USD 1.05 trillion
Sequential CNG Kit Market Size, Share, Growth Analysis, By Sale Channels(OEMS, Aftermarket, Online Retail), By Vehicle Type(Hatchback, Sedan, SUV, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25D2007 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
64
|Figures:
77
Sequential CNG Kit Market Insights
Global Sequential CNG Kit Market size was valued at USD 1.05 trillion in 2022 and is poised to grow from USD 1.13 trillion in 2023 to USD 2.06 billion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031).
When compared to the cost of petrol, the energy content of bulk CNG and LPG delivered to service stations is typically more affordable. In Delhi, the price of 1 kilogramme of CNG is approximately 43.40 (USD 0.59), compared to 1 litre of petrol at roughly 101.19 (USD 1.38), and 1 litre of diesel at 88.62 (USD 1.21). Throughout the forecast period, the CNG kit market is anticipated to expand quickly. The market for CNG-powered vehicles is dominated by automobiles. Additionally, the use of CNG fuel in buses, cars, and light commercial vehicles is rising, which indirectly supports the market for automotive CNG/LPG kits in India's growing demand for CNG kits. On the other hand, difficulties with long-term storage and tank size are projected to impede LPG kits in India's automotive CNG/LPG kit market in the upcoming years. Over the forecast period of 2021–2027, this is anticipated to slow the market's rate of growth for LPG kits in India.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hatchback
Fastest Growth
Sedan
Growth Rate
7.8% CAGR
Global Sequential CNG Kit Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Sequential CNG Kit Market Segmental Analysis
Global Sequential CNG Kit Market is segmented on the basis of vehicle type, sale channels and region. By vehicle type, the market is segmented into hatchback, sedan, suv, others. By sale channels, market is segmented into oems, aftermarket, online retail. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Sequential CNG Kit Market Analysis by Product
The Original Equipment Manufacturers segment is expected to hold a dominant share of the market, as many automobile manufacturers are focusing on developing vehicles that are compatible with CNG kits. This segment includes the sequential CNG kits that are installed by the vehicle manufacturers during the production of the vehicle. The increasing demand for eco-friendly and fuel-efficient vehicles is expected to drive the growth of the segment.
Aftermarket segment includes the sequential CNG kits that are installed after the purchase of the vehicle. This segment is expected to grow at a faster rate due to the increasing popularity of CNG conversion kits. Moreover, the growing demand for retrofitting of existing vehicles with CNG kits is expected to drive the growth of this segment.
Sequential CNG Kit Market Analysis by Type
The hatchback segment is expected to have the dominant market share during the forecast period, with a CAGR of around 8%. The Hatchback segment includes compact cars that have a rear hatch door. This segment is expected to have the dominant market share due to the increasing demand for fuel-efficient and eco-friendly vehicles. Moreover, hatchbacks are widely used for daily commuting, which makes them a popular choice for CNG conversion kits.
The sedan segment is expected to grow at a faster rate, with a CAGR of around 9%. Sedan segment includes cars that have four doors and a separate trunk compartment. This segment is expected to grow at a faster rate due to the increasing demand for CNG conversion kits in mid-sized and large sedans.
Global Sequential CNG Kit Market Size By Vehicle Type
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Sequential CNG Kit Market Regional Insights
The CAGR for the Asia-Pacific market is expected to be around 10%. The Asia-Pacific market is expected to have the dominant market share due to the increasing adoption of CNG vehicles in countries such as India, China, and Pakistan. The dominant segment in Asia-Pacific is the hatchback segment, while the fastest-growing segment is the sedan segment.
The CAGR for the European market is expected to be around 8%. The European market is expected to have a significant market share due to the increasing demand for eco-friendly vehicles in the region. The dominant segment in Europe is the hatchback segment, while the fastest-growing segment is the SUV segment.
Global Sequential CNG Kit Market Size By Region
- Largest
- Fastest
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Sequential CNG Kit Market Dynamics
Sequential CNG Kit Market Drivers
Volatility in Crude Oil Prices to bring Lucrative Growth Opportunities
- The fluctuating crude oil prices have led to an increase in the demand for alternative fuels like CNG. As CNG is cheaper and more stable in terms of pricing, vehicle owners are increasingly opting for CNG kits to reduce their fuel costs.
