CNG Powertrain is a type of propulsion system used in those vehicles which runs on CNG fuel. It is domestically- produced, clean- burning fuel compressing the natural gas to high pressure, is used as an alternative to diesel or gasoline. These powertrains consists of a CNG fuel tank, a fuel delivery system and an internal combustion engine which has been modified to run on CNG. These powertrains has been used in those vehicles which has been converted and modified to run on CNG. CNG powertrain offers several benefits over diesel and gasoline powertrains. They are found to be cheaper and emit less or no greenhouse gases.
According to SPER Market Research, ‘CNG Powertrain Market Size- By Demand, By Growth Drivers, By CAGR Status, By Revenue, By Challenges, Opportunities and Future Strategies till 2033’ states that the CNG Powertrain Market is estimated to reach USD 501.32 billion by 2033 with a CAGR of 17.81%.
The objective of achieving net- zero carbon emission has increased CNG over gasoline, LPG and diesel. It contains no harmful particulate material which contributes to vehicular pollution. The manufacturers focus on enhancing the efficacy of CNG powertrain engine which creates tremendous opportunities. Worldwide government has imposed various incentives such as tax credits and grants to encourage the use of CNG vehicles. These incentives lead to an increase in the market growth of CNG powertrain. CNG is cheaper, environment friendly and easier to produce when compared to gasoline and diesel. Advancement in the CNG fuel- system has increased market’s growth rate.
One of the main challenges is the availability of CNG fuelling stations, this limits the market growth of CNG powertrain. Absence of proper infrastructure, high costs and limited range negatively impacts the market growth of CNG powertrains. Moreover, the parts used in CNG fuel systems need to be updated frequently because they lack lubrication which overtime increases the cost when compared to petrol operated vehicles. These components also need to be replaced often which limits the CNG powertrain market growth. CNG vehicles are only economical when they are frequently driven.
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Impact of COVID-19 on Global CNG Powertrain Market
The COVID-19 pandemic introduced a temporary worldwide shutdown in many sectors which showed a negative impact on various industries, further leading to economic downturn. Growth of the overall automotive market is related to the CNG powertrain. With the prevalence of COVID-19 in back 2020, major companies faced difficulties and obstruction in their supply chains due to lockdown imposed by government. Insufficiency of potential worker and closure of production units due to strict government norms of social distancing greatly affected the production of new vehicles. Acquisition of raw material was another issue. Furthermore, the queue of supply chain affected the companies from the acquisition of raw materials to meet the production needs and the insufficiency further led to increase in the production cost.
CNG Powertrain Market Key Players:
Asia-Pacific accounted for highest market share in terms numerous technology development and CNG infrastructural development. The region was dominant due to the rapid growth of the vehicle industry in India and China. Some of the major players in the CNG Powertrain Market are AB Volvo, Cummins Inc., Ford Motor Company, FPT Industrial S.P.A., Honda Motor Company, Hyundai Motor Company, Maruti Suzuki India Limited, Nissan Motor Co., Ltd., Robert Bosch GmbH., Volkswagen AG, Others.
CNG Powertrain Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Drive Type: Based on the Drive Type, Global CNG Powertrain Market is segmented as; All-Wheel Drive, Front Wheel Drive, Rear Wheel Drive.
By Fuel Type: Based on the Fuel Type, Global CNG Powertrain Market is segmented as; Bi-fuel, Mono Fuel.
By Vehicle Type: Based on the Vehicle Type, Global CNG Powertrain Market is segmented as; Commercial Vehicle, Passenger Vehicle.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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