Rockville, March 07, 2023 (GLOBE NEWSWIRE) -- Global demand for CNG vehicles is forecasted to register an increase at a stellar 10.9% CAGR from 2023 and 2033 while currently enjoying a revenue of US$ 110.5 billion. The global CNG vehicles market is thus expected to secure a valuation of US$ 312 billion by 2033-end.
CNG vehicles are ones that use compressed natural gas as their primary fuel source. As the price of fossil fuels has risen over the past two decades and the emphasis on sustainability has grown, the popularity of CNG vehicles has soared rapidly.
CNG vehicles are frequently viewed as an environmentally benign substitute for gasoline and diesel vehicles, which have negative effects on the environment. Other factors that are anticipated to increase demand for CNG vehicles in the future include rising awareness of the negative environmental effects of fossil-fueled transportation and the implementation of rigorous regulations to control carbon emissions.
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The global CNG vehicles market is expected to witness a CAGR of 10.9% during the forecast period due to various factors such as the following:
- CNG is significantly cheaper than gasoline or diesel, making it an attractive option for cost-conscious consumers and businesses. Moreover, Governments across the globe are offering incentives to promote the use of CNG vehicles. These incentives can include tax credits, rebates, and other financial incentives that make purchasing and owning a CNG vehicle more affordable.
- Besides this, many countries and regions have implemented environmental regulations to reduce greenhouse gas emissions and air pollution. CNG vehicles produce lower levels of harmful emissions compared to traditional vehicles, making them an attractive option for those looking to reduce their environmental footprint.
- CNG vehicles can achieve higher fuel efficiency compared to traditional gasoline or diesel-powered vehicles. This can result in significant cost savings over time for businesses that operate large fleets of vehicles.
- Many countries are looking to diversify their energy sources and reduce their dependence on oil. CNG is an alternative fuel source that can be domestically produced, reducing dependence on foreign oil imports.
Overall, the drivers for the CNG vehicles market include economic, environmental, and political factors, and as these continue to grow in importance, the demand for CNG vehicles is likely to increase as well.
Restraints:
- One of the biggest challenges facing the CNG market is the lack of refuelling infrastructure. While natural gas is widely available, the infrastructure required to transport and store it is not as widely available as gasoline or diesel infrastructure.
- CNG is not the only alternative fuel source available. Electric vehicles, hybrid vehicles, and other alternative fuel sources are also gaining popularity, which can limit the growth of the CNG market.
- While CNG is generally considered safe, there are concerns around the storage and handling of compressed natural gas. This can make consumers and businesses hesitant to adopt CNG vehicles.
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Key Trends:
- One of the biggest trends in the CNG market is the increasing adoption of CNG vehicles in commercial fleets. This is driven by the lower cost of fuel, increased fuel efficiency, and environmental benefits that CNG vehicles offer.
- As the demand for CNG vehicles increases, more automakers are developing new CNG vehicle models. This includes passenger cars, trucks, and buses, which can help to increase the availability and variety of CNG vehicles on the market.
- Renewable natural gas (RNG) is an increasingly popular alternative to traditional natural gas, as it is produced from organic waste and is considered carbon-neutral. The integration of RNG with CNG vehicles is a growing trend in the market, as it can further reduce the environmental impact of CNG vehicles.
- While CNG vehicles are still gaining popularity, there is a growing trend towards hybrid and electric vehicles. This is driven by advances in battery technology, increased range, and improvements in charging infrastructure.
Competitive Landscape:
The market for compressed natural gas (CNG) vehicles is becoming increasingly competitive, driven by factors such as rising fuel prices, concerns about air pollution, and government initiatives to promote alternative fuels.
Moreover, vehicle manufacturers are partnering with fleet operators to develop custom CNG vehicle solutions for specific applications.
- For instance, in November 2022, Toyota opened the bookings of the CNG variant of the Urban Cruiser Hyryder SUV.
- Maruti Suzuki, the largest passenger vehicle manufacturer in India, announced that it will launch the CNG version of the New Brezza compact SUV in December 2022.
- On May 9, 2022, Southern California Gas Co. (SoCalGas) had announced that it has renewed a program to supply renewable natural gas (RNG) to all 32 of the company's fueling stations, along with six in the San Diego area, signing three-year contracts with suppliers U.S. Gain and Element Markets as demand continues to grow.
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Key Questions Covered in the CNG Vehicles Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global CNG Vehicles Market grow until 2033?
- Which are the factors hampering the CNG Vehicles market?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the CNG Vehicles Market during the forecast period?
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