India's CNG and LPG Vehicles Market are expected to reach 1281 thousand units by 2027, thanks to growth in the passenger vehicles segment. The report analyzes India’s CNG and LPG Vehicles market dynamics by region, fuel type, and vehicle type.
India CNG and LPG Vehicles Market Overview:The India CNG and LPG Vehicles market was valued at 808.26 thousand units in 2020, and it is expected to reach 1281 thousand units by 2027 with a CAGR of 6.80% during the forecast period. Manufacturers have been pushed to supply CNG and LPG vehicles in India thanks to factors such as increased demand for low-emission commuting and governments supporting CNG and LPG vehicles through subsidies and tax refunds. Increased government expenditures in CNG and LPG infrastructure, as well as buyer incentives, may provide an opportunity for OEMs (Original Equipment Manufacturers) to diversify their revenue streams and geographical presence. The Indian market is expected to grow steadily thanks to the strong demand for cost-effective and low-emission vehicles. However, the Indian market may be hampered by a lack of CNG and LPG fuelling stations, huge initial capital investment costs, and performance limits over the forecast period. 2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
India CNG and LPG Vehicles Market Dynamics:When compared to petroleum vehicles, CNG and LPG vehicles have a lower operational cost: CNG and LPG vehicles have substantially lower operating costs than petroleum vehicles. Alternative fuels such as CNG and LPG are more cost-effective, especially for those who drive frequently. This is because, depending on how much the user drives their vehicle, the initial cost of CNG or LPG is readily covered by the amount saved in a few years. Petroleum costs have risen dramatically in recent years, whereas CNG and LPG prices have risen at a considerably slower rate. This may be a major factor in increasing the market share of CNG and LPG vehicles over the forecast period. CNG vehicles can travel roughly 21 kilometers per kilogram of fuel, whereas diesel vehicles can travel around 17 kilometers per liter, and petrol vehicles can travel around 15 kilometers per liter. As a result, CNG and LPG vehicles may go further for less money, lowering vehicle operating costs. To know about the Research Methodology:- Request Free Sample Report For example, In June 2021, the price of petrol in Mumbai reached a new high of Rs. 104.56 a liter, costing over Rs.6.5 per kilometer to drive a petrol car. Traveling by diesel automobiles has also become more expensive in the city, costing Rs. 5 per kilometer, as the price of diesel has risen to Rs. 96.42 per liter. Driving a CNG automobile, on the other hand, costs Rs. 2.5 per kilometer, based on the CNG price of Rs.49.4 per kg. As a result of these circumstances across the country, popular automakers such as Maruti and Hyundai have decided to focus on bringing out a high number of CNG vehicles during the forecast period. When compared to petroleum vehicles, CNG and LPG vehicles have higher maintenance and upfront investment costs: CNG and LPG automobiles are more expensive than ordinary gasoline vehicles. This is owing to the additional components that have been added to these vehicles. Because of the lack of lubrication in most of these vehicles, various parts of these vehicles get damaged faster than petrol vehicles (parts that are more prone to overheating), these vehicles require considerably more regular maintenance over time, and hence cost more in the long run. Also, compared to petrol vehicles, which typically have a longer life for similar equipment, the parts must be updated regularly. As a result, only those who drive a lot every month choose CNG or LPG automobiles. India is becoming increasingly concerned about low-emission gasoline vehicles: As India became more concerned about decreasing emissions, the growth of low-emission fuel cars such as CNG and LPG vehicles may accelerate. European countries have stated their desire to cut emissions over the next several decades, and they may become a key market for these vehicles during the forecast period. Asian countries have already supported the growth of alternative fuel vehicles such as CNG and LPG to reduce emissions and costs associated with the import of gasoline. Because current vehicles can readily be converted to CNG or LPG fuel systems at a low cost, the CNG and LPG vehicle market and aftermarket are expected to grow during the forecast period.
