CNG vehicles Market Upcoming Trends, Growth Drivers and Challenges – Forecast to 2025

22/set/2020 11:44:14 Automotive Market Research Reports Contatta l'autore

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The global CNG vehicles market is expected to exhibit a strong 5.96% CAGR over the forecast period from 2018 to 2025, according to the latest research report from Market Research Future (MRFR). The global CNG vehicles market is expected to reach a valuation of USD 185,422.3 million by 2025, according to the report. The report presents a detailed overview of the global CNG vehicles market to give readers an accurate insight into the growth prospects of the market. The major drivers and restraints affecting the global CNG vehicles market are profiled in detail in the report. Major players operating in the global CNG vehicles market are also profiled in detail in the report. The impact of the COVID-19 pandemic on the global CNG vehicles market is also assessed in the report.

ALSO READ:

https://www.marketwatch.com/press-release/cng-vehicles-market-2020-size-share-trends-segmentation-key-players-applications-demand-opportunity-global-forecast-to-2025-2020-08-27?tesla=y

CNG vehicles are vehicles that run on compressed natural gas. Growing awareness about the various benefits of CNG as compared to petroleum is the major driver for the global CNG vehicles market. CNG burns cleaner than petrol or diesel, releasing fewer carbon emissions and other toxic emissions. This has become a major driver for the global CNG vehicles market over the last few years. The environmental impact of vehicles has become a major watchword for automotive industry players, as automotive emissions account for a considerable part of the global total of environmentally damaging emissions. Due to this, fuels that burn cleanly and emit less toxic emissions are becoming popular in automobiles. This is likely to be a major driver for the global CNG vehicles market over the forecast period.

The fuel efficiency of vehicles running on CNG is also higher than vehicles running on other petroleum fuels. This has also become a major driver for the global CNG vehicles market, as fuel efficiency has become a key watchword for the automotive industry in recent years. Fuel-efficient vehicles consume less fuel per a given distance, leading to less emissions. Consumers driving passenger vehicles have become increasingly aware about the fuel emission figures of their cars, while commercial entities have also made efforts to use more fuel efficient vehicles in order to reduce their overall environmental impact. This is likely to be a major driver for the global CNG vehicles market over the forecast period.

The increasing development of CNG refilling infrastructure in emerging as well as developed countries is also a major driver for the global CNG vehicles market.

Competitive Leaderboard:

Leading players in the global CNG vehicles market include Suzuki Motor Corporation, Renault, Honda Motor Co. Ltd., Volvo Group, Groupe PSA, Fiat Chrysler Automobiles, Toyota Motor Corporation, Daimler AG, Hyundai Motor Company, Ford Motor Company, General Motors, and Volkswagen Group.

Segmentation:

The global CNG vehicles market is segmented on the basis of product type, application, and region.

By product type, the global CNG vehicles market is segmented into OEM and car modification. Both segments are expected to grow steadily over the forecast period. Many automotive manufacturers have made it a key point to produce CNG vehicles in order to cater to the growing demand from consumers. The car modification segment is also expected to grow over the forecast period due to the growing number of personal as well as commercial consumers retrofitting their vehicles with CNG fuel technology. The ease of retrofitting vehicles with CNG fuel technology has become a major driver for the global CNG vehicles market.

By application, the global CNG vehicles market is segmented into personal use and commercial use. The personal use segment holds the largest share in the global CNG vehicles market and is likely to remain dominant over the forecast period. Personal consumers are more aware about the benefits of CNG over petrol and diesel and are thus increasingly opting for CNG vehicles over gasoline/diesel vehicles. Commercial vehicles are also likely to account for a significant share in the global CNG vehicles market over the forecast period.

Regional Analysis:

Emerging regions such as Asia Pacific, Latin America, and the Middle East have exhibited steady growth in the global CNG vehicles market over the last few years and are likely to remain important regional markets over the forecast period.

FOR MORE DETAILS –

https://www.marketresearchfuture.com/reports/cng-vehicles-market-6497

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