- Several governments worldwide are offering subsidies and incentives to promote the use of CNG vehicles, which is boosting the demand for sequential CNG kits. The favourable policies and regulations for the adoption of alternative fuel vehicles are expected to drive the global sequential CNG kit market growth in the coming years.
Sequential CNG Kit Market Restraints
Limited Refuelling Infrastructure to Hinder market growth
- One of the major restraints for the global sequential CNG kit market is the limited availability of refueling infrastructure for CNG vehicles. The lack of CNG refueling stations and the high cost of setting up new stations act as a hindrance to the growth of the market.
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Sequential CNG Kit Market Competitive Landscape
These players focus on product innovation, research and development, strategic partnerships, and mergers and acquisitions to stay competitive in the market. Additionally, they also focus on expanding their distribution networks and improving their after-sales services to increase customer loyalty.
Sequential CNG Kit Market Top Player’s Company Profiles
- Tomasetto Achille S.p.A. (Italy)
- BRC Gas Equipment (Italy)
- AG Centrum (Poland)
- Maruti Suzuki India Limited (India)
- AEB S.r.l. (Italy)
- Greco Gas Inc. (USA)
- Lovato Autogas S.p.A. (Italy)
- Prins Autogassystemen BV (Netherlands)
- Emer S.p.A. (Italy)
- OMVL S.p.A. (Italy)
- LPGTECH Sp. z o.o. (Poland)
- Lovato Electric S.p.A. (Italy)
- Zenit Progetti S.r.l. (Italy)
- Stargas S.r.l. (Italy)
- Eco Fuel Systems Inc. (USA)
- Greengear Global Ltd. (UK)
- Autogas Italia S.r.l. (Italy)
- Roush CleanTech (USA)
- Landi Renzo USA (USA)
Sequential CNG Kit Market Recent Developments
- In October 2022, Realistic CNG rival to the Maruti Baleno is in development.
- In May 2022, with the aim of continuing with the change in the energy matrix and responding to the demand of the transport sector, the Minister of Hydrocarbons and Energy, Franklin Molina Ortiz, and the Executive General Director of the Executing Entity for the Conversion to Natural Gas for Vehicles (EEC-GNV), Karina Villacorta, launched the “Natural Gas for Vehicles (NGV) Conversion Program with Sequential Injection Kits (5th Generation). With this technology, any vehicle, even modern ones, can be converted to CNG without losing power, so its operation will be similar to that of a gasoline car.
- In January 2022, as part of a cooperation with Rawmatt Industries, Nagpur Municipal Corporation (NMC) converted its fleet of 25 automobiles and 25 buses to CNG. 200 standard-sized buses and 195 mid- and mini-diesel buses will be converted to CNG by NMC.
Sequential CNG Kit Key Market Trends
- Several original equipment manufacturers (OEMs) are now offering CNG-fitted vehicles in their product line-up. This trend is expected to continue as governments worldwide promote the adoption of alternative fuels and offer incentives for CNG vehicle adoption.
Sequential CNG Kit Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global sequential CNG kit market is expected to grow steadily over the forecast period due to the increasing demand for clean and efficient fuels in the automotive sector. The benefits of using CNG kits such as reduced emissions, lower fuel costs, and improved engine performance are expected to drive the market growth. Government initiatives and regulations promoting the use of CNG as an alternative fuel are also expected to contribute to market growth. The market growth may be hindered by the availability of alternative fuel technologies, such as electric and hybrid vehicles. Also, the high installation costs of CNG kits and the limited availability of CNG refuelling stations in some regions may limit market growth. The global sequential CNG kit market is expected to witness steady growth over the forecast period, driven by the increasing demand for clean and efficient fuels in the automotive industry, as well as government initiatives and regulations promoting the use of CNG as an alternative fuel.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.05 trillion |
| Market size value in 2031 | USD 2.06 billion |
| Growth Rate | 7.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Sequential CNG Kit Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Sequential CNG Kit Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Sequential CNG Kit Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sequential CNG Kit Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sequential CNG Kit Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sequential CNG Kit Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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