Overview and Scope
CNG (compressed natural gas) and LPG (liquefied petroleum gas) vehicles are automobiles that use alternative fuels compressed natural gas (CNG) or liquefied petroleum gas (LPG) as the primary sources of energy. These vehicles are equipped with engines or retrofit kits designed to accommodate the specific properties of these alternative fuels, offering environmental advantages over traditional gasoline and diesel vehicles, including lower emissions of pollutants and reduced greenhouse gas emissions.
Sizing and Forecast
The CNG and LPG Vehicles market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased early adoption by public transit systems, government subsidies and incentives, rising environmental awareness, industry collaborations and partnerships, research and development initiatives.
The CNG and LPG Vehicles market size is expected to see rapid growth in the next few years. It will grow to $5.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rising stricter emission regulations, renewable energy integration, urbanization and congestion challenges, shift towards sustainable mobility, market expansion strategies. Major trends in the forecast period include growth of biogas and bio-lpg adoption, integration with advanced vehicle technologies, expansion of mobility-as-a-service (maas) solutions, emergence of next-generation infrastructure, shift towards circular economy models.
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Segmentation & Regional Insights
The cng and lpg vehicle market covered in this report is segmented –
1) By Fuel Type: Compressed Natural Gas (CNG), Liquefied Petroleum Gas(LPG)
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Sales Channel: Original Equipment Manufacturer(OEM), Retrofitting
Asia-Pacific was the largest region in the CNG and LPG vehicles market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the CNG and LPG vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of clean-energy vehicles is expected to propel the growth of the CNG and LPG vehicle market going forward. Clean-energy vehicles are powered by alternative fuels or energy sources that produce lower or zero emissions compared to traditional gasoline or diesel-powered vehicles. There is a demand for clean-energy vehicles due to increasing concerns about environmental sustainability and the need to reduce carbon emissions to mitigate climate change. Clean-energy vehicles use compressed natural gas (CNG) and liquefied petroleum gas (LPG) as alternative fuels due to their lower carbon emissions compared to traditional gasoline and diesel, offering a cleaner and more environmentally friendly transportation option. For instance, in May 2022, the International Energy Agency, a France-based intergovernmental organization for global energy sector analysis, electric car sales nearly tripled in 2021 to 3.3 million, accounting for about half of the worldwide total. Furthermore, sales of electric cars (including fully electric and plug-in hybrids) doubled in 2021 to a new record of 6.6 million compared to the previous year. Therefore, the increasing adoption of clean-energy vehicles is driving the growth of the CNG and LPG vehicle market.
Key Industry Players
Major companies operating in the CNG and LPG vehicle market report are Volkswagen AG; Ford Motor Company; General Motors; Tata Group; Honda Motor Co. Ltd.; The HyundAI Motor Group; Nissan Motor Co. Ltd. ; Groupe Renault; AB Volvo; Suzuki Motor Corporation; Cummins Inc.; IVECO S.p.A.; KION GROUP AG; Scania AB; MAN Truck & Bus AG; Navistar Inc.; Chart Industries Inc.; Clean Energy Fuels Corp.; Westport Fuel Systems Inc.; Landi Renzo S.p.a.; Hexagon Agility Inc.; AC S.A.; CNG Fuels Ltd.; Fiat Chrysler Automobiles; Clean Fuels Ohio
The cng and lpg vehicle market report table of contents includes:
1. Executive Summary
- CNG And LPG Vehicle Market Characteristics
- CNG And LPG Vehicle Market Trends And Strategies
- CNG And LPG Vehicle Market – Macro Economic Scenario
- Global CNG And LPG Vehicle Market Size and Growth
.
- Global CNG And LPG Vehicle Market Competitive Benchmarking
- Global CNG And LPG Vehicle Market Competitive Dashboard
- Key Mergers And Acquisitions In The CNG And LPG Vehicle Market
- CNG And LPG Vehicle Market Future Outlook and Potential Analysis
- Appendix
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