The CNG and LPG vehicles market is anticipated to strive at a steady CAGR of 4.6% between 2023 and 2033. The market is expected to have a market share of US$ 8.54 billion by 2033 while it is likely to be valued at US$ 5.44 billion in 2023.
- Easy transportation, high delivery of heat energy and their low calorific value is advancing the sales of LPG and CNG vehicles. Furthermore, the limited maintenance, low running price, and reduced pollution levels are garnering market growth further.
- Governments around the world are focusing on finding new fossil fuels other than gasoline. Further, the higher prices of gasoline and the requirement for highly refined engines are also pushing the sales of LPG and CNG vehicles.
- New product launches with effective passenger vehicles with high mileage and enhanced power delivery are gaining traction in the market. Alongside this, advanced features like switching between CNG and Petrol between are enabling vehicles to reach their maximum capability.
- The low levels of pollution levels and efficient function make the CNG and LPG vehicles worth promoting through the governments. Governments around the world are putting subsidies on these vehicles.
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Key Takeaways:
- The United States market leads the CNG and LPG vehicles market in terms of market share in North America. The United States region held a market share of 15.2% in 2022. The growth in this region is attributed to the government policies limiting the gasoline-based vehicles, aware citizens, and high promotion of CNG and LPG vehicles.
- Germany’s market is another important market in Europe region. The market held a market share of 7.1% in 2022. The growth is attributed to being the hub of automotive transition from gasoline to natural gas. The presence of a high number of brands is garnering market growth in the region.
- India’s analog-to-digital converter market thrives at a CAGR of 4.5% between 2023 and 2033. The growth is attributed to aggressive government efforts for the energy transition and subsidies.
- China’s market also thrives at a CAGR of 4.7% during the forecast period.
- Based on the fuel type, the CNG segment leads the market as it held a significant share of 78.5% in 2022.
- Based on the vehicle type, the passenger cars segment leads the market as it held a prominent market share of 39.2% in 2022.
Competitive Landscape
The key vendors focus on increasing efficiency, prices, power, and mileage. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Key Players Profiled in the CNG and LPG Vehicles Market
- GAILIndia Ltd.
- Fiat Group
- General Motors Group
- Renault
- Hyundai
- Suzuki
- Ford
- Volkswagen
Key Innovation
- GAILIndia Ltd. has been accredited with authorized economic operator (AEO) T3 status.
- Volkswagen has introduced its new Tiguan Lx- CNG-3 version in India with silver accent on steering wheel. The car also has driver-side airbag and reverse parking sensors.
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Key Segments Covered
By Fuel Type:
- CNG
- LPG
By Vehicles Type:
- Passenger
- Light Commercial
- Medium commercial
- Heavy Commercial
Key Regions Covered:
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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