The global CNG tank market is projected to reach $1.0 billion by 2025, at a CAGR of 0.9% during 2020-2025. The growth of global CNG tank market is driven by increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for global CNG tank market by application (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 (ROW)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the global CNG tank market?
Q.4 What are some changing demands of customers in the global CNG tank market?
Q.5 What are the new developments in the global CNG tank market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this global CNG tank area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this global CNG tank market?
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. Download Brochure of this report by clicking on https://www.lucintel.com/cng-tank-market.aspx
Based on applications, the global CNG tank market is segmented into automotive and bulk transportation. The automotive segment accounted for the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period due to expected growth in the fleet of alternative fuel powered vehicles is the major driving factor that is likely to spur growth for this segment over the forecast period.
APAC is expected to remain the largest region over the forecast period. This region is expected to witness the highest growth for CNG tanks due to the growing fleet of alternative fuel powered vehicles, as well as increasing number of CNG refueling stations.
Key Players in the global CNG tank market are Hexagon Composites ASA, Luxfer Gas Cylinder, Worthington Cylinders, Faber Industries S.p.A., and Everest Kanto Cylinder Ltd. Request Sample Pages by clicking on https://www.lucintel.com/downloadreportsample.aspx?RepId=RPT1996
The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
To read more about this market please click on https://www.lucintel.com/cng-tank-market.aspx
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.
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