rising demand for alternate cleaner fuels is driving the Cng Powertrain Market
Technavio analyzes that the Cng Powertrain Market is expected to grow at a CAGR of 18.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 98336.9 million.There are various factors that contribute to the growth of the market. The CNG powertrain market is experiencing significant growth due to the increasing demand for cleaner alternative fuels. Natural gas, as a clean-burning fuel, offers several advantages over traditional fossil fuels. Its use in transportation contributes to reduced greenhouse gas emissions and improved air quality. Additionally, the increasing availability of CNG infrastructure and government incentives are further driving market growth. The shift towards sustainable energy sources and stricter emission norms are expected to boost the market further.
The passenger vehicle sector leads the global Compressed Natural Gas (CNG) powertrain market expansion through the forecast period. This market growth is attributed to the cost-effective initial investment of CNG vehicles compared to their gasoline, diesel, and electric counterparts. CNG is a preferred fuel option for passenger vehicles due to its easier storage in vehicles and lower cost compared to LNG, diesel, and gasoline. A CNG fueling station can be categorized as a fast-fill or a time-fill facility. CNG transportation from refineries or utilities to these stations is facilitated through existing gas pipelines or tankers, offering a logistical advantage over LNG. CNG's safer combustion properties, lower flash point, and conversion ability for various vehicle types further boost its market appeal. Additionally, CNG's use in dairy farms for methane production and its potential as a renewable fuel source contribute to its growing significance. CNG's non-toxic exhaust emissions make it an environmentally friendly alternative fuel, further enhancing its market value. Installation assistance and vehicle conversion services are also available to facilitate the transition to CNG powertrains.
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Cng Powertrain Market Segmentation
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The CNG powertrain market is gaining traction as corporations, municipalities, and consumer car manufacturers embrace the use of clean energy through Compressed Natural Gas (CNG) as an alternative fuel source. CNG is a sustainable and abundant fuel, extracted from oil wells through a cleaner process than petroleum derivatives. CNG vehicles offer consistent fuel prices, weather reliability, and lower emission pollution compared to diesel, propane, and spark-ignited combustion engines. CNG is safer and has a lower flash point than other fuels, making it an attractive option for both commercial and personal use. Sources of CNG include landfills, methane from dairy farms, and importation. The conversion ability of existing vehicles to CNG makes it a versatile and consistent fuel choice, reducing reliance on petroleum derivatives and offering a safer, cleaner alternative to traditional fuel sources. However, it is important to consider the impact of weather on CNG availability and the potential toxic exhaust from CNG vehicles.
The global automotive components and equipment market encompasses corporations and municipalities specializing in the manufacturing of parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue generated by these entities. Key growth drivers in the automotive components and equipment sector include the rise of electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, which have seen substantial demand growth due to the increasing sales of EVs, motorcycles, and PCs in recent years. Additionally, the shift towards cleaner, alternative fuel sources, such as electricity, propane, and reduced reliance on diesel and oil well extraction, will further fuel market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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