This report titled “CNG Cylinders Market - Growth, Future Prospects, and Competitive Analysis, 2023 – 2030” offers strategic insights into the trends in CNG cylinders market along with the market size and forecast for the duration 2023 to 2030. The said research study incorporates in-depth analysis of multiple market segments based type, material, application and geographical distribution.

The global CNG cylinders market is becoming increasingly competitive with growing number of mergers and collaborations between market players to expand their production capabilities to meet the demand for CNG cylinders. In addition, several players are also focused on developing their niche in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America, Middle East & Africa and Asia Pacific.

Based on type, the global CNG cylinders market is segmented as type 1, type 2, type 3 and type 4. By material, the global CNG market is segmented into metal, glass fiber and carbon fiber. On the basis of application, the global CNG cylinders market is categorized into light passenger vehicles, medium duty/heavy duty (MD/HD) buses, medium duty/heavy duty (MD/HD) trucks and others (Autos). In addition, CNG cylinders manufacturing companies, distributors and academic organizations form the major client types for CNG cylinders market. Market size (‘000 Units) (US$ Mn) and forecast for all the considered segmentation is presented in this report for the period 2020-2030 along with their respective CAGRs (%) for the forecast period 2023-2030.

Along with the quantitative information sets, this report also provides qualitative information such as market dynamics and executive summary for the global CNG cylinders market. Tools such as competition assessment and attractive investment proposition are also included in the report to provide the readers with competitive mapping assistance. This study concludes with company profiles section. This section includes major information about the key companies engaged in development, and provision of CNG cylinders.

On the basis of type, the global CNG cylinders market can be segmented into type 1, type 2, type 3, and type 4. Type 1 accounted for the largest share in the global CNG cylinders market. Type 1 grade was estimated to be the largest segment among all types in global CNG cylinders market. Low cost coupled with easy availability of type 1 cylinders is anticipated to drive the growth of segment. Type 4 segment is anticipated to be the fastest growing segment. Increasing demand for light weight cylinders, anti-corrosive properties are projected to drive the growth of the segment during the forecast period (2023-2030).

On the basis of application, the global CNG cylinders market can be segmented into light passenger vehicles, medium duty/heavy duty (MD/HD) buses, medium duty/heavy duty (MD/HD) trucks and others (Autos). In 2016, light passenger vehicles was observed to be the largest application segment and is projected to maintain its dominance during the forecast period. Growth in number of passenger vehicles along with increasing adoption of compressed natural gas as alternative fuels is anticipated to spur the demand for CNG cylinders in passenger vehicles over the forecast period. Medium duty/heavy duty (MD/HD) buses segment to account for second largest share in global CNG cylinders market. Growing environmental concerns over the emission of greenhouse gases coupled with favorable regulatory policies to increase the adoption of CNG as fuel in public transport vehicles is expected to fuel the growth of the segment over the forecast period (2023-2030).

On the basis of geography, global CNG cylinders market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2020, Asia Pacific accounted for the largest share in global CNG cylinders market and also projected to witness robust growth during the forecast period. Increasing sales of automobiles driving the demand for fossil fuel which is influencing the demand for CNG which in turn is driving the demand for CNG cylinders. Moreover, increasing government initiatives to promote the usage of CNG is expected to fuel the demand for CNG cylinders in the region. China is anticipated to be the largest consumer in the region. Followed by it, India is projected to be the second largest consumer in the region. North America accounted for the second largest share in the global CNG cylinders market in 2020. Increasing production of shale gas along with regulatory push by government to reduce the dependency on conventional oil is expected to fuel the demand for CNG cylinders in the region. The region is projected to witness high growth over the forecast period (2023-2030).

On the basis of Material, the global CNG cylinders market can be segmented into metal, glass fiber and carbon fiber. In 2016, metal segment accounted for the largest share in the global CNG cylinders market. Metal fiber find application in Type 1, Type 2 and Type 3 CNG cylinders. Wide array application of metal fiber is anticipated to drive the growth of the segment during the forecast period. Carbon fiber segment is projected to be the fastest growing segment in global CNG cylinders market. Increasing demand for light weight cylinders type 4 cylinders is projected to drive the growth of the segment over the forecast period (2023-2030).

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of CNG Cylinders market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the CNG Cylinders market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of CNG Cylinders market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the CNG Cylinders market?
• Which is the largest regional market for CNG Cylinders market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving CNG Cylinders market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the CNG Cylinders market worldwide?