Global CNG and LPG Vehicle Market Growth 2023-2029

Global CNG and LPG Vehicle Market Growth 2023-2029

A natural gas vehicle (NGV) is an alternative fuel vehicle that uses compressed natural gas (CNG) or liquefied natural gas (LNG). Natural gas vehicles should not be confused with autogas vehicles powered by liquefied petroleum gas (LPG), mainly propane, a fuel with a fundamentally different composition.

In a natural-gas-powered vehicle, energy is released by the combustion of methane gas (CH4) fuel with oxygen (O2) from the air to form carbon dioxide (CO2) and water vapor (H2O) in an internal combustion engine. Methane is the cleanest burning hydrocarbon, and many contaminants present in natural gas are removed at the source. Existing gasoline-powered vehicles may be converted to run on CNG or LNG and can be dedicated (running only on natural gas) or bi-fuel (running on either gasoline or natural gas). Diesel engines for heavy trucks and buses can also be converted and can be dedicated with the addition of new heads containing spark ignition systems, or can be run on a blend of diesel and natural gas, with the primary fuel being natural gas and a small amount of diesel fuel being used as an ignition source. It is also possible to generate energy in a small gas turbine and couple the gas engine or turbine with a small electric battery to create a hybrid electric motor-driven vehicle.

LPI (LP Information)' newest research report, the “CNG and LPG Vehicle Industry Forecast” looks at past sales and reviews total world CNG and LPG Vehicle sales in 2022, providing a comprehensive analysis by region and market sector of projected CNG and LPG Vehicle sales for 2023 through 2029. With CNG and LPG Vehicle sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world CNG and LPG Vehicle industry.

This Insight Report provides a comprehensive analysis of the global CNG and LPG Vehicle landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on CNG and LPG Vehicle portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global CNG and LPG Vehicle market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for CNG and LPG Vehicle and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global CNG and LPG Vehicle.

The global CNG and LPG Vehicle market size is projected to grow from US$ 11390 million in 2022 to US$ 14550 million in 2029; it is expected to grow at a CAGR of 14550 from 2023 to 2029.

Global Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles key players include Fiat Chrysler, Volkswagen, Ford, General Motors, Toyota, etc. Global top 3 manufacturers hold a share over 35%.

Asia Pacific is the largest market, with a share over 50%, followed by Middle East & Africa and South America, both have a share about 33 percent.

In terms of product, CNG vehicle is the largest segment, with a share over 75%. And in terms of application, the largest application is passenger vehicle, followed by commercial vehicle.

This report presents a comprehensive overview, market shares, and growth opportunities of CNG and LPG Vehicle market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
Passenger Vehicle
Commercial Vehicle

Segmentation by application
Home Use
Commercial Use

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Maruti Suzuki
Volkswagen
Fiat
Honda
General Motors
Renault
Hyundai
Ford
Toyota
Iran Khodro
Volvo Group
PSA
Mercedes-Benz
Great Wall Motors

Key Questions Addressed in this Report

What is the 10-year outlook for the global CNG and LPG Vehicle market?

What factors are driving CNG and LPG Vehicle market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do CNG and LPG Vehicle market opportunities vary by end market size?

How does CNG and LPG Vehicle break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.