What Has Been The Historical And Current Growth Of The CNG Powertrain Market?
The cng powertrain market has seen considerable growth due to a variety of factors.
•Recent years have seen a swift expansion in the size of the CNG powertrain market. The sector, which is valued at $98.99 billion in 2024, is projected to increase to $118.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.2%.
Factors driving the growth during the historic period include environmental rules and emission standards, the price stability of natural gas, decreased reliance on oil, efficiency and cost savings related to fuel, along with concerns over global energy security.
What Is The Forecast For The CNG Powertrain Market By 2029?
The cng powertrain market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the CNG powertrain market is anticipated to experience significant growth, with expectations that it will escalate to a value of $226.77 billion in 2029, reflecting a Compound Annual Growth Rate (CAGR) of 17.7%.
Factors contributing to this predicted upswing in the period under forecast include an increase in Renewable Natural Gas (RNG) production, a greater emphasis on using lightweight materials in the design of CNG vehicles, improvements in fueling experience courtesy of digital solutions, and the global evolution of CNG fueling infrastructures. Furthermore, the period of forecast is predicted to witness major trends such as a heightened emphasis on eco-friendly transportation, advancements in the technology of CNG engines, innovations in the management systems of CNG engines, as well as the integration of technology in CNG vehicles.
Which Key Drivers Are Propelling The CNG Powertrain Market's Growth?
The escalating need for alternative, greener fuels plays an important role in propelling the growth of the CNG powertrain market. Alternative fuels, used for internal combustion engines, primarily derive from non-petroleum sources and yield less environmental damage than standard fuels. A CNG powertrain system, which utilizes cleaner fuels like compressed natural gas (CNG), powers vehicles while releasing minimal carbon emissions and particulate matter, playing a key role in mitigating air pollution. Take for example, a report issued by the Energy Information Administration, a statistical branch of the US Department of Energy, in January 2023. It stated that the consumption of natural gas in the US in 2023 set a record high at 141.0 billion cubic feet (Bcf) in a single day. Moreover, the use of natural gas in the electric power sector surged by 45% in December 2022, underlining the dramatically increasing demand for alternative cleaner fuels, a primary driving force for the CNG powertrain market.
What Are The Key Segments Within The Global CNG Powertrain Market?
The CNG powertrain market covered in this report is segmented –
1) By Drive: Front Wheel Drive, All-Wheel Drive, Rear Wheel Drive
2) By Fuel: Mono Fuel, Bi fuel
3) By Vehicle: Commercial Vehicle, Passenger Vehicle
Subsegments:
1) By Front Wheel Drive (FWD): Conventional FWD Systems, Advanced FWD Systems With Enhanced Efficiency
2) By All-Wheel Drive (AWD): Full-Time AWD Systems, Part-Time AWD Systems, Adaptive AWD Technologies
3) By Rear Wheel Drive (RWD): Conventional RWD Systems, Performance-Oriented RWD Systems
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How Are New Trends Impacting The Size Of The CNG Powertrain Market?
The increasing adoption of technological innovation is a prominent trend in the CNG powertrain sector. Primary firms in this market are concentrating on enhancing the performance of engines in their fresh offerings. For instance, in May 2022, US Hybrid, a US-based firm specializing in power conversion and powertrain systems, introduced a natural gas-fueled parallel hybrid powertrain technology that features nearly zero emissions, designed for use in drayage and long-distance trucks. The new powertrain surpasses other CNG or diesel powertrains in power, boasting 640 hp combined horsepower and a maximum torque of 1770 lb-ft. This trailblazing technology will offer near-zero-emission roadside charging support to standard long-haul fleet operators, granting versatility and convenience to fleet customers.
Who Are the Key Players in the CNG Powertrain Market?
Major companies operating in the CNG powertrain market include:
• Volkswagen AG
• Ford Motor Company
• Honda Motor Company
• Hyundai Motor Company
• Robert Bosch GmbH
• Nissan Motor Co. Ltd.
• The Volvo Group
• Cummins Inc.
• Tata Motors Limited
• Maruti Suzuki India Limited
• Worthington Industries Inc.
• Chart Industries Inc.
• Minda Industries Ltd.
• Clean Energy Fuels Corp.
• FPT Industrial S.p.A.
• Landi Renzo S.p.A
• Agility Fuel Solutions
• Westport Fuel Systems Inc.
• ANGI Energy Systems Inc.
• Delta Fuel Company
• Viatec Incorporated
• Cenergy Solutions Inc.
• Mijo Auto Gas Pvt. Ltd.
• Corban Energy Group Corp.
• Altech-Eco Corporation
• NGV Motori Inc.
• American Power Group
• Greenkraft Inc.
• Nat G CNG Solutions
What are the Regional Insights into the CNG Powertrain Market?
Asia Pacific was the largest region in the CNG powertrain market in 2024. The regions covered in the CNG powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
