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The CNG powertrain market share is expected to increase by USD 90.10 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 17.6%.
This compressed natural gas powertrain market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the Compressed natural gas (CNG) powertrain market segmentation by vehicle type (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The CNG powertrain market report also offers information on several market vendors, including BorgWarner Inc., CNH Industrial NV, Cummins Inc., Landi Renzo Spa, Mijo Auto Gas Pvt. Ltd., Minda Industries Ltd., Nissan Motor Co. Ltd., Robert Bosch GmbH, Suzuki Motor Corp., Westport Fuel Systems Inc., and Volkswagen AG among others.
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The rising demand for alternate cleaner fuels is notably driving the compressed natural gas powertrain market growth, although factors such as higher maintenance costs and initial investment costs compared to petrol vehicles may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the CNG powertrain industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Compressed Natural Gas (CNG) Powertrain Market Driver
One of the key factors driving growth in the compressed natural gas powertrain market is the rising demand for alternate cleaner fuels. The goal of achieving zero carbon emissions is to increase the demand for alternate fuels such as CNG globally. CNG generates lower carbon emissions in comparison to other fuels, such as petrol, diesel, and gasoline, and it does not release any kind of particulate matter, which significantly contributes to a low level of pollution. As a result, CNG is anticipated to overtake these other fuels, such as petrol and diesel, as the primary energy source during the forecast period. Governments globally are taking strategic steps, such as subsidies and other tax benefits, to promote the adoption of cleaner fuel vehicles among the people. Such factors are expected to propel the demand for CNG powertrain vehicles, which in turn will drive the growth of the CNG powertrain market.
Key Compressed Natural Gas (CNG) Powertrain Market Trend
The increasing focus on enhancing engine efficiency is a CNG powertrain market trend that is expected to have a positive impact in the coming years. The manufacturers of CNG powertrains are focusing significantly on increasing the efficiency of CNG vehicle engines. The key players in the global compressed natural gas powertrain market are majorly focusing on the use of advanced technologies in the engines of CNG vehicles. For example, Maruti Suzuki, a key player in Asia, provides factory-fitted S-CNG technology for its cars. S-CNG vehicles have high performance, excellent engine reliability, better drivability than several other models, improved fuel efficiency, convenient fueling mode changing options, and safety factors, thus resulting in increasing preference for CNG powertrain vehicles over internal combustion engine vehicles. Hence, increasing focus on enhancing engine efficiency is a growing trend in the global CNG powertrain market, which is expected to drive the growth of the market in focus.
Key Compressed Natural Gas (CNG) Powertrain Market Challenge
The higher maintenance costs and initial investment costs compared to petrol vehicles will be a major challenge for the compressed natural gas powertrain market during the forecast period. The cost of CNG vehicles is higher compared to other vehicles, such as petrol and diesel. The maintenance costs are also higher due to additional components used in CNG vehicles. Moreover, the parts in the CNG powertrain vehicles require more frequent replacement than those found in petrol and diesel vehicles, whose lifespan is longer compared to CNG powertrain vehicles. Such factors are a major challenge to the growth of the global CNG powertrain market.
This compressed natural gas powertrain market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global CNG powertrain market as a part of the global automotive components and accessories market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the compressed natural gas powertrain market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the CNG powertrain market encompasses successful business strategies deployed by the key vendors. The CNG powertrain market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The CNG powertrain market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the compressed natural gas powertrain market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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68% of the market’s growth will originate from APAC during the forecast period. China, South Korea, and Japan are the key markets for CNG powertrain in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing growth in the automobile sector in countries such as India and China will facilitate the CNG powertrain market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 severely affected the growth of the automobile sector in APAC. To contain the spread of disease, governments in India, China, Japan, Australia, Indonesia, and Vietnam, imposed strict lockdowns, which led to the shutdown of operations in the automobile sector. However, the removal of lockdowns in the second half of 2020 was due to the initiation of large-scale vaccination drives in APAC. This led to the resumption of operations in the automobile sector in the second half of 2020. Moreover, increasing government initiatives and the rise in consumers inclination toward less carbon-emitting vehicles will drive the growth of the compressed natural gas powertrain market in APAC during the forecast period.
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The CNG powertrain market share growth in the passenger cars segment will be significant during the forecast period. The growth of the market in focus is due to the cheaper starting costs of CNG powertrain vehicles compared to gasoline, diesel, and electric powertrain vehicles. CNG is a popular fuel for passenger vehicles as it is easier to store in vehicles. Also, it is cheaper than LNG, diesel, and gasoline, making it an ideal choice for an urban fleet.
This report provides an accurate prediction of the contribution of all the segments to the growth of the compressed natural gas powertrain market size and actionable market insights on the post-COVID-19 impact on each segment.
Compressed Natural Gas (CNG) Powertrain Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.6% |
Market growth 2022-2026 |
$90.10 billion |
Market structure |
Fragmented |
YoY growth (%) |
16.89 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 68% |
Key consumer countries |
US, China, Japan, South Korea, Germany, and Italy |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
BorgWarner Inc., CNH Industrial NV, Cummins Inc., Landi Renzo Spa, Mijo Auto Gas Pvt. Ltd., Minda Industries Ltd., Nissan Motor Co. Ltd., Robert Bosch GmbH, Suzuki Motor Corp., Westport Fuel Systems Inc., and Volkswagen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Vehicle Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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