CNG AND LPG Vehicle Market Expected to Witness a Significant Growth at CAGR of 8.74% | Global Key Players - Ford, General Motors, Honda, Hyundai, Nissan, Suzuki, Tata, and Volkswagen

Market Dynamics:

The market is expected to record a CAGR of 8.74% during the forecast period. Currently, global warming has become a major issue around the world and the public has begun to realize its ramifications. This has led to a sentiment against the use of gasoline and diesel. The emission norms in some regions have become so strict that huge amounts of investment are required to make the vehicles compliant. This has put a lot of financial pressure, especially on the diesel vehicle manufacturers. The factor has become a major driver for the CNG vehicle market.

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Key Developments in the Market:

February 2018: Zoilo Rios Group built a CNG and LPG station network in Spain.

Major Players:

Fiat, Ford, General Motors, Honda, Hyundai, Nissan, Suzuki, Tata, and Volkswagen, among others.

Improving Safety Standards to Drive the Market

In the past years, the aftermarket kits, especially in the emerging markets, mainly drove the liquefied petroleum vehicles. Lack of LPG-equipped models contributed to the high share of the aftermarket. But certain manufacturers, like Maruti Suzuki in India, have started coming out with LPG-equipped models and this has given a major boost to the sales. The major issue with models was safety, which has been resolved by this trend.

The commercial vehicle segment is expected to be the fastest-growing segment in the CNG & LPG market over the forecast period. Low running cost is of the greatest importance for commercial vehicles and a higher number of commercial vehicle purchases are anticipated for CNG and LPG vehicles over the coming five years. Regulations in certain regions have forced commercial vehicles to adopt such systems.

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Asia-Pacific Region to Lead the Market Growth

The Asia-Pacific region is the largest market for automobiles in the world. The region, despite the sluggish growth in the Chinese market, the largest automobile market in the world, is expected to lead the growth in the automotive CNG and LPG market. CNG-powered vehicles are expected to experience strong growth in the European and North American regions, but the growth in LPG vehicles is expected to be primarily be restricted to the developing markets. Despite the tough economic conditions in the South American region, the market is anticipated to perform relatively well in the forecast period.

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This release was published on openPR.