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 t