Global Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicle Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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11170
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May 2023
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150
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This report was compiled by Shreyas Rokade Shreyas Rokade is a seasoned Research Analyst with CMFE, bringing extensive expertise in market research and consulting, with a strong background in Chemical Engineering. Correspondence Team Lead-CMFE Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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“Global CNG and LPG Vehicle Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global CNG and LPG Vehicle market report has been segmented on the basis of fuel type, vehicle type, and region.
Global CNG and LPG Vehicle Market: Overview
CNG and LPG Vehicle is an approach to cutting carbon emissions by improving fuel efficiency in petrol and diesel powered vehicle by using compressed natural gas (CNG) and liquefied natural gas (LNG). LPG and CNG powertrain systems are eco-friendly and cheaper than traditional alternatives such as diesel or gasoline systems.
Global CNG and LPG Vehicle Market: Dynamics
Increasing importance of clean economy and technological advancements in trucks with natural gas options are driving the global CNG and LPG vehicles market. Increasing number of LPG/ CNG powered transit buses and waste collection vehicles are some factors projected to support growth of the CNG and LPG vehicle market over the forecast period. Moreover, increasing environmental concerns, dual fuel options offered by these substitutes, along with volatile prices of diesel and gasoline are some factors expected to fuel growth of the global market. In addition, stringent emission control norms including Corporate Average Fuel Economy (CAFE), Federal Emissions Standards, California Air Resources Board Zero-Emission Vehicle Mandate, and other mandates across the globe are projected to drive the demand for CNG and LPG vehicles over the forecast period.
Recent trend observed in the target market is key manufacturers like Maruti Suzuki in India developed LPG-equipped models such as duo versions of the 800, Omni, and Wagon R., which is giving a new way for growth of the market.
Whereas, high initial cost and demand for diesel and petrol vehicles due to low infrastructure of alternative fuel, may affect demand for the target product.
Global CNG and LPG Vehicle Market: Segment Analysis
Among the fuel type segments, the LPG segment is anticipated to hold substantial share in the global market over the forecast period.
Among the vehicle type segments, the passenger car segment is projected to hold significant share in the market over the forecast period.
Global CNG and LPG Vehicle Market: Regional Analysis
The CNG and LPG vehicle market in the Europe accounts for major market share in terms of revenue to the global market. This attributed to high cost for diesel and strict rules and regulation for lower carbon emissions across the Europe. According to the document published by European LPG Association (AEGPL, 2017), more than 15 Mn vehicles are powered by LPG and LPG accounts for around 3% of the fuel mix of passenger cars in the Europe.
The market in Asia Pacific is expected to witness for significant growth in terms of revenue over the forecast period. The major reason for the growth of the market are increasing demand for passenger cars, increasing investments from major original equipment manufacturers, along with infrastructural developments.
Global CNG and LPG Vehicle Market Segmentation:
Segmentation by Fuel Type:
- CNG Fuel Type
- LPG Fuel Type
Segmentation by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Segmentation by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn -
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- Fiat Chrysler Automobiles NV
- Ford Motor Company
- Suzuki Motor Corporation
- Nikki Co. Ltd.
- Kion Group AG
- Hyundai Motor Group
- Landi Renzo S.P.A
- Volkswagen Group
- General Motors Company
- Honda Motor Company
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