DUBLIN--(BUSINESS WIRE)--The "Global CNG Powertrain Market: Analysis By Drive Type (Front Wheel Drive, All-wheel Drive, & Rear Wheel Drive), By Fuel Type (Bi-fuel & Mono-fuel), By Vehicle Type (Passenger & Commercial), By Region, Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global CNG powertrain market in 2022 was valued at US$79.58 billion and is expected to reach US$198.75 billion by 2028, growing at a CAGR of 16.48%, during the forecast period of 2023-2028.
As environmental concerns continue to take center stage, the automotive industry is undergoing a significant transformation. The demand for cleaner and more sustainable transportation solutions has fueled the growth of alternative fuel technologies.
Among these, Compressed Natural Gas (CNG) powertrains have emerged as a promising option, offering a greener and economically viable alternative to traditional internal combustion engines.
Market Dynamics
Growth Drivers
- Increasing Environmental Regulations and Sustainability
- Low Running Costs
- Abundant Natural Gas Resources
- Advancements in CNG Powertrain Technology
- Government Incentives and Infrastructure Development
Challenges
- Increasing Shift to Electric Vehicles
- High Upfront Cost
Market Trends
- Increasing Adoption of Dual-Fuel Systems
- Advancements in CNG Fuel Storage and Distribution Infrastructure
- Integration of Renewable Natural Gas (RNG)
Market Segmentation Analysis:
- By Drive Type: The report splits the global CNG powertrain market into three different drive type: Front Wheel Drive, All-wheel Drive, and Rear Wheel Drive. The front-wheel-drive segment dominated the market in 2022, and this growth can be attributed to the advantageous characteristics of front-wheel-drive vehicles, such as their lightweight, improved fuel economy, and weight distribution balance, which increases the vehicle's overall stability on rugged terrains. Additionally, front-wheel drive is a cost-effective option for consumers because drivetrains require less maintenance, and the engine provides increased fuel economy.
- By Fuel Type: The global CNG powertrain market can be divided into two segments on the basis of fuel type: Bi-fuel and Mono-fuel. Mono fuel segment is anticipated to grow at the fastest CAGR during the forecasted period. The mono-fuel CNG powertrain refers to vehicles that solely operate on compressed natural gas without the option to switch to other fuels. These vehicles are designed and optimized to run exclusively on CNG. Since these vehicles are purpose-built to run solely on CNG, their engines and overall systems are optimized to achieve better mileage and performance when compared to bi-fuel counterparts. This makes them a preferred choice for consumers and businesses seeking greater fuel economy. Moreover, the mono-fuel CNG powertrain segment finds particular relevance in niche markets and specific applications.
- By Vehicle Type: The report divides the global CNG powertrain market into two vehicle types: Passenger and Commercial. Passenger vehicle segment held the maximum share of the market. The Passenger Vehicle segment in the global CNG powertrain market encompasses cars, SUVs, and other personal-use vehicles that are equipped with compressed natural gas (CNG) powertrains. CNG is often more affordable than gasoline or diesel, providing a cost-effective option for consumers seeking to save on fuel expenses. This cost advantage becomes particularly significant in regions where natural gas is abundant and prices are lower. As consumers become more conscious of their budgets, the potential for cost savings drives the popularity of CNG-powered passenger vehicles. The growth of CNG-powered passenger vehicles is further facilitated by the expanding infrastructure for refueling.
- By Region: According to this report, the global CNG powertrain market can be divided into four major regions: Asia Pacific (China, Japan, India, South Korea and Rest of Asia Pacific), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), North America (The US, Canada and Mexico), and Rest of the World. Asia Pacific held the maximum share in the global CNG powertrain market. The region is diverse, encompassing both rapidly developing countries and highly industrialized nations. Many countries in Asia Pacific face severe air pollution issues, particularly in densely populated urban centers. Governments are actively seeking solutions to improve air quality, and CNG powertrains present a cleaner alternative to conventional gasoline and diesel vehicles.
Competitive Landscape and Recent Developments:
The CNG powertrain market is consolidated with the presence of few number of players dominating worldwide. Prominent players are adopting strategies such as expansion, mergers & acquisitions, and partnerships to strengthen their market presence in various regions.
Key players of the CNG powertrain market are:
- Robert Bosch GmbH
- Cummins Inc.
- Ford Motor Company
- Iveco Group (FPT Industrial)
- Hyundai Motor Company
- Maruti Suzuki India Limited
- Honda Motor Co., Ltd.
- General Motors Company
- Volvo Group
For more information about this report visit https://www.researchandmarkets.com/r/z1imxl
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