Published Date: 28-Jul-2022
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According to a new report, published by KBV research, The Global CNG Powertrain Market size is expected to reach $185.5 billion by 2028, rising at a market growth of 16.2% CAGR during the forecast period.
The Mono Fuel segment is showcasing a CAGR of 19.5% during (2022 - 2028). The usage of CNG as a fuel has a number of advantages, including lower primary and exhaust emissions. Although, the price of gasoline and diesel fluctuates widely, the cost of CNG per gallon is low, providing relief to CNG vehicle owners.
The Passenger Vehicle segment acquired maximum revenue share in the Global CNG Powertrain Market by Vehicle Type in 2021, thereby, achieving a market value of $132.2 billion by 2028. The segment's rise is mostly attributable to the CNG powertrain vehicle's cheaper initial cost compared to other environmentally friendly alternatives such as electric powertrain vehicles. Using CNG as a fuel option is also advantageous in terms of passengers’ safety and comfort.
The All-wheel Drive market has shown growth rate of 16.9% during (2022 - 2028). The all-wheel drive train supplies power to each of the car's four wheels, increasing the vehicle's grip capacity, allowing for faster acceleration, and smoother handling. Owing to the better traction forces prevent the danger of a vehicle slipping on cold, rainy, or sloppy roads, all-wheel drive CNG powertrains are a popular choice.
The Asia Pacific market dominated the Global CNG Powertrain Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $111.1 billion by 2028. The Europe market is estimated to witness a CAGR of 15.8% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 15.5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/cng-powertrain-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Fuel Type
By Vehicle Type
By Drive Type
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