Global Sequential CNG Kit Market

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.

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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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Global Sequential CNG Kit Market

Report ID: SQMIG25D2007

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