CNG Vehicles Market Is Forecasted To Register An Increase At A Stellar 10.9% CAGR By 2033

cng-vehicles-market-forecast-2023-2033

Global demand for CNG vehicles is forecasted to register an increase at a stellar 10.9% CAGR from 2023 and 2033 while currently enjoying a revenue of US$ 110.5 billion. The global CNG vehicles market is thus expected to secure a valuation of US$ 312 billion by 2033-end.

CNG vehicles are those vehicles that run compressed natural gas as a fuel source for propulsion. The popularity of CNG vehicles has increased exponentially in the past couple of decades as fossil fuel prices continue to rise and the focus on sustainability increases.

๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐š ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‚๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: –https://www.factmr.com/connectus/sample?flag=S&rep_id=2537?PJย 

The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and far-reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for the Demand of CNG Vehicles Market both at worldwide and provincial levels.

๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ: –

โ€ข Ford Motor Company
โ€ข Suzuki Motor Corporation
โ€ข Hyundai Motor Group
โ€ข Fiat Chrysler Automobiles
โ€ข Honda Motor Company
โ€ข Great Wall Motors
โ€ข Iran Khodro
โ€ข Volkswagen
โ€ข General Motors

Current Market Trends:

  • Environmental Sustainability: Growing concerns about air quality and greenhouse gas emissions are driving consumers, businesses, and governments to consider CNG vehicles as a more sustainable option. CNG vehicles produce fewer harmful emissions compared to traditional gasoline and diesel vehicles, making them an attractive choice for those looking to reduce their carbon footprint.
  • Fuel Cost Savings: With natural gas generally being cheaper than gasoline and diesel, CNG vehicles offer substantial cost savings to consumers and fleet operators. These vehicles have gained traction in the commercial sector, especially for public transportation, logistics, and delivery services, where fuel costs are a significant portion of operational expenses.
  • Government Incentives: Many governments around the world are offering incentives to promote the adoption of CNG vehicles. These incentives may include tax breaks, subsidies, and access to carpool lanes for CNG vehicles, making them more appealing and economical for buyers.
  • Improvements in Vehicle Technology: Advancements in CNG vehicle technology have led to increased efficiency, longer driving ranges, and improved refueling times. These improvements address some of the limitations that CNG vehicles previously faced, making them more practical for a broader range of applications.
  • Expanding Refueling Infrastructure: The development of an extensive natural gas refueling infrastructure is critical for the growth of CNG vehicles. This expansion includes an increase in CNG refueling stations, both for public use and private fleet operators, making it more convenient for users to access CNG fuel.

๐Š๐ž๐ฒ ๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐ฌ ๐จ๐Ÿ ๐‚๐๐† ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž๐ฌ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก

โ€ข By Vehicle Type :
โ€ข Passenger
โ€ข Commercial
โ€ข Others
โ€ข By Product Type :
โ€ข Dedicated Fuel
โ€ข Bi-Fuel
โ€ข Dual Fuel

๐‘๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐š๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐ข๐ง๐œ๐ฅ๐ฎ๐๐ž๐ฌ

โ€ข North America (U.S., Canada)
โ€ข Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
โ€ข EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
โ€ข CIS & Russia
โ€ข Japan
โ€ข Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)

Industry News and Developments:

  • Global Expansion of CNG Refueling Stations: Numerous countries are investing in expanding their CNG refueling infrastructure. For example, India has witnessed a significant increase in CNG stations as part of a national effort to promote clean energy transportation. Similarly, China and the United States are actively investing in expanding their CNG infrastructure.
  • CNG in Public Transportation: Many cities and municipalities are adopting CNG as the fuel of choice for public transportation. Buses, in particular, are being converted to CNG, reducing emissions and operating costs. In 2022, London announced its commitment to have an all-CNG double-decker bus fleet by 2029.
  • CNG-Powered Commercial Fleets: Commercial fleet operators, such as delivery and logistics companies, are increasingly transitioning to CNG vehicles to reduce operational costs and environmental impact. Companies like UPS and Amazon are actively incorporating CNG vehicles into their fleets.
  • Emerging Markets: Emerging economies, such as those in Southeast Asia and Latin America, are also witnessing the adoption of CNG vehicles. For instance, Colombia is experiencing a CNG vehicle boom, driven by favorable government policies and the need for cleaner transportation options.
  • Research on Renewable Natural Gas: There is ongoing research and development into the use of renewable natural gas (RNG) for CNG vehicles. RNG is produced from organic waste and offers a carbon-neutral alternative to traditional natural gas, making CNG vehicles even more environmentally friendly.

๐‚๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐ฏ๐ž ๐‹๐š๐ง๐๐ฌ๐œ๐š๐ฉ๐ž

Prime CNG vehicle manufacturers are focusing on launching new vehicles to advance their business potential and gain a competitive advantage over other market players.

โ€ข In January 2023, Toyota Kirloskar Motor Pvt. Ltd., a joint initiative between Toyota Motor Corp. and Kirloskar Group, announced the launch of the Toyota Urban Cruiser Hyryder, which is Toyota’s first CNG-powered SUV in India. The vehicle was launched in ‘S’ and ‘G’ variants that can be purchased online or from the nearest Toyota dealerships.

๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐ž ๐ญ๐ก๐ข๐ฌ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐Ÿ๐จ๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ฌ๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐ซ๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง:https://www.factmr.com/connectus/sample?flag=RC&rep_id=2537?PJย