The Growing Popularity of CNG Vehicles: Market Trends and Outlook
The global CNG vehicles market is anticipated to grow due to increased demand for Biofuel. They provide comparable performance to gasoline-powered vehicles, and the comparably low cost of CNG versus gasoline is likely to boost industry expansion.
Concerns about the environment may increase demand for compressed natural gas cars during the next seven years, as they emit fewer hazardous gas emissions than gasoline or diesel-powered vehicles. Government actions aimed at reducing air pollution and encouraging the adoption of environmentally friendly technology are projected to boost the expansion of the CNG car sector.
According to MRFR analysis, the global CNG Vehicles Market is expected to register a CAGR of ~14.72% from 2022 to 2030 and hold a value of over USD 310.32 billion by 2030.
Regional Analysis
During the projection period, the APAC region will lead the market. Booming automotive industry, large potential consumer base, strict government policies on vehicle emissions, affluent automotive centers in China, Japan, and India combined with natural gas resources, government interventions such as adoption and investment enforcement, favorable government initiatives such as Clean Vehicles Action to prevent vehicular air pollution, and targets set in China for alternative fuel application including CNG in taxi fleets and buses.
Market Segmentation
The Global CNG Vehicles Market has been segmented into Product Type and Application
Based on the Product Type, the market has been segmented into OEM and Car Modification.
Based on the Application, the market has been segmented into Personal Use and Commercial Use.
Key Players
Some of the key market players are Volkswagen Group, Ford Motor Company, Suzuki Motor Corporation, Renault, Volvo Group, General Motors, Groupe PSA, Fiat Chrysler Automobiles, Hyundai Motor Company, Daimler, Honda Motor Co. Ltd, Toyota Motor Corporation.
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