CNG AND LPG VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The CNG and LPG vehicle market is estimated to be valued at USD 5.33 Bn in 2024 and is expected to reach USD 12.11 Bn by 2031, growing at a compound annual growth rate (CAGR) of 12.4% from 2024 to 2031.
Report Description:
Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) are alternative fuels that are being increasingly adopted for automotive use around the world. CNG and LPG emit lesser emissions compared to gasoline and diesel, making them more environmentally sustainable options. Vehicles that run on CNG and LPG are also more economical in the long run for owners compared to their gasoline or diesel counterparts. More automobile manufacturers are now offering factory-fitted CNG and LPG models or retro fitment options to allow conventional vehicles to run on these alternative fuels. Many governments also offer fiscal incentives like lower taxes to promote the use of CNG and LPG vehicles. Several public transport fleets have fully switched to CNG or LPG, helping reduce pollution in urban centers. With concerns about air quality and sustainability growing, the market for CNG and LPG vehicles is expected to expand significantly in the coming years.
Market Dynamics:
The CNG and LPG vehicle market is driven by several factors. Stringent emission norms by regulatory bodies globally are forcing automakers to adopt cleaner fuels and technologies. Rising fossil fuel prices also make CNG and LPG comparatively more economical options. Many national governments offer subsidies and tax rebates for CNG and LPG vehicles and fuel to lower adoption costs and promote their use. Improving CNG/LPG fuelling infrastructure in major cities is also encouraging their uptake. However, higher initial costs of CNG/LPG-powered vehicles and lack of widespread refuelling stations in some regions still restrain complete mass adoption. Advancements in natural gas vehicle technologies and expanding domestic natural gas supply present opportunities for future market growth. Partnerships between automakers, fuel suppliers, and local administration can help realize the untapped potential.
Key Features of the Study:
- This report provides an in-depth analysis of the global CNG and LPG vehicle market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global CNG and LPG vehicle market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include HYUNDAI MOTOR GROUP, Fiat Chrysler Automobiles, Honda Motor Co. Ltd., Suzuki Motor Corporation, General Motors, Groupe Renault, Tata Sons Private Limited, Landi Renzo S.p.a., Volkswagen AG, AC S.A., Nissan, Navistar Inc., Ford Motor Company, KION GROUP AG, and AB Volvo are the major players operating in the market.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global CNG and LPG vehicle market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global CNG and LPG vehicle market
Market Segmentation:
Table of Content
*Browse 24 market data tables and 28 figures on “Global CNG and LPG Vehicle Market” - Global forecast to 2031
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