CNG Powertrain Market To Hit Value 0.09 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on September 4th, 2023 San Francisco, 04 September 2023: The ReportCNG Powertrain Market Size, Share & Trends Analysis Report By Drive Type (All Wheel, Rear Wheel, Front Wheel), By Fuel Type, By Vehicle Type, By Region, And Segment Forecasts, 2022 - 2030 The global CNG powertrain market size is expected to reach USD 290.09 billion by 2030, as per research conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 17.2% from 2022 to 2030. Increasing pollution from conventional liquid fuel-powered automobiles has created a demand for alternative fuels vehicle with similar performance. Compressed Natural Gas (CNG) powertrain vehicle is a potential substitute as it aids in reducing carbon footprint and achieving net-zero emissions goals. The CNG powertrain vehicle engine functions similarly to the gasoline-powered vehicle and has better efficiency, making it a viable option. The prominent players in the market are majorly focusing on the incorporation of advanced technologies into engines. Maruti Suzuki, an Asian player, provides factory-fitted S-CNG technology for its cars. S-CNG technology embodied engines have an intelligent fuel-injection system and an electric control unit, which enables easy switching between petrol and CNG, enhancing the engine performance. The addition of the advanced system to the CNG powertrain engine will increase its mileage, durability, and efficiency, thus resulting in a rising preference for CNG powertrain vehicles over the ICE vehicle. Maruti Suzuki has planned to incorporate fuel flex technology and introduce new models of CNG powertrain vehicles such as Ciaz, Brezza, and Ertiga by 2030. These newly launched CNG vehicles have the potential to replace the existing gasoline-powered fleet in the market. The governments are taking various initiatives to raise the adoption of CNG vehicles by increasing investment in building the CNG stations and providing incentives to consumers, which is creating demand for CNG powertrains in the market. For instance, Clean Transportation Program was introduced by California state. Through this program, incentives for the purchase of CNG vehicles are provided to consumers, which is expected to increase the penetration of natural gas such as CNG and LPG fuel vehicles. Additionally, the California state government will be investing 0 million annually to support the innovation and accelerate the development of cleaner advanced technologies for CNG and LPG vehicles. Thus, technological development and increasing adoption of CNG-fueled automobiles among consumers are expected to create new growth opportunities for the market. The CNG powertrain manufacturers are majorly focusing on improving the vehicle's engine efficiency. They are investing in enhancing the engine performance by working on reducing the volumetric efficiency loss, increasing the flame propagation speed, and decreasing the fuel evaporation in engines. Additionally, prominent automobile manufacturers are implementing advanced technologies in CNG vehicles. Request sample report of CNG Powertrain Market@https://www.grandviewresearch.com/industry-analysis/cng-powertrain-market-report/request/rs1 CNG Powertrain Market Report Highlights
A growing need for an alternative transitional fuel leads toward the net-zero carbon emissions goal. Compressed Natural Gas (CNG) produces lesser carbon emissions and is free from particulate matter, which is a prominent source of vehicular pollution, thus CNG is expected to become a dominant energy source over other fuels such as diesel, petrol, and LPG. Governments worldwide are taking strategic initiatives to provide tax rebates, subsidies, and other benefits to CNG vehicle purchasers, which are expected to create high demand for CNG powertrain vehicles during the forecast period. CNG Powertrain Market Report Scope
List of Key Players in the CNG Powertrain Market
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