PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1461298
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1461298
CNG And LPG Vehicle Market, By Fuel Type (Compressed Natural Gas and Liquefied Petroleum Gas ), By Vehicle Type (Passenger Vehicles (Hatchback, Sedan, Sports Utility Vehicle, Multi Utility Vehicle ) and Commercial Vehicles, By Geography .
The CNG and LPG vehicle market is estimated to be valued at USD 5.33 Bn in 2024 and is expected to reach USD 12.11 Bn by 2031, growing at a compound annual growth rate (CAGR) of 12.4% from 2024 to 2031.
| Report Coverage | Report Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2023/2024: | US$ 5.33 Bn |
| Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
| Forecast Period 2023/2024 to 2030/2031 CAGR: | 12.40% | 2030/2031 Value Projection: | US$ 12.11 Bn |
Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) are alternative fuels that are being increasingly adopted for automotive use around the world. CNG and LPG emit lesser emissions compared to gasoline and diesel, making them more environmentally sustainable options. Vehicles that run on CNG and LPG are also more economical in the long run for owners compared to their gasoline or diesel counterparts. More automobile manufacturers are now offering factory-fitted CNG and LPG models or retro fitment options to allow conventional vehicles to run on these alternative fuels. Many governments also offer fiscal incentives like lower taxes to promote the use of CNG and LPG vehicles. Several public transport fleets have fully switched to CNG or LPG, helping reduce pollution in urban centers. With concerns about air quality and sustainability growing, the market for CNG and LPG vehicles is expected to expand significantly in the coming years.
Market Dynamics:
The CNG and LPG vehicle market is driven by several factors. Stringent emission norms by regulatory bodies globally are forcing automakers to adopt cleaner fuels and technologies. Rising fossil fuel prices also make CNG and LPG comparatively more economical options. Many national governments offer subsidies and tax rebates for CNG and LPG vehicles and fuel to lower adoption costs and promote their use. Improving CNG/LPG fuelling infrastructure in major cities is also encouraging their uptake. However, higher initial costs of CNG/LPG-powered vehicles and lack of widespread refuelling stations in some regions still restrain complete mass adoption. Advancements in natural gas vehicle technologies and expanding domestic natural gas supply present opportunities for future market growth. Partnerships between automakers, fuel suppliers, and local administration can help realize the untapped potential.
Key Features of the Study:
This report provides an in-depth analysis of the global CNG and LPG vehicle market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global CNG and LPG vehicle market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include HYUNDAI MOTOR GROUP, Fiat Chrysler Automobiles, Honda Motor Co. Ltd., Suzuki Motor Corporation, General Motors, Groupe Renault, Tata Sons Private Limited, Landi Renzo S.p.a., Volkswagen AG, AC S.A., Nissan, Navistar Inc., Ford Motor Company, KION GROUP AG, and AB Volvo are the major players operating in the market.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global CNG and LPG vehicle market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global CNG and LPG vehicle market
Market Segmentation:
- By Fuel Type
- Compressed Natural Gas (CNG)
- Liquefied Petroleum Gas (LPG)
- By Vehicle Type
- Passenger Vehicles
- Hatchback
- Sedan
- Sports Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
- Commercial Vehicles
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- By Regional
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Key Players Insights
- HYUNDAI MOTOR GROUP
- Fiat Chrysler Automobiles
- Honda Motor Co. Ltd.
- Suzuki Motor Corporation
- General Motors
- Groupe Renault
- Tata Sons Private Limited
- Landi Renzo S.p.a.
- Volkswagen AG
- AC S.A.
- Nissan
- Navistar Inc.
- Ford Motor Company
- KION GROUP AG
- AB Volvo
Table of Content
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
2. Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Fuel Type
- Market Snapshot, By Vehicle Type
- Market Snapshot, By Region
- Market Scenario - Conservative, Likely, Opportunistic
- Market Opportunity Map
3. Market Dynamics and Trend Analysis
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Impact Analysis
- Pest Analysis
- Porters Analysis
- COVID-19 Impact Analysis
- New Product Approvals
- Promotion and Marketing Initiatives
- Market Attractiveness, By Country
- Market Attractiveness, By Market Segment
- Key Developments & Deals
- Trend Analysis - Historic and Future Trend Assessment
- Key Developments
4. Global CNG and LPG Vehicle Market, By Fuel Type, 2019 - 2031 (USD Billion)
- Introduction
- Market Share (%) Analysis, 2024 and 2031
- Market Y-o-Y Growth Comparison (%), 2020 - 2031
- Segment Trends
- Compressed Natural Gas (CNG), 2019 - 2031(USD Billion)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Liquefied Petroleum Gas (LPG), 2019 - 2031(USD Billion)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD Billion)
5. Global CNG and LPG Vehicle Market, By Vehicle Type, 2019 - 2031 (USD Billion)
- Introduction
- Market Share (%) Analysis, 2024 and 2031
- Market Y-o-Y Growth Comparison (%), 2020 - 2031
- Segment Trends
- Passenger Vehicles, 2019 - 2031(USD Billion)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Hatchback, 2019 - 2031(USD Billion)
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Sedan, 2019 - 2031(USD Billion)
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Sports Utility Vehicle (SUV), 2019 - 2031(USD Billion)
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Multi Utility Vehicle (MUV), 2019 - 2031(USD Billion)
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Commercial Vehicles, 2019 - 2031(USD Billion)
- Introduction
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Light Commercial Vehicle, 2019 - 2031(USD Billion)
- Market Size and Forecast, 2019 - 2031, (USD Billion)
- Heavy Commercial Vehicle, 2019 - 2031(USD Billion)
- Market Size and Forecast, 2019 - 2031, (USD Billion)
6. Global CNG and LPG Vehicle Market, By Region, 2019 - 2031 (USD Billion)
- Introduction
- Market Share (%) Analysis, 2024 and 2031, (USD Billion)
- Market Y-o-Y Growth Comparison (%), 2024 - 2031, (USD Billion)
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, By Fuel Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Vehicle Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Country, 2019 - 2031, (USD Billion)
- U.S.
- Canada
- Europe
- Introduction
- Market Size and Forecast, By Fuel Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Vehicle Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Country, 2019 - 2031, (USD Billion)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest Of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, By Fuel Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Vehicle Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Country, 2019 - 2031, (USD Billion)
- China
- India
- Japan
- Australia
- South Korea
- Asean
- Rest Of Asia Pacific
- Middle East & Africa
- Introduction
- Market Size and Forecast, By Fuel Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Vehicle Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Country, 2019 - 2031, (USD Billion)
- GCC
- South Africa
- Israel
- Rest Of Middle East
- Latin America
- Introduction
- Market Size and Forecast, By Fuel Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Vehicle Type, 2019 - 2031, (USD Billion)
- Market Size and Forecast, By Country, 2019 - 2031, (USD Billion)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
7. Competitive Landscape
- Competitive Snapshot
- What Market Participants are Saying?
- Competitive Dashboard
- Company Market Share Analysis, 2024 - Global
8. Company Profiles - Global CNG and LPG Vehicle Market
- HYUNDAI MOTOR GROUP*
- Company Overview
- Product/Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Strategic Overview
- Fiat Chrysler Automobiles
- Honda Motor Co. Ltd.
- Suzuki Motor Corporation
- General Motors
- Groupe Renault
- Tata Sons Private Limited
- Landi Renzo S.p.a.
- Volkswagen AG
- AC S.A.
- Nissan
- Navistar Inc.
- Ford Motor Company
- KION GROUP AG
- AB Volvo
9. Wheel of Fortune
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. References and Research Methodology
- References
- Research Methodology
- About us and Sales Contact
