CNG Powertrain Market Trends 2023- Global Industry Share, Revenue, Growth Drivers, CAGR Status, Business Challenges, Opportunities and Future Outlook Report 2033: SPER Market Research
CNG powertrains are a type of engine that runs on compressed natural gas (CNG) rather than petrol or diesel fuel. CNG burns more efficiently and produces less hazardous fuel emissions than petrol and diesel. An internal combustion engine running on petrol is equivalent to a CNG powertrain. The combustion process in the CNG powertrain remains the same, however there are a few new parts. Before being burned in the cylinder to produce power, the fuel and air are mixed. Unlike traditional gasoline tanks, CNG required a tank that could transport highly pressurised gas.
According to SPER market research, ‘CNG Powertrain Market Size– By Drive Type, By Fuel Type, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the CNG Powertrain Market is predicted to reach USD 501.32 billion by 2033 with a CAGR of 17.81%.
The expansion of automobile fleets, the emergence of a commercial vehicle infrastructure, and improvements in manufacturing technologies all continuously feed demand for the CNG Powertrain. Governments from all around the world are working to reduce the emissions of greenhouse gases from cars, which are one of the main causes of the irregular rise in air pollution. Demand for the CNG Powertrain market is predicted to increase at a remarkable rate due to CNG vehicles’ lower greenhouse gas emissions than vehicles powered by other fossil fuels.
Despite the growth opportunities in the global CNG powertrain market, there are many challenges that hinder the growth of the market. Market expansion is constrained by high operational and capital costs. Their powertrains are often more expensive than those of regular petrol vehicles because to the additional components needed for CNG and LPG vehicles. Most of these vehicles don’t have lubrication, so they need to be maintained more frequently. Over time, this raises the cost because some parts wear out more quickly than they do in gasoline-powered vehicles. Additionally, the parts require more frequent replacement than those in gasoline-powered vehicles, whose lifespan is typically longer. For instance, truck drivers who travel regularly for work may use CNG. CNG and LPG vehicles can only be deemed cost-effective under frequent use.
Request For Free Sample Report @ https://www.sperresearch.com/report-store/cng-powertrain-market.aspx?sample=1
Impact of COVID-19 on Global CNG Powertrain Market
Furthermore, a global economic downturn brought on by the COVID-19 epidemic affected several industries, including the CNG Powertrain business, whose expansion is directly tied to that of the automobile sector. Early in 2020, supply chain breakdowns and lockdowns, particularly in China and Japan, two major producers of passenger cars, forced production to slow down. Disappointing passenger car sales worldwide for FY-20 can be attributed to a substantial shift in consumer preferences. The closure of manufacturing facilities and a decrease in labour force as a result of social exclusionary policies made it more difficult to manufacture vehicles. As well as making it difficult to get raw materials, supply chain interruptions and rising inflation also increased the cost of production.
CNG Powertrain Market Key Players:
Geographically, Asia Pacific dominated the market driven by robust growth in the automobile sector in countries like China and India. The region is witnessing technological advancements and expanding CNG infrastructure, with key players like Maruti Suzuki introducing S-CNG technology in their passenger vehicles. Meanwhile, Latin America is expected to see a very promising CAGR due to rising per capita income, leading to increased automotive spending in countries like Argentina, Brazil, and Colombia. Additionally, some of the market key players are AB Volvo, Cummins Inc., Nissan Motor Co., Ltd., Robert Bosch GmbH., Volkswagen AG, Others.
CNG Powertrain Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Drive Type: Based on the Drive Type, Global CNG Powertrain Market is segmented as; All-Wheel Drive, Front Wheel Drive, Rear Wheel Drive.
By Fuel Type: Based on the Fuel Type, Global CNG Powertrain Market is segmented as; Bi-fuel, Mono Fuel.
By Vehicle Type: Based on the Vehicle Type, Global CNG Powertrain Market is segmented as; Commercial Vehicle, Passenger Vehicle.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
CNG Powertrain Market Future Outlook
Related Reports:
Follow Us –
LinkedIn | Instagram | Facebook | Twitter
Contact Us:
Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
+1-347-460-2899
