New York, NY -- (SBWire) -- 03/06/2020 --The global CNG market is driven by factors, such as stringent regulations regarding emissions & fuel efficiency, and the low running cost of vehicles. In many countries, governments are offering various incentives to encourage the use of CNG-based vehicles. The better performance of CNG vehicles when compared with their counterparts and capabilities to transform petrol & diesel vehicles into vehicles that operate on CNG is supplementing market growth globally.
Market Industry Reports (MIR) has published a new report titled "CNG Vehicles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the global CNG vehicles market accounted for over US$ 160 billion by 2019. The market is anticipated to grow at a CAGR of 4.8% from 2019 to 2030.
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Major Players:
Some of the prominent players present in the CNG vehicles market include Ford Motor Company, General Motors, Volkswagen, AB Volvo, Daimler AG, EvoBus GmbH, MAN, Suzuki Motor Corporation, FCA US LLC, and Hyundai Motor Group, among others.
Scope of Report:
Moreover, the promotion of CNG vehicles by OEM manufacturers owing to their fuel efficiency, reduced maintenance costs, and emission features will further bolster market growth. CNG does not contain any additives and burns without leaving behind any by-products, the absence of such by-products prevents the contamination of engine parts and engine oil. Technological advancements and increasing investments to obtain CNG from renewable sources, is creating opportunities for the global compressed natural gas vehicles market.
Regional Analysis:
The Asia Pacific region is the largest market for CNG vehicles and is anticipated to continue its dominance in the coming years. The development of CNG infrastructure in major countries, stable growth of the automotive industry and a large customer base in the region are expected to drive market growth in the Asia Pacific region.
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Table of Content:
4. MARKET DYNAMICS ASSESSMENT
1. Overview
2. Drivers
3. Barriers/Challenges
4. Opportunities
5. GLOBAL CNG VEHICLES MARKET - ANALYSIS & FORECAST, BY PRODUCT TYPE
5. Dedicated Fuel
6. Dual Fuel
6.GLOBAL CNG VEHICLES MARKET - ANALYSIS & FORECAST, BY VEHICLE TYPE
7. Passenger Vehicle
8. Light Commercial Vehicle
9. Heavy Commercial Vehicle
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CNG Vehicles Market Development by Companies Outlook,Growth Prospects and Key Opportunities by 2030
According to the report, the global CNG vehicles market accounted for over US$ 160 billion by 2019. The market is anticipated to grow at a CAGR of 4.8% from 2019 to 2030.