Why is Bajaj betting on CNG while everyone else is focused on EVs?: Business Case Study

Summary

The Indian government is promoting alternative fuels like CNG (Compressed Natural Gas) to reduce carbon emissions and reliance on crude oil. With increasing demand, companies like Bajaj Auto and Maruti Suzuki are leading the charge in the CNG vehicle market. CNG vehicles offer lower emissions and are more cost-efficient than petrol vehicles. However, India's CNG infrastructure is still limited, but plans are underway to expand it significantly. The video highlights the growing business opportunities in the CNG market, including setting up fueling stations and investing in CNG vehicle fleets.

Takeaways

• 🌿 The Indian government is heavily focused on green fuels, such as electric vehicles, ethanol, and compressed natural gas (CNG), to reduce carbon emissions and pollution.
• 💸 Fluctuating crude oil prices and reliance on imports drain India's foreign exchange reserves, making the push for alternative fuels even more crucial.
• 🔧 Nitin Gadkari is optimistic about India's potential to not only reduce fuel imports but also become a fuel exporter through the adoption of green fuel alternatives like CNG.
• 🚗 CNG-powered vehicles are gaining traction, with their share in passenger vehicle sales rising from 3.5% in 2019 to 11% in 2022, and projected to reach 18% in the next five years.
• 🏆 Companies like Bajaj Auto and Maruti Suzuki dominate the CNG market, with Bajaj having a 79% share in the three-wheeler CNG segment and Maruti holding a 75% market share in the four-wheeler CNG segment.
• 💡 Bajaj Auto capitalized on the Supreme Court's 1998 decision to switch Delhi's buses and autos to CNG, launching India's first CNG-powered three-wheeler by 1999.
• 📈 Retrofitting petrol vehicles with CNG systems is a growing trend, allowing middle-class families to save up to ₹50,000 annually.
• 🚉 India's CNG infrastructure is still underdeveloped, with only 6,088 CNG stations compared to over 67,000 petrol stations, creating a massive opportunity for expansion.
• 🏗️ The Indian government aims to increase the number of CNG stations to 17,700 by 2030, further boosting the CNG market.
• 🔋 The launch of the world's first CNG motorcycle by Bajaj Auto signals a new revolution in the two-wheeler segment, offering cheaper and more environmentally friendly transport options.

Q & A

What is the Indian government's stance on alternative fuels?

The Indian government is highly bullish on alternative fuels, especially green fuels like electric vehicles, ethanol, green hydrogen, and pollution-free fuels like compressed natural gas (CNG). These alternatives are seen as vital to reducing India's carbon emissions and dependence on fluctuating crude oil prices.

Why is compressed natural gas (CNG) considered a game-changing fuel for India?

CNG is considered game-changing because it is environmentally friendly, emitting less harmful gases compared to petrol and diesel. It is also significantly cheaper, reducing the running costs for vehicles by up to 50%, which can save Indian families thousands of rupees each year.

How has the market for CNG-powered vehicles grown in recent years?

The market share of CNG-powered vehicles has grown from 3.5% of passenger vehicle sales in 2019 to 11% in 2022, with expectations of it reaching 18% in the next five years. Companies like Bajaj Auto and Maruti Suzuki have been leading this growth.

What role has Bajaj Auto played in the CNG revolution?

Bajaj Auto has been instrumental in the CNG revolution, launching India's first CNG three-wheeler in 1999. They gained a significant first-mover advantage by entering the market early, which has allowed them to capture 79% of the CNG three-wheeler market.

What is the significance of Bajaj Auto's upcoming CNG-powered motorcycle?

Bajaj Auto's CNG-powered motorcycle is significant as it could disrupt the two-wheeler market in India. With lower carbon emissions, cheaper running costs, and better mileage, this could lead to greater adoption of CNG in the two-wheeler segment, similar to the impact CNG had on three-wheelers.

How has the Indian government supported the CNG market?

The Indian government has supported the CNG market through various policies, including the removal of permits for CNG and electric commercial vehicles. The government has also set aggressive targets to increase the number of CNG fueling stations from 6,088 to 17,700 by 2030.

