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CNG Powertrain Market Trends

  • Report ID: GMI12106
  • Published Date: Nov 2024
  • Report Format: PDF

CNG Powertrain Market Trends

CNG powertrains are witnessing significant technological advancements in engine and fuel storage technology. These innovations enhance performance, efficiency, and safety. Improved combustion techniques and advanced fuel injection systems increase efficiency and reduce emissions, making CNG vehicles more attractive to environmentally conscious consumers.
 

Additionally, the use of lightweight composite materials in CNG tanks has increased the range and capacity of CNG vehicles while reducing their overall weight. These advancements result in more compact and efficient fuel systems, improving vehicle performance and user experience. Furthermore, upgraded refueling infrastructure technologies facilitate quicker and safer CNG refueling processes, encouraging adoption. As these technologies evolve, they create more viable and competitive CNG options, stimulating market growth and attracting investment in the sector.
 

For instance, in August 2023, Allison Transmission successfully delivered its 4500 Rugged Duty Series (RDS) transmission for the new Mack Granite® model powered by compressed natural gas (CNG). This collaboration aims to provide an alternative fuel solution specifically designed for refuse collection customers, enhancing the durability and performance of the trucks. The truck is available exclusively as an axle-back model and showcases a modernized design with a new chrome grille and self-heating LED headlamps. These headlights improve visibility by up to 29% for forward visibility and 50% for peripheral visibility, enhancing safety during operation.
 

High initial costs for vehicles and conversions significantly hinder the CNG powertrain market. CNG vehicles often come with a higher price tag than their gasoline or diesel counterparts due to specialized components like CNG tanks and modified engines.
 

Retrofitting existing vehicles to run on CNG also incurs substantial costs, deterring both consumers and fleet operators from making the switch. This financial burden is particularly challenging in markets with tighter budgets or lower awareness of CNG's long-term benefits, such as reduced fuel expenses and lower emissions. Consequently, these elevated upfront costs impede widespread adoption, slowing the transition to cleaner energy solutions in the transportation sector.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of CNG powertrain reached USD 90.3 billion in 2023 and is set to grow at a 17.2% CAGR from 2024 to 2032, driven by stricter environmental regulations and emission standards worldwide.

The front wheel drive (FWD) segment held around 58% of the market share in 2023 due to its cost-effectiveness, efficiency, and suitability for urban and passenger vehicles.

The Asia Pacific market accounted for 45% of the revenue share in 2023 and is expected to exceed USD 180 billion by 2032, led by robust government initiatives promoting clean energy and significant investments in CNG infrastructure

China's CNG powertrain market is expected to exceed USD 60 billion by 2032, propelled by the expansion of CNG refueling stations to support growing urban populations and commercial fleets.

The key players in the industry include Continental, Cummins, Ford Motor, General Motors, Honda Motor, Robert Bosch, Stellantis, Tata Motors Limited, Volkswagen, and Volvo Group.

CNG Powertrain Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 200
  • Countries covered: 23
  • Pages: 180
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