Lucintel Blog: Lucintel Forecasts CNG Tank Market to Reach $1.8 Billion by 2028

Monday, October 30, 2023

Lucintel Forecasts CNG Tank Market to Reach $1.8 Billion by 2028

According to the recent study the CNG tank market is projected to reach an estimated $1.8 billion by 2028 from $1 billion in 2022, at a CAGR of 10.2% from 2022 to 2028. Growth in this market is primarily driven by increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.

Browse 94 figures/charts and 68 tables in this 162-page report to understand trends, opportunities and forecast in 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).

Download sample report by clicking on below link:

https://www.lucintel.com/cng-tank-market.aspx

“Automotive market is expected to remain the largest segment during the forecast period.”

Based on end use, the CNG tank market is segmented into automotive and bulk transportation. Lucintel forecasts that the automotive market is expected to remain the largest segment due to growth in the fleet of alternative fuel powered vehicles.

“Within the CNG tank market, the Type I segment is expected to remain the largest tank type.”

Based on tank type the Type I segment is expected to witness the highest growth 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.

“Asia pacific will dominate the CNG tank market in near future.”

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.

Download Brochure of this report by clicking on https://www.lucintel.com/cng-tank-market.aspx.

Major players of CNG tank market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Faber Industries S. p. A., Hexagon Composites ASA, Luxfer Gas Cylinder, Beijing Tianhai Industry Co. Ltd, Worthington Cylinders GmbH, Quantum Fuel System Technologies, Everest Kanto Cylinder Ltd, Zhongyou Tongyong Luxi Natural Gas Equipment Co., Ltd, FIBA Technologies Inc., CIMC Enric Holdings Limited, Sinoma Science & Technology(SuZhou) co. Ltd are among the major CNG tank providers.

This unique 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 helpdesk@lucintel.com.

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Contact:
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Lucintel

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Cell: 210-878-7693

roy.almaguer@lucintel.com

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