Market Size of India CNG Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India CNG Market Analysis
India's CNG market is expected to register a CAGR of more than 3% during the forecast period. In 2021, Covid-19 affected the country, and the government placed strict lockdown, drastically impacting the CNG market. The market witnessed a decline due to lower demand for CNG from the transportation industry. Furthermore, due to international restriction supply of CNG was also affected. Factors such as supportive government policies and subsidies provided by the government are likely to propel the demand for CNG in the forecast period. The rising cost of CNG is anticipated to restrain the solar inverters market during the forecast period.
- Increased electric vehicle adoption is expected to restrain the CNG market in India during the forecast period.
- Rising investment in Bio CNG is expected to create immense opportunities for the CNG market in the near future as the government plans to invest around INR 200 billion in bio CNG plants in the next few years.
- In the last couple of years, there has been a growing awareness regarding protecting the environment; thus, individuals are shifting towards CNG as a transportation fuel to reduce the emission of harmful gases. Therefore this ever-increasing awareness is expected to drive the market.
India CNG Industry Segmentation
The Scope of the India CNG Market includes:-
India CNG Market Size Summary
The CNG market in India is poised for growth, driven by supportive government policies and investments in infrastructure. Despite the challenges posed by the COVID-19 pandemic, which led to a temporary decline in demand, the market is expected to recover and expand. The government's focus on reducing emissions and promoting cleaner fuels is encouraging a shift towards CNG as a transportation fuel. This shift is further supported by the rising costs of traditional fuels like diesel and petrol, making CNG a more economical option for consumers. However, the increasing adoption of electric vehicles (EVs) presents a potential challenge to the growth of the CNG market, as more consumers and manufacturers pivot towards electric mobility solutions.
Investment in bio-CNG is anticipated to create significant opportunities for market expansion, with substantial government funding planned for bio-CNG plants. The development of CNG infrastructure, including the establishment of numerous fueling stations across the country, is expected to enhance the accessibility and convenience of CNG as a fuel option. Key players in the market, such as Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, are actively involved in expanding their CNG offerings. Despite the rise in CNG prices, the market remains moderately fragmented, with ongoing efforts to increase supply and meet the growing demand for cleaner, cost-effective fuel alternatives in India.
India CNG Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Light Passenger Vehicles
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2.1.2 Medium/Heavy Duty Vehicles
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2.1.3 Others
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India CNG Market Size FAQs
What is the current India CNG Market size?
The India CNG Market is projected to register a CAGR of 3% during the forecast period (2024-2029)
Who are the key players in India CNG Market?
Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, AG&P, Gujarat Gas Ltd and MGL are the major companies operating in the India CNG Market.
