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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
