CNG Vehicles Market is expected to exhibit a CAGR of 6.2% during the forecast period. Rising support from several governments worldwide for the adoption of NGVs is one of the primary growth stimulants for the market.
CNG vehicles use Compressed Natural Gas (CNG) for momentum of vehicles and are substitute to fuel vehicles. CNG vehicles as well as gasoline-powered vehicles function identically. There engines are spark-ignited with internal combustion. The unpolluted burning hydrocarbon is natural gas, mainly containing methane in contrast with gasoline, it generates ample cleaner emissions. In accordance with the Environmental Protection Agency (EPA), CNG can minimize emissions of carbon-monoxide (CO) by 90 - 97% and nitrogen-oxide by 35 - 60%. CNG can be adapted as an environment-friendly, cost-effective, and more competent substitute to regular diesel and petrol fuels for vehicles.
The rising government initiatives to minimize pollution, inexpensive CNG fuel, and capability to present as an efficient alternative to petrol and diesel are the factors propelling global CNG vehicles market. Further, the market growth is also driven by transformation of prevailing gasoline & diesel-powered vehicles to run on CNG and enhanced production & handling procedure of natural gas. Nevertheless, the demand for CNG based vehicles globally would slow down by the huge cost of compressed natural gas vehicles and accumulating target on the advancement of zero-emission vehicles such as electric, hybrid, and ethanol-based vehicles.
The global CNG vehicles market can be classified into dedicated fuel and dual fuel, based on product type. The market is controlled by dedicated CNG fuel segment; nevertheless, there is estimation that the acceptance of dual fuel vehicles to rise at the highest CAGR over the forecast period. Since, dual fuel vehicles can run on both petrol as well as CNG as per requirement would contribute in such growth.
Passenger vehicles, light commercial vehicles, and heavy commercial vehicles are the bifurcation of the global CNG vehicles market based on vehicle type. The market was dominated by passenger vehicle segment and is projected to maintain its dominance in the near future. Rigid regulations on the toxic emissions, specifically in urban areas as well as the rising demand for CNG-based cars for commercial usage due to the minimal running cost of such vehicles contributes in the growth of CNG vehicles market.
The global CNG vehicle market can be divided as per region into North America, Europe, Asia Pacific, and the Rest of the World (ROW). The biggest market for CNG vehicles is Asia Pacific and is anticipated to rise at the sharp growth rate within the forecast period. In the forthcoming years, it is estimated that the growth of CNG vehicle market can be attributed to the increasing automotive industry, rigid government policies on vehicle emissions, and huge budding consumer base in the region.
Ford Motor Company, General Motors, Volkswagen, AB Volvo, Daimler AG, EvoBus GmbH, MAN, Suzuki Motor Corporation, FCA US LLC, and Hyundai Motor Group are among the top players of the CNG vehicles market.
Key Market Segments CNG Vehicles Market are:
By Product Type
• Car Modification
• Personal use
• Commercial use
• North America
• Asia Pacific (Japan, China, India, South Korea)
• RoW (rest of the world)
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