Yahoo Finance CNG Vehicles Market worth USD 310.32 billion by 2030, registering a CAGR of 14.72% - Report by Market Research Future (MRFR)
New York, Nov. 30, 2021 (GLOBE NEWSWIRE) -- CNG Vehicles Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “CNG Vehicles Market Product Type, Application, Region - Forecast till 2030”, the market is projected to be worth USD 310.32 billion by 2030, registering a CAGR of 14.72% during the forecast period (2022 to 2030).
List of the companies profiled in the global CNG vehicles market report include –
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, among others.
Key players have incorporated several strategies to stay at the forefront such as new product launches, mergers and acquisitions, partnerships, and more.
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Market Research Future’s Review on CNG Vehicles Market
COVID-19 Analysis
The global CNG vehicles market has been hit by the COVID-19 pandemic with some kind of political, economic, and social disruptions in key industries. For example in the US, the auto sector announced a shutdown of three Detroit car manufacturing operations. On the other, China experienced a fall in automotive sales by about 80%. Further, big events such as Geneva Motor Show got cancelled for the fear of the virus to spread. The trends of social distancing and government imposed lockdowns resulted in a shutdown of industries, a dip in the need for cars, and also a gap between supply and demand which possessed a negative effect on the market growth.
Drivers
Growing Need for Alternative Fuel to Boost Market Growth
The growing need for alternative fuel in the automotive industry for cost-effectiveness, fuel efficiency, and emission control may boost market growth over the forecast period.
Opportunities
Rising Inclination towards Advanced Automotive Vehicles to offer Robust Opportunities
The rising inclination towards advanced automotive vehicles will offer lucrative opportunities for the market over the forecast period.
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Restraints
High Cost to Serve as Market Restraint
The high price of CNG cars may serve as market restraint in the forecast period.
Challenges
Need for Diesel and Petrol to Serve as Market Challenge
The need for diesel and petrol cars for the alternative fuel or low infrastructure may serve as market challenge over the forecast period. Besides, lack of substitute for renewable CNG and improper drainage that can cause cylinder damage may also impact market growth.
Market Segmentation
The global CNG vehicles market is bifurcated based on product type and application.
By product type, the car modifications segment will have the lions share in the market over the forecast period. The growing need for eco-friendly cars, increase in fuel price, and the increase in product ranges of CNG conversion kits for cars, trucks, and buses are adding to the growth of the segment.
By application, the personal use segment will command the market over the forecast period for the growing refueling stations for CNG cars and an increase in affordability.
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Regional Analysis
APAC to Command CNG Vehicles Market
The APAC region will command the CNG vehicles market over the forecast period. The developing automotive industry, stringent government policies on car emissions, huge potential consumer base, the presence of affluent auto centers in India, China, and Japan that is amalgamated with natural gas, government interventions such as enforcement for investments and adoption, and favorable initiatives by the government like Clean Vehicles Action for preventing vehicular air pollution are adding to the global CNG vehicles market growth in the region. Besides, targets set in China especially for alternative fuel application such as CNG in bus and taxi fleet, provision for buyers in the form of subsidies, efforts made by China to develop natural gas infrastructure like West to East Gas Pipeline Projects, increasing advances to create CNG vehicles, good financial support for CNG vehicle owners via PPT public company limited and NEPO such as low interest rates for tax conversions & loans with long-term repayment, good grants provided by BMTA for purchasing auto natural gas vehicles, expanding auto industry, the presence of many CNG vehicle manufacturers, the developing economies- China and India, and chief auto companies that may enter in automotive CNG cars market too are fuelling market growth in this region.
Industry Updates
One of the biggest car makers in India, Maruti Suzuki India has planned to widen its CNG portfolio via offering the fuel option in 4 more models soon.
Segmentation of Market covered in the research:
CNG Vehicles Market Research Report Categories By Product Type (OEM, Car Modification), By Application (Personal Use, Commercial Use), By Region Forecast to 2030
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