The market for CNG and LPG vehicles is anticipated to grow at a moderate rate (CAGR) of 4.5% over the forecast period. The market for CNG and LPG vehicles is currently estimated to be worth US$ 5243.3 million in 2022. The market value of the CNG and LPG cars market is predicted to reach a peak of US$ 8153.1 million by the year 2032.
The compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicles market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving CNG and LPG vehicles market.
LPG is highly inflammable combination of hydrocarbons with high calorific value. CNG, on the other hand, is derived from natural gas which is mainly methane (CH4). Natural gas under high pressure yields CNG
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Future of LPG & CNG Consumption is Bright
Environment degradation and rapid climate change has put an onus on a clean and sustainable fuel which can substitute conventional greenhouse fossil-fuel like petrol and diesel. Volatile oil prices which sometimes escalates to higher level can disrupt economies of developing nation.
The price rise in crude oil has a cascading effect on good prices. The rising demand of LPG and CNG is also attributed to the dual fuel option. Various incentives offered by government, in a move to reduce pollution and carbon footprints has played a crucial role in creating a sustainable market infrastructure for LPG and CNG.
A significant amount of GDP is spent by developing countries to expand gas pipeline infrastructure. The rising energy demand with a less expensive and reliable fuel option makes the market outlook bullish in near future.
Key Drivers and Restraints for CNG & LPG Market
The current state of climate is not in a good shape. Globally, all nations are pledging to reduce carbon footprints and reduce greenhouse gases which has already choked the market of fossil-fuels.
There has been a significant increase in respiratory diseases globally, owing to the rising pollution and suspended PPM in atmosphere.
LPG and CNG is a panacea to the current environmental crisis, which if not addressed can be snowballed into a catastrophe. LPG and CNG market are in advantageous position due to exhaustive inventory of complications and obstacles created by fossil-fuels like petrol and diesel. Developing countries like India and China are aggressively driving the market
Despite being the most affordable and clean fuel, LPG and CNG market faces fierce challenges due to poor infrastructure. The transportation of highly inflammable gas is always a bottleneck. High initial capital for sophisticated equipment is also challenge faced by market players
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LPG and CNG Market: Region-wise Analysis
Asia pacific is projected to register a tremendous growth in LPG and CNG market followed by Europe and North America
Asia Pacific holds significant share in LPG and CNG market, owing to exploding population and high demand in clean fuel for home. India and China, the leading players in the LPG and CNG market are witnessing an exponential growth.
For instance, in India government has subsidized and incentivized LPG as a measure to check the pollution generated by traditional home-based cooking fuel like coal. This has also helped the developing countries to improve HDI rankings by improving the health, hygiene and affordability factors.
For instance, GAIL India ltd, one of the largest gas giant in India has pledged to invest 1.05 lakh crore over the next five years in a move to expand the pipeline infrastructure. The company is aggressively scaling up LPG and CNG gas distribution network in a bid to full the country never ending clean energy demand
LPG and CNG Market: Competitive Landscape
- GAIL India ltd.
- Fiat Group
- General Motors Group
- Renault
- Hyundai
- Suzuki
- Ford
- Volkswagen
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CNG and LPG Market Segment Analysis
The CNG and LPG Market can be segmented based on the following:
By Fuel Type
- CNG
- LPG
By Vehicles Types
- Passenger
- Light commercial
- Medium commercial
- Heavy commercial
By Application
- Cooking fuel
- Passenger Vehicles
- Public Transport
- Commercial vehicle
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