What challenges does India face in expanding the CNG infrastructure?

One major challenge is the lack of sufficient CNG fueling stations. There are only 6,088 CNG stations compared to over 67,000 petrol and diesel stations, causing long queues at existing CNG stations and limiting the growth of CNG vehicle adoption.

What business opportunities exist in the growing CNG market in India?

There are significant opportunities in setting up CNG fueling stations, starting CNG-powered fleets, and retrofitting petrol vehicles with CNG cylinders. The upcoming CNG terminal in Bhavnagar, Gujarat, by 2026 also opens new avenues for investment and expansion.

Why did CNG adoption in India begin in 1998?

CNG adoption in India began in 1998 when the Supreme Court of India ordered the Delhi government to implement CNG or LPG fuel for all autos and the entire bus fleet. This marked the start of India's CNG revolution.

Why is the adoption of CNG vehicles still relatively low compared to petrol vehicles?

Despite being more cost-efficient, CNG vehicle adoption remains low due to the underdeveloped CNG infrastructure. There are far fewer CNG fueling stations compared to petrol and diesel stations, limiting accessibility for potential users.

Outlines

00:00

🚗 India's Push for Alternate Fuels and CNG Revolution

The Indian government is focused on reducing dependency on foreign crude oil by embracing alternate fuel sources like green hydrogen, electric vehicles, and CNG. Fluctuating oil prices and pollution concerns are driving this shift. Nitin Gadkari is optimistic that India will not only reduce fuel imports but also become an exporter. Compressed Natural Gas (CNG) is seen as a game-changer, with major auto companies like Bajaj Auto and Maruti Suzuki leading the charge. Market reports show rapid growth in CNG vehicle sales, and India's automotive sector is witnessing multiple fuel revolutions—electric vehicles (EVs), hydrogen, and CNG. This fuels significant business opportunities for entrepreneurs and investors alike.

05:04

🌍 Why CNG is a Game-Changing Fuel

CNG, or Compressed Natural Gas, is extracted from the earth, similar to petroleum, and compressed into cylinders for use in vehicles. It is considered environmentally friendly, emitting significantly less CO2 than petrol or diesel. It is also cheaper, with CNG-powered vehicles offering substantial savings on fuel costs—up to 50% cheaper than petrol. The Supreme Court's 1998 mandate to implement CNG for public transport in Delhi marked the beginning of India's CNG revolution. Companies like Bajaj Auto capitalized on this foresight, launching CNG-powered vehicles well ahead of their competitors, which has allowed them to dominate the market.

10:05

📈 Bajaj Auto’s Market Dominance in CNG Vehicles

Bajaj Auto’s early adoption of CNG technology in the late 1990s gave them a significant first-mover advantage. After the 1998 Supreme Court ruling, Bajaj shifted its focus to CNG, launching the first CNG-powered three-wheeler in 1999. Competitors like Mahindra and TVS only entered the market years later, giving Bajaj a huge lead. In FY23, 67% of auto-rickshaws in India were powered by CNG, and Bajaj Auto held a staggering 79% market share. Bajaj's extensive dealer network and technical expertise have allowed them to maintain this dominance, while the CNG four-wheeler market has also grown rapidly, with companies like Maruti Suzuki leading the way.

15:08

🏍️ Bajaj Auto’s Disruption of the Two-Wheeler Market

Bajaj Auto is set to disrupt the two-wheeler market by introducing the world’s first CNG-powered motorcycle. This move is significant because CNG motorcycles offer lower carbon emissions and are cheaper to operate compared to petrol bikes. With the Indian government’s push for zero emissions, CNG motorcycles are expected to gain strong support. Bajaj’s strategy mirrors its earlier success in the three-wheeler market, aiming to establish dominance in this sector as well. Entrepreneurs and investors can benefit from this growing CNG market by exploring opportunities in vehicle retrofitting, starting CNG stations, or leveraging new government policies.

