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
Automotive Navigation Systems Market
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