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Global CNG Powertrain Market Report, Market Size, Share, Trends, Analysis and Forecast to 2028
The pursuit of the net-zero carbon emissions target is driven by a rising need for an alternate transitional fuel. Compressed Natural Gas (CNG) is predicted to overtake other fuels like diesel, petrol and LPG as a dominating energy source since it emits fewer carbon emissions and no particle matter, which is a significant source of vehicle pollution. Governments all over the world are taking strategic steps to offer tax breaks, subsidies, and other incentives to people who buy CNG vehicles, which is anticipated to lead to a significant increase in demand for CNG powertrain vehicles during the projected period.
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South America is projected to have the highest CAGR over the forecast period. Automobile spending has increased as a result of rising per capita incomes among consumers in Argentina, Brazil, and Colombia. Due to the viability, affordability, and environmental friendliness of automobiles powered by compressed natural gas, consumers are investing a lot of money to buy a personal vehicle. The "Conectar Gas Industria" programme was also started by the Argentine government to encourage the widespread usage of CNG-powered cars.
Some of the key players profiled in the CNG Powertrain Market include General Motors, Toyota Motor Corporation, BYD, Ford Motor Company, Renault, Mercedes-Benz Group AG, Hyundai Motor Company, Nissan Motor Co. Ltd., Honda Motor Company Ltd., Stellantis N.V, Volkswagen Group, Tesla Inc, Workhorse Group Inc., Mahindra & Mahindra Ltd, IVECO and London Electric Vehicle Company.
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