Dublin, Jan. 20, 2022 (GLOBE NEWSWIRE) -- The "CNG and LPG Vehicle Market Research Report: By Fuel Type (CNG, LPG), Vehicle Type (Passenger Car, Light and Heavy-Duty Truck, Bus) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
On a gasoline-equivalent basis, the per-gallon cost of compressed natural gas (CNG) in Europe ranges from $1.50 to $2.80. Compared to diesel and gasoline (petrol), this results in fuel cost savings of up to 75%.
This is a key factor that will likely propel the global CNG and LPG vehicle market sales volume from 56.2 million units in 2019 to 102.3 million units by 2030, at a 5.9% CAGR between 2020 and 2030.
Similarly, the per-gallon cost of liquefied petroleum gas (LPG) on a gasoline-equivalent basis is $2.00. This leads to almost 50% cost savings for every gallon of fuel. In addition, the CNG and LPG vehicle market is being driven by the lower greenhouse gas emissions of CNG than gasoline and diesel. Similarly, installing an LPG filling station is cheap, and LPG tanks are small, thus leaving more space for passengers and cargo inside the vehicle.
The COVID-19 pandemic has almost stopped the CNG and LPG vehicle market growth in its tracks, as factory shutdowns have led to a slump in their production. Moreover, with restrictions on non-essential movement, the demand for transportation services has reduced significantly, which is why ride-hailing companies are not purchasing cars currently. Even individuals are not buying automobiles because of the widespread financial distress due to salary cuts and unemployment.
The CNG bifurcation is predicted to keep holding the larger share in the CNG and LPG vehicle market in the coming years, based on fuel type. Due to environmental concerns, the demand for CNG vehicles is growing around the world, especially in the emerging economies of Asia-Pacific (APAC).
In the years to come, the bus category will grow the fastest in the CNG and LPG vehicle market, on the basis of vehicle type. With efforts on to reduce the rate of environmental degradation, many countries around the world are including CNG buses in their public transportation fleets. For instance, since December 2002, Delhi Transport Corporation (DTC) has been operating an all-CNG bus fleet, with orders for 1,000 more given in January 2021.
APAC is the largest CNG and LPG vehicle market presently owing to the growing automotive industry of Japan, China, India, and South Korea. The Latin America, Middle East, and Africa (LAMEA) region will witness the fastest increase in the sale of CNG and LPG vehicles in the near future, as the economic growth in Brazil, Mexico, and other developing countries here is allowing people to spend more on automobiles.
Major players in the global CNG and LPG vehicle market are General Motors Co., Ford Motor Co., Toyota Motor Corporation, Fiat Chrysler Automobiles N.V., Tata Motors Ltd., Honda Motors Co. Ltd., Daimler AG, AB Volvo, Volkswagen AG, and Suzuki Motors Corp.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
3.1 Competitiveness of LPG/Autogas against CNG
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Fuel Type
4.1.1.1 CNG
4.1.1.2 LPG
4.2 Value Chain Analysis
4.3 Competitive Positioning of Global CNG and LPG Vehicle Market
4.4 Market Dynamics
4.4.1 Trends
4.4.1.1 Increasing trend toward adoption of clean energy
4.4.2 Drivers
4.4.2.1 Low Running Cost
4.4.2.2 Rising e-commerce industry
4.4.2.3 Impact analysis of drivers on market forecast
4.4.3 Restraints
4.4.3.1 Rising demand for electric vehicle
4.4.3.2 High initial cost associated with CNG and LPG vehicle
4.4.3.3 Impact analysis of restraints on market forecast
4.4.4 Opportunities
4.4.4.1 Growing popularity of natural gas fueled buses from emerging economies
4.5 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Fuel Type
5.2 By Vehicle Type
5.3 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Fuel Type
6.2 By Vehicle Type
6.3 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Fuel Type
7.2 By Vehicle Type
7.3 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Fuel Type
8.2 By Vehicle Type
8.3 By Country
Chapter 9. LAMEA Market Size and Forecast
9.1 By Fuel Type
9.2 By Vehicle Type
9.3 By Country
Chapter 10. Major Market Segments
10.1 Global CNG Vehicle Market
10.1.1 India, by Vehicle Type
10.1.2 China, by Vehicle Type
10.1.3 Brazil, by Vehicle Type
10.1.4 Iran, by Vehicle Type
10.1.5 Argentina, by Vehicle Type
10.2 Global LPG Vehicle Market
10.2.1 Turkey, by Vehicle Type
10.2.2 Russia, by Vehicle Type
10.2.3 Poland, by Vehicle Type
10.2.4 Italy, by Vehicle Type
10.2.5 India, by Vehicle Type
Chapter 11. Competitive Landscape
11.1 Competitive Landscape: Global CNG and LPG Vehicle Market
11.2 Strategic Developments of Key Players
11.2.1 Product Launches
11.2.2 Partnerships, Mergers and Acquisitions
11.2.3 Client Wins
11.2.4 Other Developments
Chapter 12. Company Profiles
12.1 Ford Motor Co.
12.2 General Motors Co.
12.3 Fiat Chrysler Automobiles N.V.
12.4 Toyota Motor Corporation
12.5 Honda Motors Co. Ltd.
12.6 Tata Motors Ltd.
12.7 AB Volvo
12.8 Daimler AG
12.9 Suzuki Motors Corp.
12.10 Volkswagen AG
Chapter 13. Company Profiles - Aftermarket/Kit Manufacturers
13.1 Landi Renzo S.P.A
13.2 Tartarini Auto S.R.L.
13.3 Tomasetto Achille SpA
13.4 Westport Fuel Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/t2x69r
