People always talk about Electric Vehicles[EVs] and their growth.But many are unaware about the performance of Compressed Natural Gas [CNG] vehicles. When I researched into it I found that CNG vehicles have grown 40.7% in the previous financial year and these vehicles alone constitute for about 12% of the entire market share.
Earlier the demand for CNG vehicles was low as there were only few CNG filling stations.But now the number of stations is around 6,000 and still counting. The government is planning to increase the number of filling stations to 17,700 by 2030.Moreover the cost of maintenance is less and the mileage is also more.
Usually CNG vehicles are used for commercial purposes.But now even private vehicles are using it.Now even Bajaj motorcycles are planning to launch CNG motorcycles.Click here to read more about this.Even car manufacturers like Maruthi Suzuki,Tata Motors,etc, have launched CNG vehicles,where the fittings are in-built.
So there is a bright future for CNG vehicles in India.This is the reason why some investors prefer stocks like Mahanagar gas, Gail, IOC,etc. In the same way as how the EVs are booming the CNG vehicles are also.But many are unaware of it.
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