CNG Powertrain Market Sees Rapid Expansion, Anticipates 17.59% CAGR to Reach USD 306.06 Billion: Straits Research
The global CNG powertrain market size was valued at USD 71.20 billion in 2021. It is projected to reach USD 306.06 billion by 2030, growing at a CAGR of 17.59% during the forecast period (2022–2030). A CNG powertrain is identical to a conventional internal combustion engine powered by gasoline. There are a few new components in the CNG powertrain, but the combustion process is identical. The fuel is combined with air before being burned in the cylinder to generate power. CNG necessitated a tank that could carry highly pressurized gas, unlike conventional fuel tanks.
New York, United States, Oct. 30, 2023 (GLOBE NEWSWIRE) — Increasing demand for alternative transitional fuels is advancing the objective of achieving net-zero carbon emissions. Compressed natural gas (CNG) emits less carbon than diesel, gasoline, and liquid petroleum gas (LPG). It does not contain particle matter, which significantly contributes to vehicular pollution. Consequently, it is projected that CNG will soon surpass these other fuels as the principal energy source. Governments worldwide are adopting strategic measures to provide tax rebates, subsidies, and other incentives to customers of CNG.
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CNG and LPG-powered vehicles have much lower running expenses than their petroleum-powered counterparts. CNG and LPG are more economical, especially for regular drivers, now that gasoline prices are rising due to increased demand. CNG Powertrain can travel roughly 21 kilometers per kilogram of fuel, but diesel and gasoline cars can travel approximately 17 and 15 kilometers per liter, respectively. Consequently, CNG and LPG Powertrains can travel significantly further at a lower cost, reducing their running costs.
CNG powertrains’ manufacturers focus significant attention on increasing the engine’s efficiency. They are investing in enhancing the engine’s performance by attempting to reduce the loss of volumetric efficiency, raise the flame propagation rate, and lower the amount of gasoline that evaporates from the engine. For instance, s-CNG technology is implemented in passenger vehicles to enhance fuel economy. Adjusting the fuel-to-air ratio and synchronizing the electric control units with the intelligent fuel injection system accomplish this. In addition, the integration of technology allows for improved calibration of the CNG system with the powertrain, suspension, and braking system; as a result, the S-CNG technology improves the total fuel economy of the vehicle.
Asia-Pacific dominates the global CNG powertrain market due to the rapid growth of the vehicle industry in China and India. The Asia-Pacific region is undergoing numerous technology developments and CNG infrastructural development. Notable regional players, including Maruti Suzuki, are adopting S-CNG technology in automobiles and other passenger vehicles. The company’s automobiles have a sophisticated fuel injection system, and the CNG powertrain is calibrated to produce optimal performance and enhance all-terrain drivability.
- The global CNG powertrain market size is projected to reach USD 306.06 billion by 2030, growing at a CAGR of 17.59% during the forecast period (2022–2030).
- Based on the drive type, the market is divided into All-wheel Drive, Rear Wheel Drive, and Front Wheel Drive. The front-wheel-drive segment dominates the market, and this growth can be attributed to the advantageous characteristics of front-wheel-drive vehicles.
- Based on fuel type, the market is divided into mono fuel and bi-fuel. The bi-fuel dominates the market, and this rise is attributable to the increased usage of modern technologies such as S-CNG.
- Asia-Pacific dominates the global CNG powertrain market due to the rapid growth of the vehicle industry in China and India.
The global CNG powertrain market’s major players are Cummins Inc., AB Volvo, Robert Bosch GmbH., FPT Industrial S.P.A., Ford Motor Company, Maruti Suzuki India Limited, Volkswagen AG, Hyundai Motor Company, Nissan Motor Co., Ltd., Honda Motor Company.
- In June 2022, Cummins Inc., hydrogen engine insights for fleet operators.
- In June 2022, Volvo Trucks showcases a new zero-emissions truck.
- In June 2022, Volvo Energy invests in Connected Energy for the second-life battery business.
- In June 2022, Volvo CE will be the first to deliver construction machines built using fossil-free steel to customers.
- In February 2022, Nissan India strengthened its focus on safety and technology.
Global CNG Powertrain Market: Segmentation
By Drive Type
- All-Wheel Drive
- Rear Wheel Drive
- Front Wheel Drive
By Fuel Type
- Mono Fuel
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- North America
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