CNG & LPG Vehicles Market Size - By Vehicle Type (CNG & LPG vehicles, Commercial Vehicles, Three-wheelers), Fuel Type (LPG, CNG), By Fitting (OEM, Aftermarket), Engine System (Dedicated System, Bi-fuel, Dual-fuel) & Global Forecast, 2023

Description

List of Tables

The CNG & LPG vehicles market is predicted to witness over 7% CAGR during 2023 and 2032 owing to the need for sustainable and eco-friendly transportation solutions. With a focus on reducing greenhouse gas emissions, consumers and businesses are increasingly turning to CNG and LPG vehicles, which offer lower carbon emissions compared to traditional gasoline and diesel options.

For instance, in 2021, 28% of greenhouse gas emissions in the U.S. were from transportation and 25% of it was from electricity production, according to the EPA data. The report also stated that the 2021 emissions were 5% more than the 2020 levels. The rising cost of conventional fuels and the volatility in oil prices further contribute to the attractiveness of CNG and LPG alternatives.

The CNG & LPG vehicles market is classified based on vehicle type, fitting, fuel type, engine system, and region.

The commercial vehicle segment is expected to witness substantial growth through 2032. Fleet operators are increasingly recognizing the economic benefits of adopting CNG & LPG vehicles. With advancements in technology, commercial vehicles powered by CNG and LPG offer comparable performance to traditional counterparts while significantly reducing operating costs and emissions. This segment is poised for remarkable growth as businesses prioritize sustainability and cost-effectiveness in their operational strategies.

The LPG fuel segment will record strong demand through 2032 as the fuel is known for its clean combustion and lower emissions, becoming a preferred choice for various applications, including passenger cars and commercial vehicles. The versatility of LPG, combined with its infrastructure availability, positions it as a promising fuel option. As consumers seek cleaner alternatives without compromising performance, LPG vehicles are gaining popularity.

Europe CNG & LPG vehicles industry size is anticipated to generate massive revenues by 2032 owing to the region's commitment to environmental sustainability. The robust regulatory framework has propelled the adoption of alternative fuel vehicles. Government incentives and supportive infrastructure development have further escalated sales of CNG and LPG vehicles. With a focus on reducing dependence on traditional fossil fuels, the region is working on developing eco-friendly mobility solutions, bolstering the market outlook.

Product Code: 7484

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 CNG & LPG vehicles market 360 degree synopsis, 2018 - 2032
2.2 Business trends
2.3 Propulsion trends
2.4 Vehicle type trends
2.5 Fuel type trends
2.6 Fitting trends
2.7 Engine system trends

Chapter 3 CNG & LPG vehicles Industry Insights

3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Vendor matrix
3.4 Profit margin analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
- 3.7.1 Partnership/Collaboration
- 3.7.2 Merger/Acquisition
- 3.7.3 Investment
- 3.7.4 Level of autonomy launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Rapid advancements in CNG technology
  - 3.9.1.2 Increasing emphasis on sustainable mobility
  - 3.9.1.3 Rising need for cost-effective transportation
  - 3.9.1.4 Lower maintenance cost than petrol-powered vehicles
- 3.9.2 Industry pitfalls & challenges
  - 3.9.2.1 Higher upfront costs
  - 3.9.2.2 Reduced performance compared to petrol-powered vehicles
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2022

4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
- 4.3.1 Ford Motor Company
- 4.3.2 Maruti Suzuki
- 4.3.3 Volkswagen Group
- 4.3.4 Honda
- 4.3.5 Hyundai Motor Company
- 4.3.6 Renault
- 4.3.7 Tata Motors
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022

Chapter 5 CNG & LPG Vehicles Market Estimates & Forecast, By Vehicle Type (Revenue & Units)

5.1 Key trends, by vehicle type
5.2 Passenger Vehicles
5.3 Commercial vehicles
5.4 Three-wheelers

Chapter 6 CNG & LPG Vehicles Market Estimates & Forecast, By Fuel type (Revenue & Units)

6.1 Key trends, by fuel type
6.2 CNG
6.3 LPG

Chapter 7 CNG & LPG Vehicles Market Estimates & Forecast, By Fitting (Revenue & Units)

7.1 Key trends, by fitting
7.2 OEM
7.3 Aftermarket

Chapter 8 CNG & LPG Vehicles Market Estimates & Forecast, By Engine system (Revenue & Units)

8.1 Key trends, by engine system
8.2 Dedicated system
8.3 Bi-fuel
8.4 Dual fuel

Chapter 9 CNG & LPG Vehicles Market Estimates & Forecast, By Region (Revenue & Units)

9.1 Key trends, by region
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 U.K.
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Russia
- 9.3.6 Spain
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia

Chapter 10 Company Profiles

10.1 Ford Motor Company
10.2 General Motors
10.3 Honda
10.4 Hyundai Motor Company
10.5 Kia Motors
10.6 Landi Renzo
10.7 Mahindra & Mahindra
10.8 Maruti Suzuki
10.9 Renault
10.10 SEAT
10.11 Skoda Auto
10.12 Tata Motors
10.13 Toyota
10.14 Volkswagen Group
10.15 Westport Fuel Systems