Global CNG & LPG Vehicle Market Size By Vehicle Type, By Fuel Type, By End-Use Industry, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global CNG & LPG Vehicle Market Size By Vehicle Type, By Fuel Type, By End-Use Industry, By Geographic Scope And Forecast
CNG & LPG Vehicle Market Size And Forecast
CNG & LPG Vehicle Market size was valued at USD 2.71 Billion in 2023 and is projected to reach USD 5.09 Billion by 2031, growing at a CAGR of 8.23% during the forecast period 2024-2031.
Global CNG & LPG Vehicle Market Drivers
The market drivers for the CNG & LPG Vehicle Market can be influenced by various factors. These may include
Environmental Concerns As CNG and LPG vehicles emit fewer emissions than conventional petrol and diesel vehicles, there is a growing demand for these vehicles due to environmental concerns and the need for greener transportation alternatives.
Government Laws and Incentives To lessen air pollution and reliance on fossil fuels, governments all over the world are putting strict emissions laws into place and providing incentives to encourage the use of alternative fuel cars, such as CNG and LPG vehicles.
Cost Savings Compared to petrol and diesel, CNG and LPG frequently offer lower fuel and maintenance costs, which makes them a desirable choice for fleet managers and individual consumers trying to cut back on fuel expenditures.
Infrastructure Development Refuelling stations and other CNG and LPG infrastructure investments are being made worldwide, which will facilitate consumer adoption of these alternative fuels for automobiles.
Energy Security Since CNG and LPG fuels may be generated domestically or obtained more reliably from a variety of regions, their popularity is fueled by the need to diversify energy sources and lessen dependency on imported oil.
Technological Developments As fuel storage and engine technology continue to progress, CNG and LPG vehicles are becoming more efficient and competitive with conventional vehicles in terms of power, range, and driving experience.
Fleet Conversions In order to comply with regulations, cut operating costs, and exhibit corporate social responsibility, fleet operators—including taxi firms, delivery services, and public transit agencies—are progressively converting their fleets to CNG and LPG vehicles.
Customer Preference Demand in niche markets and particular geographic areas is driven by consumers who like CNG and LPG vehicles because they believe that they are more ecologically friendly and support domestic energy sources.
Global CNG & LPG Vehicle Market Restraints
Several factors can act as restraints or challenges for the CNG & LPG Vehicle Market. These may include
Infrastructure Restrictions Notwithstanding continuous advancements, CNG and LPG refuelling stations still have less infrastructure than conventional petrol and diesel stations. This prevents their widespread acceptance, particularly in areas with a dearth of refuelling facilities.
Range Restrictions Compared to petrol and diesel vehicles, CNG and LPG vehicles frequently have shorter driving ranges. This is mainly because these alternative fuels have a lower energy density and require more space for fuel storage, which makes them less desirable for long-distance travel without frequent refuelling stops.
Perception and Awareness Although CNG and LPG vehicles have advantages for the environment and economy, their acceptance by the market is being slowed by customers’ misconceptions about their availability, safety, and performance, or their lack of familiarity with these alternative fuels.
Fuel Availability and Cost Depending on the region and state of the market, the cost-effectiveness and convenience of owning and operating a CNG or LPG vehicle as opposed to a petrol or diesel equivalent can be greatly impacted by the availability and cost of CNG and LPG fuels.
Vehicle Availability and Diversity Consumer choice is limited and some prospective purchasers may be discouraged from choosing alternative fuel sources due to the low availability and diversity of automakers’ CNG and LPG vehicle models when compared to standard petrol and diesel vehicles.
Regulatory Uncertainty Investors, manufacturers, and consumers in the CNG & LPG Vehicle Market may experience regulatory uncertainty as a result of changes to government incentives, policies, and regulations pertaining to alternative fuels and vehicle emissions standards. This uncertainty may have an impact on long-term planning and investment decisions.
Infrastructure Costs Businesses and governments looking to expand the market may face difficulties in establishing and maintaining CNG and LPG refuelling infrastructure due to the substantial upfront investment and continuing operating expenses involved, especially in areas with low demand or regulatory obstacles.
Fueling Time and Convenience Compared to petrol and diesel cars, refuelling CNG and LPG vehicles usually takes longer, and there may be fewer refuelling stations available. This causes inconvenience for fleet operators and customers who value quick and convenient refuelling alternatives.
Global CNG & LPG Vehicle Market Segmentation Analysis
The Global CNG & LPG Vehicle Market is segmented on the basis of Vehicle Type, Fuel Type, End-Use Industry, and Geography.
CNG & LPG Vehicle Market, By Vehicle Type
Passenger VehiclesThis segment includes cars, SUVs, and other personal vehicles powered by CNG or LPG.
Commercial VehiclesEncompasses trucks, buses, vans, and other commercial vehicles that run on CNG or LPG.
CNG & LPG Vehicle Market, By Fuel Type
CNG VehiclesVehicles equipped to run on compressed natural gas.
LPG VehiclesVehicles designed to operate on liquefied petroleum gas.
CNG & LPG Vehicle Market, By End-Use Industry
Transportation and LogisticsFleet vehicles used for transportation and logistics purposes, including delivery trucks, taxis, and public transportation buses.
Personal TransportationVehicles used for personal commuting and travel, such as passenger cars and SUVs.
CNG & LPG Vehicle Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the CNG & LPG Vehicle Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the CNG & LPG Vehicle Market are
Shanghai Automotive Industry Corporation (SAIC)
Dongfeng Motor Corporation
FAW Group
General Motors
Fiat Chrysler Automobiles
Groupe Renault
Hyundai Motor Group
Toyota Motor Corporation
Volkswagen Group
Bosch
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Shanghai Automotive Industry Corporation (SAIC), Dongfeng Motor Corporation, FAW Group, General Motors, Fiat Chrysler Automobiles, Hyundai Motor Group, Toyota Motor Corporation, Volkswagen Group, Bosch.
SEGMENTS COVERED
By Vehicle Type, By Fuel Type, By End-Use Industry, And By Geography.
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