Keywords

💡CNG (Compressed Natural Gas)

CNG is a fuel that is extracted from the earth, similar to petroleum, and then compressed for use in vehicles. In the video, CNG is highlighted as an environmentally friendly alternative to traditional fuels like petrol and diesel, emitting lower levels of harmful pollutants. Its growing adoption in India, driven by government policies, is described as a key factor in reducing emissions and cutting fuel costs.

💡Government foresight

The term 'government foresight' refers to the Indian government's vision and proactive policies in promoting alternative fuels like CNG. In the video, this is emphasized as a critical driver of business opportunities, with companies like Bajaj Auto capitalizing on the government's bullish stance on CNG to become market leaders.

💡Bajaj Auto

Bajaj Auto is presented as a pioneer in the CNG market in India. The company identified the potential of CNG early, developing CNG-powered three-wheelers as early as 1999. Their foresight allowed them to dominate the market, capturing a significant share of the CNG three-wheeler market, well ahead of competitors like Mahindra and TVS.

💡Market penetration

Market penetration refers to the extent to which a product has been adopted in a particular market. In the video, the term is used to describe the increasing share of CNG vehicles in India's passenger vehicle market, from 3.5% in 2019 to 11% in 2022, and its potential to reach 18% in the next five years, signifying a rapid growth trend.

💡First-mover advantage

First-mover advantage refers to the competitive edge gained by being the first to enter a market. Bajaj Auto leveraged this by being the first to develop CNG-powered three-wheelers, which gave them a stronghold in the market before other competitors entered. This allowed them to dominate the CNG vehicle sector for years.

💡Carbon emissions

Carbon emissions are the release of carbon dioxide into the atmosphere, contributing to global warming. CNG is highlighted as a cleaner alternative to petrol and diesel, emitting 10% fewer emissions than diesel engines and 25% less than petrol engines. The push for CNG is part of India's broader effort to reduce its carbon footprint and combat climate change.

💡Fuel efficiency

Fuel efficiency refers to how far a vehicle can travel on a given amount of fuel. In the video, CNG is shown to provide better fuel efficiency than petrol, with a Maruti Alto 800 running 31.5 km per kg of CNG compared to 28.66 km per liter of petrol. This makes CNG not only more environmentally friendly but also more cost-effective for consumers.

💡Retrofitting

Retrofitting is the process of modifying a petrol vehicle to run on CNG by installing a CNG cylinder. The video highlights the retrofitting market in India as a growing sector, enabling middle-class families to save on fuel costs by converting their petrol vehicles to run on both petrol and CNG, with significant annual savings.

💡Infrastructure

Infrastructure in this context refers to the network of CNG fueling stations and distribution points in India. The video points out that a lack of sufficient CNG infrastructure, with only 6,088 CNG stations compared to 67,845 petrol stations, has been a barrier to the widespread adoption of CNG vehicles. However, the Indian government is working to rapidly expand this infrastructure by 2030.

💡Environmental benefits

The environmental benefits of CNG are emphasized in the video as a key reason for its promotion. CNG is described as releasing fewer harmful pollutants like nitrogen oxide and carbon monoxide compared to traditional fuels, which reduces the greenhouse effect and contributes to cleaner air and reduced global warming.

Highlights

The Indian government is bullish on alternative sources of fuel like green hydrogen, electric vehicles, and CNG to reduce carbon emissions and decrease dependence on crude oil.

India aims to not only reduce fuel imports but also become a fuel exporter, contributing to industries like buses, steel, and chemicals.

CNG (Compressed Natural Gas) is becoming a key fuel, with the share of CNG-powered vehicles increasing from 3.5% in 2019 to 11% in 2022, and expected to grow to 18% in the next 5 years.

Maruti Suzuki and Bajaj Auto dominate the CNG vehicle market in India with 75% and 79% market shares, respectively.

Bajaj Auto plans to launch the world's first CNG-powered motorcycle and is expanding its portfolio of CNG motorcycles by 2024.

CNG vehicles have a 45% lower fuel cost compared to petrol vehicles, offering significant savings for middle-class families.

In 1998, the Supreme Court of India ordered the implementation of CNG for all public transport in Delhi, sparking India's CNG revolution.

