The report CNG and LPG Vehicle Market by Vehicle Type (Passenger, Light Commercial, Medium Commercial), Fuel Type (CNG, LPG) and by region (North America, Europe, Asia Pacific, Middle East & Africa & South America) Global CNG and LPG Vehicle Market was valued at US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of XX % during a forecast period.
Driving factors for the CNG and LPG Vehicle Market are The continuing growth of carbon emissions in the environment scenario highlights the need for an even more decisive break the past if climate goals to be met. Energy demand continues to grow, global trend towards increasing urbanization is projected to continue, economical nature and high efficiency as compared to traditional fuels getting lesser day by day. Global demand for vehicles powered by CNG and LPG is further fueled by unstable conventional fuel prices. A growing demand for passenger and commercial vehicles, and stringent emission control regulations which is driving the interest of people towards using CNG and LPG vehicles and creating opportunity in to this segment. High kit cost and Electric vehicle will act as restraint to the market.
CNG is leading the CNG and LPG Vehicle Market.
Compressed natural gas (CNG) powered Vehicles offer an alternative to traditional petrol or diesel-powered Vehicles due to the combustion of methane with oxygen and water vapor which burns cleanly and has lower carbon emissions. Global warming has become a major issue around the world and the public has begun to realize its ramifications. This has led to a sentiment against the use of gasoline and diesel. Rising pollution are causing due to rise in number of vehicles on Urbans roads, many vehicles are shifting towards greener fuels like the Compressed Natural Gas (CNG). The emission norms in some regions have become so strict that consumer are accepting to make the vehicles changes as per demand from nature. Low running cost is of the greatest importance for commercial vehicles and a higher number of commercial vehicle purchases are anticipated for CNG vehicles over the coming few years.
Asia Pacific is the leading regional market for CNG and LPG Vehicle Market.
Asia Pacific Increasing population and urbanization, growing demand for passenger and commercial vehicles mainly in developing economies, and stringent emission control norms across the Asia are creating opportunity in CNG/LPG market. High Volume of OEMs will develop more CNG models in the small and medium segment preferable for city driving conditions. OEMs will follow a flexible approach encouraging more retrofitting of LPG rather than OE fitting to reduce the risks of the market and also the uncertainties of incentives and taxation. Government regulations mandating taxis to run on LPG CNG in Asia countries like India and Pakistan. CNG is considered as a long term viable alternative in Asia for his conventional fuels and LPG. Hence governments and OEMs are keen on promoting CNG powered cars in the coming years.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as are Yundai Motor Group, Landi Renzo, Impco, General Motors, Ford Motor Company, Suzuki Motor Corporation, Venchurs, Westport, Fiat S.P.A, Wolkswagen, Honda Motor Co, Tomasetoo Achile, Nissan and Tata.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the CNG and LPG Vehicle Market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the CNG and LPG Vehicle Market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain CNG and LPG Vehicle Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “CNG and LPG Vehicle Market”.
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