CNG Vehicles Market is Anticipated to Grow at a CAGR of 4.8% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “CNG Vehicles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global CNG vehicles market accounted for over US$ 160 billion by 2019. The market is anticipated to grow at a CAGR of 4.8% from 2019 to 2030.
The global CNG market is driven by factors, such as stringent regulations regarding emissions & fuel efficiency, and the low running cost of vehicles. In many countries, governments are offering various incentives to encourage the use of CNG-based vehicles. The better performance of CNG vehicles when compared with their counterparts and capabilities to transform petrol & diesel vehicles into vehicles that operate on CNG is supplementing market growth globally.
Moreover, the promotion of CNG vehicles by OEM manufacturers owing to their fuel efficiency, reduced maintenance costs, and emission features will further bolster market growth. CNG does not contain any additives and burns without leaving behind any by-products, the absence of such by-products prevents the contamination of engine parts and engine oil. Technological advancements and increasing investments to obtain CNG from renewable sources, is creating opportunities for the global compressed natural gas vehicles market.
However, the high cost of CNG vehicles, fewer CNG fueling stations, and increasing initiatives for the adoption of electric & hybrid vehicles will affect the market growth adversely. China, India, Canada, France, Japan, Germany, the UK, and others have formed the Electric Vehicles Initiative (EVI), a policy forum to accelerate the adoption of electric vehicles.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, CNG Vehicles Market by Product Type (Dedicated Fuel and Dual Fuel), Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle)-Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/cng-vehicles-market/264
The Asia Pacific region is the largest market for CNG vehicles and is anticipated to continue its dominance in the coming years. The development of CNG infrastructure in major countries, stable growth of the automotive industry and a large customer base in the region are expected to drive market growth in the Asia Pacific region.
Some of the prominent players present in the CNG vehicles market include Ford Motor Company, General Motors, Volkswagen, AB Volvo, Daimler AG, EvoBus GmbH, MAN, Suzuki Motor Corporation, FCA US LLC, and Hyundai Motor Group, among others.
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