CNG and LPG Vehicle Market Predictions 2023-2028: Industry Analysis by Fuel Type, Vehicle Type, Sales Channel and Regional Insight
IMARC Group has recently released a new research study titled “CNG and LPG Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the CNG and LPG vehicle market?
The global CNG and LPG vehicle market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.23% during 2023-2028.
Market Outlook:
Compressed natural gas (CNG) vehicles utilize CNG as their primary fuel source, combusting methane and oxygen to release carbon dioxide and water vapor, thus generating energy for the vehicle's propulsion. CNG vehicles employ specialized tanks that are pressurized and a CNG kit that includes high-pressure tubes, fittings, hoses, pressure gauges, and clamps to supply the engine. These vehicles provide dual drive modes, enabling the driver to switch between petrol or diesel and CNG modes. In contrast, liquified petroleum gas (LPG) vehicles use a blend of hydrocarbon gases as fuel, which are stored in a pressurized tank located beneath the vehicle's boot floor. LPG is also converted into energy through combustion, with the engine operating like a gasoline vehicle. CNG and LPG vehicles offer numerous benefits, including environmental friendliness and cost-effectiveness.
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Industry Trends and Growth Drivers:
The burgeoning demand for low-emission vehicles due to the rising awareness of air pollution's harmful effects represents one of the key factors providing a significant thrust to the market growth. In line with this, governments of various nations are promoting CNG and LPG vehicles with subsidies and tax rebates and investing in their supported infrastructure, which, in turn, is creating a positive outlook for the market. Furthermore, inflating fuel prices and reducing fuel reserves are other growth-inducing factors. Moreover, the rapidly expanding automotive industry and the rising costs of diesel cars are fueling the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- AB Volvo (OTCMKTS: VLVLY)
- Hyundai Motor Company (OTCMKTS: HYMTF)
- IVECO S.p.A
- Suzuki Motor Corporation (OTCMKTS: SZKMY)
- Tata Motors Limited (Tata Group) (NSE: TATAMOTORS)
Key Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Fuel Type:
- CNG (Compressed Natural Gas)
- LPG (Liquefied Petroleum Gas)
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Sales Channel:
- OEM (Original Equipment Manufacturer)
- Retrofitting
Breakup by Country:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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