What is the global market size of Sequential CNG Kit Market?

Sequential CNG Kit Market size was valued at USD 970.20 billion in 2021 and is poised to grow from USD 1045.88 billion in 2022 to USD 1769.34 billion by 2030, at a CAGR of 7.8% during the forecast period (2023-2030).

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 News

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 Market Report Snapshots

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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).

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. 'Lovato Gas S.p.A. (Italy)', 'Tomasetto Achille S.p.A. (Italy)', 'Landi Renzo S.p.A. (Italy)', 'BRC Gas Equipment (Italy)', 'Tartarini Auto S.p.A. (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 Ltd. (UK)', 'Autogas Italia S.r.l. (Italy)', 'Roush CleanTech (USA)', 'Landi Renzo USA (USA)'

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 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.

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.

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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

Sequential CNG Kit Market News

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