Bajaj Auto leveraged government foresight by introducing CNG three-wheelers in 1999, gaining a market advantage long before its competitors.

The CNG four-wheeler market is growing even faster, with a 32% increase in sales in 2023 compared to three-wheelers.

Maruti Suzuki is the market leader in CNG four-wheelers, holding a 75% market share, with Tata and Hyundai aggressively expanding in this space.

The CNG infrastructure in India is still underdeveloped, with only 6,088 CNG stations compared to 67,845 petrol and diesel stations, but the government plans to increase this to 17,700 by 2030.

There are business opportunities in setting up CNG stations and retrofitting petrol vehicles to run on CNG, a growing market due to high fuel costs.

By 2026, the world's first CNG terminal will be set up in Bhavnagar, Gujarat, which will store, compress, and distribute CNG across the country.

CNG motorcycles will have significantly lower running costs and carbon emissions compared to petrol motorcycles, with a mileage of 101.8 km per kg of CNG.

Bajaj Auto's success in the CNG market showcases the importance of understanding and capitalizing on government policies for long-term business growth.

Transcripts

hi everybody the Indian government has

been extremely bullish on Alternate

sources of petrol and diesel for a long

time now

especially green fuel electric vehicles

ethanol green

hydrogen pollution free or indigenous

crude oil prices keep fluctuating with

geopolitical tensions they are bleeding

our foreign exchange reserves and most

importantly they emit 12% of India's

energy related carbon emissions and this

is again causing both pollution and

global warming but this is where nitin

gari catalyzed the next big fuel

revolution in India and he is so

optimistic about this Vision that he

says that India will not just decrease

its Imports but it will also go on to

become an exporter of fuel to

theu buses steel

chemicals

and one of the most important

instruments of this massive Revolution

is a fuel that we all know as compressed

natural gas or

CNG now if you're a think school student

you know what this means right what is

the government the government is the

Godfather of the market and if the

Godfather is bullish on something then

it is pointing towards a million dooll

business opportunity in fact if you look

at the market reports the share of CG

powered vehicles has been increasing

from 3.5% of passenger vehicle sales in

2019 to 11% in 2022 and it is expected

to grow to 18% in the next 5 years and

you know what Bajaj Auto and maruti

Suzuki they've done such an incredible

job that today they have a market share

of 79% and 75% respectively and this

Market is moving so fast that maruti has

increased its CG sales by four times in

the last 6 years Tata Motors once to

make CNG sales equal to the EV sales and

recently if you saw Bajaj Auto is going

to launch the world's first CG power

motorcycle in India over the last few

quarters the company has said that it

would like to build a portfolio of CG

motorcycles for every motorcycle you'd

like to have a CNG vertical as well

within this calendar year 24 in the very

near future I think you will see us

announce the world's first CNG

motorcycle so ladies and gentlemen we

are witnessing not one not two but three

automobile revolutions together which

are EES hydrogen and now the CNG

Revolution so in today's case study

let's Deep dive and try to understand

why is CG considered to be the next

gamechanging fuel for India what has baj

Auto done so remarkable that it has now

become the market leader in this space

what is the Indian government doing to

boost the CNG industry in India and

lastly for people like you and me what

are the new opportunities in this

growing Market of

CG

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Cho let's start from the basics and

