Global CNG and LPG Vehicle Market Growth 2024-2030

Global CNG and LPG Vehicle Market Growth 2024-2030

According to our LPI (LP Information) latest study, the global CNG and LPG Vehicle market size was valued at US$ 11390 million in 2023. With growing demand in downstream market, the CNG and LPG Vehicle is forecast to a readjusted size of US$ 14550 million by 2030 with a CAGR of 3.6% during review period.

The research report highlights the growth potential of the global CNG and LPG Vehicle market. CNG and LPG Vehicle are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of CNG and LPG Vehicle. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the CNG and LPG Vehicle market.

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.

Automotive is a key driver of this industry. According to data from the World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in the past 10 years, at 97.3 million and 95.89 million respectively. In 2018, the global economic expansion ended, and the global auto market declined as a whole. In 2022, there will wear units 81.6 million vehicles in the world. At present, more than 90% of the world's automobiles are concentrated in the three continents of Asia, Europe and North America, of which Asia automobile production accounts for 56% of the world, Europe accounts for 20%, and North America accounts for 16%. The world major automobile producing countries include China, the United States, Japan, South Korea, Germany, India, Mexico, and other countries; among them, China is the largest automobile producing country in the world, accounting for about 32%. Japan is the world's largest car exporter, exporting more than 3.5 million vehicles in 2022.

Key Features:

The report on CNG and LPG Vehicle market reflects various aspects and provide valuable insights into the industry.

Market Size and Growth: The research report provide an overview of the current size and growth of the CNG and LPG Vehicle market. It may include historical data, market segmentation by Type (e.g., Passenger Vehicle, Commercial Vehicle), and regional breakdowns.

Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the CNG and LPG Vehicle market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.

Competitive Landscape: The research report provides analysis of the competitive landscape within the CNG and LPG Vehicle market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.

Technological Developments: The research report can delve into the latest technological developments in the CNG and LPG Vehicle industry. This include advancements in CNG and LPG Vehicle technology, CNG and LPG Vehicle new entrants, CNG and LPG Vehicle new investment, and other innovations that are shaping the future of CNG and LPG Vehicle.

Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the CNG and LPG Vehicle market. It includes factors influencing customer ' purchasing decisions, preferences for CNG and LPG Vehicle product.

Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the CNG and LPG Vehicle market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting CNG and LPG Vehicle market. The report also evaluates the effectiveness of these policies in driving market growth.

Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the CNG and LPG Vehicle market.

Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the CNG and LPG Vehicle industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.

Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the CNG and LPG Vehicle market.

Market Segmentation:

CNG and LPG Vehicle market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.

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?

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