The CNG vehicle market is foreseen to witness subdued expansion at a CAGR of over 3% during the assessment period, as per a latest Fact.MR research study. The demand for CNG vehicle remains influenced by a cohort of broad factors, ranging from incessant march toward environmental sustainability to thriving automobile production. The current surge in demand for CNG vehicle remains notably driven by increased pollution levels in the light of high fuel emissions. Persistent advancements in autonomous technologies and new innovations in fuel framework are gaining center stage with respect to reduction of fuel emissions, auguring well for the CNG vehicle market growth. CNG vehicles are not only proven to be environmentally viable but are highly fuel efficient, which remains a prominent sales influencer.
According to the Fac.MR report, the number of vehicles integrated with CNG powertrain systems will consistently rise in the upcoming years. This increase in demand can be attributed to rising reluctance toward conventional vehicles with excessive emissions. In comparison to that of liquid fuels, CO2 exhausts in case of are way lesser CNG. Moreover, fuel efficiency and optimal fuel usage remain two key attributes fostering eminence of CNG vehicles over the conventional ones.
North America Offers Investment-making Opportunities for Manufacturers
A segmental analysis of the global CNG vehicle market has been provided in the report, wherein product and vehicle types have been covered. The report also offers a detailed assessment of the overarching trends boosting the global market growth of individual segments and also conveys key takeaways that would benefit the CNG vehicle manufacturers vying for large-scale business expansion. Some of the key regions assessed in the report include Latin America, North America, Japan, APEJ, Europe, and the Middle East & Africa (MEA).
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North America is likely to offer profit-making opportunities to the manufacturers of CNG vehicles, driven by spurring investments in the regional automotive space. Europe and APEJ markets are expected to the follow the trail in terms of demand for CNG vehicles through 2027. Emerging markets are likely to offer sustained opportunities for manufacturers of CNG vehicles on account of on-going automotive infrastructure projects. CNG passenger vehicles are likely to outsell CNG commercial vehicles through 2027, on the back of increased usage of passenger vehicles for daily commute.
According to the study, escalating demand for CNG vehicles across emerging nations in APEJ is encouraging prominent manufacturers to foray into new opportunities in the region. The populous continent is witnessing rapid reformations in the automotive space, which is in turn complementing demand for CNG vehicles.
Market Forecast Report 