understand what exactly is CNG and how

is it different from other fuels people

CNG is nothing but compressed natural

gas and it is extracted from the surface

of Earth just like Petroleum in fact it

is even found near the oil wells this

gas is then compressed to 1% of its

volume at standard atmospheric pressure

and then it is packed in cylinders these

cylinders are the cylinders that you see

in our cars and Ras now the reason why

CG is special is because it has three

major superpowers firstly CNG is an

environmentally friendly fuel so when an

IC vehicle runs on petrol it releases

various pollutin like nitrogen oxide and

carbon monoxide all these gases

contribute to the greenhouse effect

whereas when CNG Burns it majorly

releases only carbon dioxide and water

vapor and this CO2 emission is 10% lower

than diesel engines and 25% lower than

petrol engines second for every kilo of

CG it provides the same mileage or

perhaps more as compared to petrol so

for every kg of CG while a maruti Alto

800 can run for 31.5 km with a kg of

petrol it can run for

28.668150 see that is a 45% decrease in

cost of running and same is the case

with cars also if you drive a hybrid

maruti Alo and travel 2,000 km in a

month with a petrol cost of 10

16.31% L and 9,642 rupees in fuel cost

whereas with CG with a mileage of 31.5 n

km per kg it would cost you 63.3 1 kgs

and just

48115 6 rupees so CNG is almost 50%

cheaper than petrol and if a middle

class family uses a CG vehicle instead

of a petrol vehicle it can practically

save 50,000 Rupees every single year but

you know what guys in spite of all these

benefits until 1998 CNG was somehow not

seen as an alternate fuel at all and

this is when in 1998 the Supreme Court

of India made a major decision by by

ordering the government of Delhi to

implement CNG or LPG fuel for all autos

and for its entire bus fleet so this is

where India's CNG Revolution started now

you have seen me constantly say that the

government is the Godfather of the

market right so you as an entrepreneur

need to understand the foresight of The

Godfather so that you can go on to build

a million dooll business and you know

what Bajaj Auto is a classic example of

using this foresight to build a million

doll business because they built a

legendary business and left their

competition far far behind simply

because of the understanding of this

forsite so the question is how did Bajaj

Auto do this and what can we learn from

Bajaj Auto well as it turns out after

the supreme court order in 1998 many

companies ignored CNG and they thought

CNG will not be a big deal at all but

this is where baj Auto did something

absolutely magical back then Bajaj Auto

had been producing Ras for 40 long years

and after 1998 they came up and said if

the government is bullish then we need

to be bullish about CNG to during this

time their three wheelers were running

on petrol and they just begun diesel in

1997 but even then they made a sudden

shift and started working very hard to

produce the first cngg Auto Ria in India

and in just one year that is in 1999

Bajaj Auto launched their first CNG

three-wheeler in India and you know what

guys they were so early in this game

that by the time Mahindra and TVs

entered the CNG Market it was already

2001 until Mahindra Steed in and 2008

until TVs Steed in so by the time their

competition hit the market Bajaj was

already 2 years and 9 years into the

market respectively and if you look at

how much this first more Advantage

helped them you will know the importance

of understanding government policies in

2024 while 67% Auto Ras ran on CNG baj

Auto alone I repeat baj Auto alone had a

market share of

79% so Bajaj alone sold four times more

Autos than their next 10 competitors

combined while baj Auto sold 1.92 lakh

CG three-wheelers in f23 its remaining

competitors did sales of just

4838 units in total this is because

apart from the first more advantage over

the years Bajaj developed better

technical expertise they established

better relationships with the vendors

and they also built a super strong

distribution Network to give you an

example of the scale baj Auto has around

1,700 three-wheeler dealerships and

authorized service centers all across

the country and the second competitor in

terms of this network is piu and they

have 35% lesser Network footprint than

baj Auto so this is how by understanding

the foresight of the government baj Auto

won the CNG three-wheeler Market in

India now if you look at the CNG run

four-wheeler Market of India there is

again a a classic example look at this

chart the sales of CG three-wheelers was

2.41 lakh units in fi23 whereas for CG

four-wheelers the sales was 32% more at

3.18 lakh units so even though CG cars

were launched 11 years after rias the

CNG car market is now growing faster

than the three-wheeler Market this is

both because the four-wheeler Market is

much bigger and the adoption by the

middle class was very very quick this is

the reason why if you compare the CG

penetration in the total Market of

four-wheelers the penetration is still

very low at only 11% so this means there

is still a huge scope for CG vehicles

and CG infrastructure in the

four-wheeler Market of India and you

know who's the king of the CG Market in

