipated to increase NGV usage in high volumes, consistent with environmental regulations.

CNG vehicles Industrial News:

This has caught the attention of automakers, who now produce vehicles with NGV systems as standard equipment. The fact that the new car is protected by warranty and may be serviced at approved facilities is another reason customers choose this setup.

CNG vehicles Market Segmentation

By Product Type

· Oem

· Car Modification

By Application

· Personal Use

· Commercial Use

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