Market Research Future Insights
According to MRFR analysis, the global CNG Vehicles Market is expected to register a CAGR of ~14.72% from 2022 to 2030 and hold a value of over USD 310.32 billion by 2030.
Due to rising biofuel consumption, it is predicted that the market for CNG vehicles would expand globally. They deliver performance that is comparable to that of gasoline-powered vehicles, and industry growth is projected to be aided by CNG's lower price compared to gasoline.
Although compressed natural gas vehicles produce less dangerous gas emissions than gasoline or diesel-powered vehicles during the next seven years, environmental concerns may lead to a rise in demand for these vehicles. The rise of the CNG car market is anticipated to be boosted by government initiatives aimed at lowering air pollution and promoting the use of environmentally friendly technology.
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Regional Analysis
During the projection period, the APAC region will lead the market. Booming automotive industry, large potential consumer base, strict government policies on vehicle emissions, affluent automotive centers in China, Japan, and India combined with natural gas resources, government interventions such as adoption and investment enforcement, favorable government initiatives such as Clean Vehicles Action to prevent vehicular air pollution, and targets set in China for alternative fuel application including CNG in taxi fleets and buses.
Market Segmentation
The Global CNG Vehicles Market has been segmented into Product Type and Application
Based on the Product Type, the market has been segmented into OEM and Car Modification.
Based on the Application, the market has been segmented into Personal Use and Commercial Use.
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Key Players
Some of the key market players are Volkswagen Group, Ford Motor Company, Suzuki Motor Corporation, Renault, Volvo Group, General Motors, Groupe PSA, Fiat Chrysler Automobiles, Hyundai Motor Company, Daimler, Honda Motor Co. Ltd, Toyota Motor Corporation.
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