the four-wheeler segment not so

surprisingly it is none other than

maruti Suzuki and they have a 75% market

share this is the reason why both tataa

and Hyundai they are very aggressively

expanded in their CNG portfolio in fact

Tata Motors is so bullish that they want

to make the CG penetration equal to the

EVs and by 2030 they wish to achieve 25%

market share in the CG market now

another reason why the CG Market is

growing so fast is also because of the

retrofitting Services Market in India in

simple words instead of buying a CG car

you can get a CG cylinder fit in your

petrol car and use both petrol and CG so

by investing 50,000 rupes a middle class

family can save 50,000 Rupees every

single year so you see this entire

retrofitting Market is creating a win

win win situation for all customers who

are fed up with high cost have a cheaper

option after retrofitting there is a

drastic boost in customers confidence

this boost in confidence is allowing

automakers to invest in R&D and

eventually the government is benefiting

with less inputs so this is the

trajectory of the three-wheeler and

four-wheeler Market of CG and like we

saw this month baj Auto took it to the

next level with the promise of taking CG

into the two-wheeler Market of India now

the reason why this announcement is a

very big deal is because this release of

the CG motorcycle could disrupt the

motorcycle sector of India for three

reasons firstly its carbon emissions

will be far lesser in spite of having

the same top speed as the gasoline

counterparts secondly the cost of

running the CG motorcycle is about 0.77

rupes per kilm as compared to around 1.5

to 1.6 rupes per Kil for petrol

motorcycles and thirdly the CG

motorcycle can travel about

101.8 km on 1 kg of CG and this is an

extraordinary mileage so not only is the

fuel cheaper it is also better for the

environment and considering the zero

emission Target of the government this

is a sector which will be pushed heavily

by the government because of which it

will become much easier for customers to

buy a CG bike and the companies to

manufacture and sell CG bikes in India

just like it happened for the EV market

so long story short just like baj

disrupted the three-wheeler Market in

1999 it is aiming to disrupt the

two-wheeler Market in the next 5 years

but now the question over here is baj

auto is a large company right so they

can capitalize on this wave very easily

but what can people like you and me do

to benefit from this CNG wave well for

that you need to have a look at this

chart in 2022 out of the 25 lakh petrol

passenger vehicles which which were sold

only 4.2 lakh were CG Vehicles now I

don't know if you noticed this but this

is a very rare site in India because a

product like CG vehicle is much more

economical as compared to a petrol

vehicle and yet it is somehow not sold

as much as petrol cars so if you see in

spite of India being a price sensitive

Market a product that is more cost

efficient is selling less and you know

why this is this is because India lacks

the CNG infrastructure if if you see the

number of petrol and diesel stations

there are a total of 67,8 45 stations in

the country but if you look at the

number of CG stations we have just 6,088

stations now I don't know how many of

you have seen this but then back in Pune

I have seen long lines of Ras waiting at

the CG stations and it is absolutely

ridiculous because they sometimes have

to wait for 3 to 4 hours so this is

happening because of an overflooding

demand for CG stations all across the

country this is the reason why the

government has set up an aggressive

Target to ramp up the number of CG

fueling stations from 688 to

17,700 stations by 2030 so if you want

to set up a CNG station there is a big

opportunity so do visit your State's

website for CNG dealership or land

leasing secondly in September 2018 the

Indian Ministry of Transport announced

that electric vehicles and CG Vehicles

will no longer require permits to

operate on roads these permits are for

commercial vehicles and also include

Goods carriers permit and cap permit so

if you start a fleet with CNG Vehicles

there is a good opportunity for

initiation and lastly the world's first

ever CG terminal will be set up in bav

nagar in Gujarat by

2026 this is essentially a place that

stores compresses and distributes only

CG so as these terminals are being built

across the country the scope and ease of

CNG stations will vastly increase in the

next 5 years so these are the

opportunities that are on the rise

because of the evolution of the CNG

Market in India and if you know more

such opportunities please drop a comment

and let the community know about the

same this is the story of CG in India

its biggest players the government

policies and the opportunities that lie

at your disposal and if I find more such

opportunities in this space I will

attach it in the description and Before

We Say Goodbye do not forget to visit

the tootsie website or download the

tootsie app to get your free invisible

teeth aligners and book your free teth

scan through the link in my description

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you so much for watching I will see you

in the next one

[Music]

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bye-bye