The global compressed natural gas (CNG/RNG) market is anticipated to reach USD 218.18 billion by 2026 according to a new report published by Polaris Market Research. CNG has continued to grow as a clean fuel with the inception of RNG renewable natural gas. CNG Fueled Vehicle use is increasingly being used in Asia-Pacific region, Europe, Latin America, and North America owing to the increasing gasoline prices and as an important initiative to reduce carbon emissions. NGV Global Group is strategically poised as demand for CNG conversions across all truck classes increases.
As Global Markets are growing so are demands for vehicles as companies race to lower their emissions. Mega corporations like UPS continue investing millions into their CNG infrastructure. Small government municipalities continue to grow their CNG fleets as well. NGV Global Group has seen a demand increase across all truck classes. NGV Global Group sells and leases all truck classes such as box trucks, buses and semi trucks.
Moreover, CNG is much more fuel-efficient in comparison to gasoline. Owing to its clean-characteristics, it increases vehicles’ longevity and increases maintenance intervals. Change of engine oil with filter is required to be done after every 3,000 to 4,000 miles for a typical gasoline vehicle, but for the CNG vehicles, it extends over 9,000 to 10,000 miles. Technological developments in CNG vehicles, which are currently equipped with clean-burning fuel systems, CNG enables to save almost half of the gasoline price along with much lower levels of emission thus contributing towards a greener environment. Therefore, these factors of CNG being the cleanest transportation fuel for vehicles with an offering of similar vehicle performance, relatively low product cost and with significantly low carbon emissions compared to other fossil fuels, the industry is expected to develop significantly over the forecast period.
Asia Pacific was the largest regional market in 2017. Pakistan was the largest market in terms of presence of CNG vehicles in the region. India, China and Thailand are yet other emerging nations for growing product demand. Latin America is expected to be one of the fastest-growing regional markets backed by momentous demand from Argentina and Brazil. Europe on the other hand is a potential contributor to its demand with Russia and Italy leading the way, however, growing popularity of electric vehicles in many of the nations such as the Netherlands is projected to hinder industry growth over the forecast period.
For more information on how to acquire your CNG/RNG Box Trucks, Busses and Semi Trucks please give us a call. We can walk you through the steps and help you weigh your options regardless of your company size.
NGV Global Group Inc.
10733 Spangler Rd,
Dallas, TX 75220 USA
Phone: +1 (214) 630-1000