The CNG and LPG vehicles market is expected to grow at a steady CAGR of 4.6% from 2023 to 2033. By 2033, the market is projected to reach a valuation of USD 8.54 billion, up from USD 5.44 billion in 2023.
This market growth is driven by the advantages of LPG and CNG vehicles, which include ease of transportation, high heat energy delivery, and low calorific values. Additionally, their lower maintenance costs, reduced operational expenses, and lower emissions are contributing to market expansion.
Governments worldwide are increasingly seeking alternative fossil fuels to gasoline. The rising costs of gasoline and the demand for highly refined engines are also making LPG and CNG vehicles more popular. New innovations, such as high-mileage passenger vehicles and advanced features like dual-fuel systems that allow switching between CNG and petrol, are enhancing the market’s appeal.
Governments are actively promoting the lower pollution levels and efficient performance of CNG and LPG vehicles through subsidies and incentives, further driving market growth.
Comprehensive Market Insights: Full Report Overview
Key Takeaways:
- The United States is the leading market for CNG and LPG vehicles in North America, holding a market share of 15.2% in 2022. Growth in this region is driven by government policies limiting gasoline-powered vehicles, environmentally conscious consumers, and strong promotion of CNG and LPG options.
- Germany is another significant market in Europe, with a market share of 7.1% in 2022. Its growth can be attributed to its role as a hub for the automotive transition from gasoline to natural gas, bolstered by the presence of numerous brands in the region.
- India’s CNG and LPG vehicles market is projected to grow at a CAGR of 4.5% from 2023 to 2033, driven by proactive government initiatives for energy transition and subsidies.
- China’s market is expected to grow at a CAGR of 4.7% during the forecast period.
- In terms of fuel type, CNG leads the market, accounting for a significant share of 78.5% in 2022.
- The passenger cars segment dominates the market based on vehicle type, holding 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.
Key Segments Covered
By Fuel Type:
- CNG
- LPG
By Vehicles Type:
- Passenger
- Light Commercial
- Medium commercial
- Heavy Commercial
By 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