India CNG and LPG Vehicles Market Segment Analysis:Based on the Fuel Type, the India CNG and LPG Vehicles market is segmented as, CNG, and LPG. In 2020, the CNG vehicle segment was dominant and held xx% of the overall market share in terms of revenue. CNG is used in modified traditional petrol/internal combustion engine cars or vehicles specifically designed for CNG use: either alone (dedicated), with a segregated liquid fuel system to extend range (dual fuel), or in combination with another fuel (combined) (bi-fuel). It can be substituted for gasoline, diesel fuel, and liquefied petroleum gas (LPG). When compared to the other fuels, CNG creates fewer harmful gases. Natural gas is less dangerous than other fuels in the event of a leak since it is lighter than air and disperses quickly when discharged. Based on Vehicle Type, the India CNG and LPG Vehicles market is segmented as, passenger vehicles, light commercial vehicles, and heavy commercial vehicles. In 2020, the heavy commercial vehicles segment was dominant and held xx% of the overall market share in terms of revenue because of transportation of essential commodities during the tough COVID-19 pandemic. Detailed information about all segments is covered in the MMR’s report. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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India CNG and LPG Vehicles Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: 808.26 Thousand Units Forecast Period 2021 to 2027 CAGR: 6.80% Market Size in 2027: 1281 Thousand Units Segments Covered: by Fuel Type • CNG (Compressed Natural Gas) • LPG (Liquefied Petroleum Gas) by Vehicle Type • Passenger Vehicles • Light Commercial Vehicles • Heavy Commercial Vehicles
India CNG and LPG Vehicles Market Key Players• Fiat • Ford Motor Company • Volkswagen • General Motor • Honda Motor Co. Ltd. • Hyundai Motor • Maruti Suzuki • Eicher Motors • Tata Motors • Bajaj Auto • Mahindra & Mahindra • Man SE • Chevrolet • Iveco S.P.A • Others
Frequently Asked Questions:1. What is the forecast period considered for the India CNG and LPG Vehicles market report? Ans. The forecast period for the global India CNG and LPG Vehicles market is 2021-2027. 2. Which key factors are expected to hinder the growth of the India CNG and LPG Vehicles market? Ans. When compared to petroleum vehicles, CNG and LPG vehicles have higher maintenance and upfront investment costs, which is the key factor expected to hinder the market growth during the forecast period. 3. What is the compound annual growth rate (CAGR) of the India CNG and LPG Vehicles market for the next 6 years? Ans. The India CNG and LPG Vehicles market is expected to grow at a CAGR of 6.80% during the forecast period (2021-2027). 4. What are the key factors driving the growth of the India CNG and LPG Vehicles market? Ans. When compared to petroleum vehicles, CNG and LPG vehicles have a lower operational cost is the key factor expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered in the India CNG and LPG Vehicles market report? Ans. Fiat, Ford Motor Company, Volkswagen, General Motor, Honda Motor Co. Ltd., Hyundai Motor, Maruti Suzuki, Eicher Motors, Tata Motors, Bajaj Auto, Mahindra & Mahindra, Man SE, Chevrolet, Iveco S.P.A and Others.
1. India CNG and LPG Vehicles Market: Research Methodology 2. India CNG and LPG Vehicles Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to India CNG and LPG Vehicles Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. India CNG and LPG Vehicles Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. COVID-19 Impact 4. India CNG and LPG Vehicles Market Segmentation 4.1. India CNG and LPG Vehicles Market, by Type (2020-2027) • CNG (Compressed Natural Gas) • LPG (Liquefied Petroleum Gas) 4.2. India CNG and LPG Vehicles Market, by Vehicle Type (2020-2027) • Passenger Vehicles • Light Commercial Vehicles • Heavy Commercial Vehicles 5. Company Profile: Key players 5.1. Fiat 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. Global Presence 5.1.4. Capacity Portfolio 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2. Ford Motor Company 5.3. Volkswagen 5.4. General Motor 5.5. Honda Motor Co. Ltd. 5.6. Hyundai Motor 5.7. Maruti Suzuki 5.8. Eicher Motors 5.9. Tata Motors 5.10. Bajaj Auto 5.11. Mahindra & Mahindra 5.12. Man SE 5.13. Chevrolet 5.14. Others