CNG Powertrain Market projected to reach USD 309.9 Billion by 2030, growing at a CAGR of 18.1% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study

The Global CNG Powertrain Market was valued USD 81.9 Billion in 2023 and projected to reach USD 309.9 Billion by 2030, growing at a CAGR of 18.1% during the forecast period of 2023-2030

Richmond, Dec. 15, 2023 (GLOBE NEWSWIRE) — According to a research report CNG Powertrain Market, by Drive Type (All-Wheel Drive, Rear Wheel Drive, Front Wheel Drive), Fuel Type (Mono Fuel, Bi-Fuel), Vehicle Type (Passenger Vehicle, Commercial Vehicle) and Region.

Global CNG Powertrain Market Report Scope:

Report Details
Market size value in 2023 USD 81.9 Billion
Market size value in 2030 USD 309.9 Billion
CAGR (2023-2030) 18.1%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Drive, Fuel, Vehicle, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • AB Volvo
 
  • Cummins Inc.
Sample of Companies Covered
  • Ford Motor Company
 
  • FPT Industrial S.P.A.,
 
  • Honda Motor Company

Download the Sample @ https://www.marketdigits.com/request/sample/3763

TOC Covers in Depth & Breath on CNG Powertrain Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits

Market Overview

The Global Compressed Natural Gas (CNG) Powertrain market serves as a pivotal component within the automotive industry, offering a sustainable and eco-friendly alternative to traditional gasoline and diesel-powered vehicles. The increasing emphasis on environmental conservation and the need to reduce greenhouse gas emissions have driven the adoption of CNG powertrains. These systems are characterized by lower carbon footprint and reduced air pollutants, aligning with global efforts to achieve cleaner transportation solutions. As a result, the CNG Powertrain market plays a vital role in fostering a more sustainable and environmentally conscious automotive ecosystem.

The benefits of CNG powertrains extend beyond environmental considerations. The industry experiences advantages in terms of cost-effectiveness and energy efficiency. CNG is often more affordable than conventional fuels, providing a cost-saving option for both consumers and businesses. Additionally, CNG powertrains contribute to energy diversification, reducing dependence on traditional fossil fuels. This market’s growth not only aligns with the global push towards sustainable practices but also brings economic benefits and energy resilience to the automotive industry, making it a crucial player in the overall ecosystem.

Major vendors in the global CNG Powertrain market:

  • AB Volvo
  • Cummins Inc.
  • Ford Motor Company
  • FPT Industrial S.P.A.
  • Honda Motor Company.
  • Hyundai Motor Company
  • Maruti Suzuki India Limited
  • Nissan Motor Co. Ltd.
  • Robert Bosch GmbH.
  • Volkswagen AG

Request for Discount @ https://www.marketdigits.com/request/discount/3763

Environmental Regulations and Emissions Reduction

One of the primary drivers for the global Compressed Natural Gas (CNG) powertrain market is the increasing stringency of environmental regulations worldwide. Governments and regulatory bodies across various countries are implementing stringent emission norms to combat air pollution and reduce the carbon footprint of the transportation sector. CNG is considered a cleaner alternative to traditional gasoline and diesel fuels, as it produces fewer pollutants such as nitrogen oxides (NOx), particulate matter, and carbon dioxide (CO2). The lower carbon content in natural gas compared to conventional fuels leads to a significant reduction in greenhouse gas emissions. As a result, fleet operators and vehicle manufacturers are increasingly adopting CNG powertrains to comply with these regulations and contribute to sustainable and environmentally friendly transportation solutions.

Market Dynamics

Drivers:

  • Growing emphasis on environmental sustainability
  • Increasing awareness of air quality and emissions
  • Rising fuel prices and volatility in traditional fuel markets
  • Government regulations promoting clean energy and alternative fuels

Opportunities:

  • Expansion of natural gas infrastructure
  • Technological advancements in CNG powertrain systems
  • Adoption of CNG in commercial vehicles and public transportation
  • Global focus on reducing dependence on conventional fuels

Cost Savings and Economic Viability

The economic viability and cost-effectiveness of CNG powertrains compared to conventional fuels are driving their adoption globally. CNG is generally more affordable than gasoline or diesel, and the extraction and distribution infrastructure for natural gas is well-established in many regions. Additionally, advancements in technology have led to more fuel-efficient CNG engines, further enhancing the economic benefits. Fleet operators, especially in the commercial transportation sector, are attracted to the lower operating costs associated with CNG-powered vehicles. The cost savings, coupled with government incentives and subsidies in various countries, make the transition to CNG an attractive proposition for businesses looking to optimize their operational expenses while maintaining a commitment to environmentally sustainable practices.

North America dominates the market for CNG Powertrain.

The Asia-Pacific region dominates the global CNG powertrain market, with China emerging as a key player in the adoption of CNG vehicles. China’s commitment to reducing air pollution and dependence on imported oil has driven the rapid growth of the CNG market. The country has a well-established CNG infrastructure and a comprehensive network of refueling stations, supporting the increasing number of CNG-powered vehicles on its roads. India is another significant market in the region, where government initiatives and policies promoting CNG adoption in the transportation sector have gained traction.

In the Americas, particularly in North America, the United States leads the way in CNG powertrain adoption. The U.S. has a growing fleet of CNG vehicles, supported by an extensive network of refueling stations. The government’s focus on reducing dependence on traditional fuels and promoting cleaner alternatives has spurred the expansion of the CNG market.

Furthermore, Latin American countries, such as Argentina and Brazil, show high growth potential in the CNG powertrain market. The availability of natural gas reserves, coupled with environmental concerns, is driving interest in CNG as a sustainable fuel option. These countries are expected to witness increased CNG infrastructure development and vehicle adoption in the coming years.

The Drive Type Segments is anticipated to hold the Largest Market Share during the Forecast Period

In the global CNG powertrain market, the drive type segment encompasses All-Wheel Drive (AWD), Rear Wheel Drive (RWD), and Front Wheel Drive (FWD). Among these, the dominance of the Front Wheel Drive (FWD) configuration can be attributed to its widespread adoption in various vehicle types. FWD systems are often preferred for their cost-effectiveness, fuel efficiency, and compact design, making them popular in smaller and mid-sized vehicles. Additionally, advancements in technology have enhanced the performance and stability of FWD vehicles, further solidifying their market share. While All-Wheel Drive and Rear Wheel Drive offer specific advantages in terms of off-road capabilities and sportier handling, respectively, Front Wheel Drive’s overall efficiency and versatility contribute to its prevailing position in the CNG powertrain market.

Inquire Before Buying @ https://www.marketdigits.com/request/enquiry-before-buying/3763

Browse Similar Reports:

Automotive Powertrain Market 2030 By Type, Distribution Channel, End-user and Region – Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Fuel Cell Powertrain Market 2023 – 2030 By Vehicle Type (PC, LCV, Trucks, Buses),Power Output, Drive Type, H2 Fuel Station, Component (Fuel Cell System, Drive System, Battery System, Hydrogen Storage System, and Gearbox) – Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Next Generation In-vehicle Networking (IVN) Market 2023 – 2030 By Application (Powertrain, Safety, Body Electronics, Chassis, Infotainment), Vehicle Type (Passenger Car, LCV, HCV, AGV), Connectivity Standards (CAN, LIN, FlexRay, RF, Ethernet, MOST) – Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

About MarketDigits:

MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.

We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.

Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn |

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy