New York, United States , April 19, 2024 (GLOBE NEWSWIRE) -- The Global CNG & LPG Vehicle Market Size is to Grow from USD 5.40 Billion in 2023 to USD 8.44 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.57% during the projected period.
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CNG and LPG vehicles are in high demand worldwide due to their low cost and superior efficiency when compared to traditional fuels such as gasoline and diesel. These automobiles are appealing due to the availability of a dual fuel option, which reduces running expenses and eliminates range issues. Governments around the world have been loud about the importance of embracing greener automobiles in order to lessen traffic's environmental impact. The rising expense of diesel automobiles as a result of advanced exhaust gas recirculation and particle filtration systems is increasing demand for CNG and LPG vehicles. Furthermore, conversion rates of aged gasoline and diesel vehicles to CNG and LPG vehicles are increasing, as is the broad availability of varied CNG and LPG.However, CNG and LPG vehicles are typically more expensive than conventional gasoline vehicles. This is due to the additional components installed in these vehicles. Because various elements of these cars deteriorate faster than petrol vehicles due to the lack of lubrication in most of these vehicles, they require considerably more regular maintenance over time and hence cost more in the long run.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global CNG & LPG Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Fuel Type (CNG (Compressed Natural Gas), LPG (Liquefied Petroleum Gas)), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Kit Type (Venturi, Sequential, Retro Fitment), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The CNG (compressed natural gas) segment is expected to hold the largest share of the global CNG & LPG vehicle market during the anticipation timeframe.
Based on the fuel type, the global CNG & LPG vehicle market is categorized into CNG (compressed natural gas), and LPG (liquefied petroleum gas). Among these, the CNG (compressed natural gas) segment is expected to hold the largest share of the global CNG & LPG vehicle market during the anticipation timeframe. Natural gas is now priced 40-50% lower than equal volumes of gasoline, so CNG vehicles deliver significant fuel savings. With fluctuating crude oil prices raising gasoline and diesel prices, consumers are increasingly turning to CNG as a dependable and cost-effective fuel source. Eco-friendliness is another essential consideration. It emits 25-30% fewer greenhouse gases than diesel or petrol.
The passenger cars segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the vehicle type, the global CNG & LPG vehicle market is categorized into passenger cars, and commercial vehicles. Among these, the passenger cars segment is expected to grow at the fastest CAGR during the anticipation timeframe. Rapid urbanization and improved economic conditions have boosted demand for cars and SUVs for commuting, school runs, and weekend getaways. Manufacturers catering to the rising passenger mobility market have introduced a wide selection of CNG-powered models.
The retro fitment segment is expected to hold a significant share of the global CNG & LPG vehicle market during the anticipation timeframe.
Based on the kit type, the global CNG & LPG vehicle market is categorized into venturi, sequential, and retro fitment. Among these, the retro fitment segment is expected to hold a significant share of the global CNG & LPG vehicle market during the anticipation timeframe. The central government is expected to approve the refit of BS-VI petrol vehicles with CNG kits, potentially reducing fuel consumption by 40-50%. The road transport ministry has released a draft notification describing the emission and other conditions for such retrofitting. This is a great effort by the government because using CNG as fuel will significantly reduce the common public's fuel expenses.
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Asia Pacific is projected to hold the largest share of the global CNG & LPG vehicle market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global CNG & LPG vehicle market over the anticipation timeframe. The increasing presence of CNG/LPG-powered buses, taxis, and delivery vans on major ASEAN metropolitan roadways. Local automakers have recognized this opportunity and are aggressively promoting ecologically friendly vehicles that are compatible with alternative fuels. ASEAN governments are also fostering this trend by expanding refuelling infrastructure and offering purchasing incentives for CNG/LPG vehicles. This will certainly boost their regional market share in the next years.
North America is expected to grow at the fastest CAGR growth of the global CNG & LPG vehicle market during the anticipation timeframe. Regional expansion in the global CNG and LPG vehicle sector, combined with improved automobile fuel efficiency due to CNG, is likely to be a key driving factor in North America. Rapid development in developing nations drives up worldwide energy demand by one-third. Renewables are by far the fastest-growing fuel source, having increased fivefold and accounting for over 14% of primary energy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global CNG & LPG vehicle market are Suzuki Motor Corporation, Honda Motor Company, Hyundai Motor Group, Volkswagen AG, Ford Motor Company, MAN SE, IVECO SpA, TATA Motors, General Motors Co., Ford Motor Co., and Others.
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Recent Developments
- In November 2022, Maruti Suzuki, India's largest passenger vehicle manufacturer, has announced that the New Brezza small SUV will be available in CNG starting in December 2022.
- In March 2022, Maruti Suzuki India (MSI) introduced the Dzire, a compact sedan with S-CNG technology. The Dzire S-CNG has a 1.2-liter petrol engine that generates 57kW of peak power and 31.12 km/kg of mileage. Intelligent injection is standard on S-CNG vehicles. Vehicles are tuned and calibrated to deliver peak performance and drivability over a variety of terrains.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global CNG & LPG vehicle market based on the below-mentioned segments:
Global CNG & LPG Vehicle Market, By Fuel Type
- CNG (Compressed Natural Gas)
- LPG (Liquefied Petroleum Gas)
Global CNG & LPG Vehicle Market, By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Global CNG & LPG Vehicle Market, By Kit Type
- Venturi
- Sequential
- Retro Fitment
Global CNG & LPG Vehicle Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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