CNG and LPG Vehicle Market is segmented by Type (CNG and LPG), by Application (Passenger, Light Commercial and Medium Commercial), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World)
CNG and LPG Vehicle Market size was estimated at $xx Million in 2020 and is expected to reach $xx Million by 2027, growing at a CAGR of 11.5% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
Global attention has been turned to the current problems of global warming. This menace has propelled some speculations on the ills of Diesel and gasoline emmission which inturn has resulted in a strain in the petroleum market.
This strain has diverted the attention of Diesel and gasoline producer to natural gas production.
The development and investment of petroleum companies into natural gases has boosted the growth of CNG and LPG vehicle market.
Currently, CNG and LNG vehicles have become the most suitable available green engine due to the usage of natural gasses.
Other than its usage of natural gases, CNG and LPG vehicles are considered as extremely cost effective in developing countries. This vehicles have been proven to be efficient and environmental friendly.
CNG and Vehicle market have also been experiencing rapid growth due to all this reasons.
On inception of these vehicles into the market, CNG and LPG engines were proposed for small vehicles but the green mission has also subjected heavy vehicles to this change.
Although the CNG and LPG are really effective, this effectiveness is quite limited as its solely based on factors such as engine design, type, vehicle size and purpose.
Natural gases have very low energy density when compared to Diesel and gasoline vehicles. Small cars can run effectively despite this challenge it is absolutely different from load carriers. The low density of natural gas has greatly driving range of large vehicles.
This natural gases vehicles would only be great problems to cargo vehicle as gas tanks would take more than half of the boot spaces in such vehicles.
If a small car can successful power on a medium sized gas tank it would certainly not be the same for trucks and cargo vehicles. The larger size and capacity would require a larger gas tank.
CNG and LPG Vehicle Market Growth and Trends
Fuel efficiency, cost-effectiveness, and stringent emission standards are key factors driving the growth of the automotive CNG and LPG vehicle market. The global demand for CNG and LPG vehicles is soaring high because of their high efficiency in comparison with traditional fuels, such as diesel and gasoline. As a result of the availability of the dual fuel option, these vehicles are an attractive option vis-à-vis decrease in running costs and removal of range-related concerns. Although the initial cost of purchasing a natural gas vehicle exceeds that of a gasoline vehicle, this cost is anticipated to decrease in the coming years owing to the increase in the number of natural gas vehicle manufacturers. Global warming having become a major issue around the world, the public has begun to realize its consequences, thus leading to a sentiment that discourages the use of gasoline and diesel. The emission norms in certain regions have become strict to the extent that heavy investments are required to make vehicles compliant, which has imposed a lot of financial pressure, especially on diesel vehicle manufacturers, acting as a major propeller for the CNG and LPG vehicle market. The CNG and LPG vehicles are growing increasingly in developing countries, attributed to the lower cost of CNG and LPG over increasing prices of petroleum products. Therefore, CNG and LPG vehicles are considered to be a green alternative of petroleum-operated vehicles, which is fuelling the demand for them and bolstering steep market growth. Their functionality in controlling levels of pollution by preventing the release of hazardous carbon compounds which helps in controlling the incidence of chronic and life-threatening diseases such as respiratory ailments and cancer boosts steep market growth.
Factors such as demand for diesel, petrol vehicles due to low infrastructure of alternative fuel may limit the growth of the market.
CNG and LPG Vehicle Market Regional Analysis
The CNG and LPG vehicle market is projected to grow from $2731.9 million in 2020 to $3871.3 million by the end of 2026. The growth is attributed by the increasing preference towards alternative fuel in the automotive industry for fuel efficiency, emission control and cost effectiveness. Asia Pacific holds the largest share in this market, with Thailand, China and India playing the largest part. Europe promises a significant growth to claim a larger share of the CNG and LPG vehicle market The growth in CNG and LPG vehicle market is contributed by major players such as Fiat, Volkswagen, General, Ford, Honda, Suzuki and Hyundai.
CNG and LPG Vehicle Market Share and Competition
Key companies operating in this industry are: Fiat, Ford, Volkswagen, General, Honda, Hyundai and Suzuki.
CNG and LPG Vehicle Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2020 - 2027)
Application Analysis (Revenue, USD Million, 2020 - 2027)
• Light Commercial
• Medium Commercial
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
CNG and LPG Vehicle Market Companies
United States CNG and LPG Vehicle Market Research Report
Europe CNG and LPG Vehicle Market Research Report
Asia Pacific CNG and LPG Vehicle Market Research Report
India CNG and LPG Vehicle Market Research Report
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