Asia Pacific CNG Powertrain Market Size, Share & Industry Trends Analysis Report By Fuel Type (Bi-fuel and Mono Fuel), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), By Drive Type, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific CNG Powertrain Market would witness market growth of 16.3% CAGR during the forecast period (2022-2028).
The demand for CNG powertrain has surged as a result of government initiatives and a shift in consumer preferences toward less carbon-emitting automobiles. Manufacturing and industrial activities all around the world were halted as a result of the pandemic. Manufacturers of CNG powertrains are concentrating the efforts on increasing vehicle engine efficiency. Such manufacturers are working to improve engine performance by lowering volumetric efficiency loss, boosting flame propagation speed, and lowering fuel evaporation. In addition, leading automakers are incorporating innovative technologies into CNG vehicles.
S-CNG technology, for example, is used in passenger automobiles to improve fuel efficiency by managing the fuel-to-air ratio and synchronizing the electric control units and the intelligent fuel injection system. Moreover, through technology unification, the CNG system is better calibrated with the powertrain, suspension, and brake system, resulting in S-CNG technology improving the vehicle's total economy.
The transportation sector of India is substantially using oil as a fuel alternative and it is creating huge import cost burden on the region, and this enhances the need of sustainable alternative fuel like CNG to be used for vehicles. The vehicle-related raw materials and components accounted for significant amount in imports of whole nation. Additionally, usage of CNG as a fuel will result in least carbon emission in the environment. From the perspectives of energy security, import dependency, and carbon emissions, there is a great need to comprehensively introduce CNG gas as an alternative fuel for powertrains.
Oil imports will be addressed by the push toward CNG automobiles. Owing to the majority of the CNG gas comes from sustainable sources, the problems of dependence on imported raw materials and components and carbon emissions would be resolved. To fully reap the rewards of the switch to CNG powertrain, the supply chain must be continuously localised. Adopting CNG gas as a substitute would results in reduced burden of total import cost per vehicle. Purchasing CNG fuel would domestically saves a lot of money in this region.
The China market dominated the Asia Pacific CNG Powertrain Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $31,449.1 Million by 2028. The Japan market is anticipated to grow at a CAGR of 15.6% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 17% during (2022 - 2028).
Based on Fuel Type, the market is segmented into Bi-fuel and Mono Fuel. Based on Vehicle Type, the market is segmented into Passenger Vehicle and Commercial Vehicle. Based on Drive Type, the market is segmented into Front Wheel Drive, All-wheel Drive, and Rear Wheel Drive. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Maruti Suzuki India Limited, FPT Industrial (Iveco Group), Volvo Group, Honda Motor Co. Ltd., Cummins, Inc., Hyundai Motor Company, Volkswagen AG, Ford Motor Company, Bosch Rexroth AG (Robert Bosch GmbH), and Nissan Motor Corporation.
Scope of the Study
Market Segments Covered in the Report:
By Fuel Type
- Mono Fuel
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Drive Type
- Front Wheel Drive
- All-wheel Drive
- Rear Wheel Drive
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Maruti Suzuki India Limited
- FPT Industrial (Iveco Group)
- Volvo Group
- Honda Motor Co. Ltd.
- Cummins, Inc.
- Hyundai Motor Company
- Volkswagen AG
- Ford Motor Company
- Bosch Rexroth AG (Robert Bosch GmbH)
- Nissan Motor Corporation
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