Tougher Emission Rules to Provide a Push to the Global CNG vehicles Market

Pune, India, Apr, 2021 /press release/- Market Research Future Published a Cooked Research Report on CNG vehicles Market Research Report.

CNG vehicles Overview:

The CNG vehicles market will witness a healthy growth from 2024 to 2030, a research report suggests. Growing at a CAGR of 12.77%, the market is projected to reach US$ 347.25 billion by 2032. Demand for alternative fuel is expected to support the market growth along with the growing need for alternative fuel. As predicted by analysts, high cost will negatively affect the market’s performance from 2024 to 2030. During the forecast period, the market will be supported by growing demand for cars having dual fuel systems and concerns on constant swelling pollution. Demand for petrol and diesel vehicles on the other hand will challenge natural gas vehicles sector based organizations functioning in the global CNG vehicles market.

Analysts have split the market into application and product type segments based on products and services. Natural gas vehicles based companies have been profiled. The high cost of CNG cars is set to affect the global market during the forecast period 2024 to 2032. The report also provides the market’s performance forecasts till 2030. Analysts have studied the strategy of natural gas vehicles segment based organizations to help new entrants and established businesses. The natural gas vehicles sector itself is supported by government regulations and policies as well as the use of eco-friendly LPG and CNG cars. During the forecast period 2024 to 2032, the CNG vehicles market is set to witness a health growth across application and product type segments as well as regional markets.

Market Segmentation

The natural gas vehicles sector has seen growth across application and product type segments owing to growing interest from transportation and trucking industry and the unstable and disruptive pricing structure. To study the market, analysts have further segmented application and product type into OEM and car modification on the basis of product type. The market is further segmented into applications sub segment which is split into personal use and commercial use.

The segmental analysis presented in the report provides natural gas vehicles field based organizations insights into key growth factors such as the growing need for automobiles as well as challenges such as the demand for petrol and diesel vehicles the market will face from 2024 to 2030. Burgeoning middle-class population and growing concerns about the environment are some of the key factors having an influence on natural gas vehicles industry based companies, suggest analysts as per the CNG vehicles market report. But the report also identifies the low infrastructure of alternative fuel and growing investments across different sectors as major threats companies in natural gas vehicles will face till 2030. 

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of CNG vehicles Market Research Report

Regional Overview

Natural gas vehicles market based companies in the CNG vehicles market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Inclination towards advanced automotive cars will be a key growth driver for regional markets. However, a rise in the disposable income will turn out to be a threat. For the forecast period 2024 to 2030 each of these regional markets are studied in the report. Starting from North America, the regional market and natural gas vehicles vertical based companies are spread across the United States, Canada, and Mexico. The growing investments across different sectors will turn out to be a major challenge from 2024 to 2030. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.

The market in the region will be benefitted by the increasing inclination towards advanced automotive vehicles as well as the growing demand from companies across many industries, suggests the report. Similarly, the natural gas vehicles sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the CNG vehicles market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2030.

Competitive Landscape

The global CNG vehicles market research report brings a comprehensive study of application and product type market segments, regional analysis, and natural gas vehicles vertical based company details of key players. As the forecast period 2024 to 2030 will bring new opportunities for the market owing to favorable policies across regional markets and the growing demand for innovative products, the market is set to grow at a compound annual growth rate of 5.96% and is predicted to reach a value of US$310.32 Billion by 2030. With SWOT analysis of natural gas vehicles sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the rise in distribution channels and advancements in technology, companies in the natural gas vehicles sector can change the way business is done.

Industry News

AMP CNG, a natural gas fuel distributor, was purchased by American Natural Gas (ANG) today. By adding 20 more natural gas filling stations to ANG's portfolio, the company expands its scope. “The station infrastructure provided by AMP CNG complements our ongoing infrastructure and potential growth plans.” According to Andrew West, CEO of American Natural Gas, the firm is expanding into the southeast area of the world. The synergies between AMP CNG and ANG would greatly improve the ability to service consumers. The geographic reach of ANG's network, along with its singular emphasis on compressed natural gas (CNG) and renewable natural gas (RNG), helps to drive a healthy and safer future.