According to a new market report published by Lucintel, the future of the CNG tank market looks promising with opportunities in the automotive and bulk transportation end use. The global CNG tank market is expected to reach an estimated $1.6 billion by 2027 with a CAGR of 7.0% from 2021 to 2027. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.
Browse 68 market data tables and 94 figures spread through 162 pages and in-depth TOC on “Global CNG Tank Market"
In this market, type I, type II, type III, and type IV are the major type of CNG tank. Lucintel forecasts that type I, CNG tank will remain the largest segment over the forecast period due to its lower cost and higher demand from countries in the APAC and ROW regions which have large NGV fleet. Type IV is expected to witness the highest growth over the forecast period
Within the CNG tank market, automotive will remain the largest end use industry and it is also expected to witness the highest growth over the forecast period due to growth in the fleet of alternative fuel powered vehicles.
APAC is expected to remain the largest region over the forecast period for CNG tanks due to the growing fleet of alternative fuel powered vehicles, as well as increasing number of CNG refueling stations. ROW is expected to witness the highest growth over the forecast period.
Emerging trends, which have a direct impact on the dynamics of the industry, include the increase in green fleet and development of type V tanks. Hexagon Composites, Luxfer, Worthington Cylinders, Faber Industries, Beijing Tianhai Industry Co. Ltd., Everest Kanto Cylinder Ltd, Quantum Fuel System, CIMC Enric companies are among the suppliers of CNG tanks.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global CNG tank market by application, tank type, material consumption, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global CNG Tank Market 2022-2027: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global CNG tank market by application, tank type, material consumption, and region as follows:
By End Use [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
•Automotive
−Automotive CNG Tank Market by Vehicle Type
−Automotive CNG Tank Market by Tank Type
•Bulk Transportation
−Bulk Transportation CNG Tank Market by Tank Type
By Tank Type [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
•Type-I
•Type-II
•Type-III
•Type-IV
By Material Consumption [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
•Glass Fiber Composites
•Carbon Fiber Composites
•Metal Material
By Region [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
•North America
•Europe
•Asia Pacific
•The Rest of the World
This 162-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/cng-tank-market.aspx or write us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high growth opportunities for the global CNG tank market by end use ((automotive and bulk transportation), tank type (Type I, Type II, Type III, Type IV), material consumption (metal, glass fiber composites, and carbon fiber composites ) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?