Press release
Surging Greenhouse Gas Levels Fueling CNG and LPG Vehicle Demand
The U.S. Environmental Protection Agency (EPA) states that the transportation sector is responsible for around 14% of global greenhouse gas (GHG) emissions. As per the EPA, carbon dioxide (CO2) emitted through fossil fuel combustion and industrial process accounts for around 65% of the global GHG emission. As GHGs are detrimental to environmental and human health, the rising concerns regarding a surge in GHG levels will encourage more people to shift from petroleum and diesel-driven vehicles to compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicles, worldwide.CNG and LPG Vehicle Market Overview@ https://www.psmarketresearch.com/market-analysis/cng-and-lpg-vehicle-market
Additionally, the low running cost of CNG and LPG vehicles will help the CNG and LPG vehicle market demonstrate a CAGR of 5.9% between 2020 and 2030. According to P&S Intelligence, 56.2 million units of such vehicles were sold in 2019, and this number will rise to 102.3 million units by 2030. In comparison to conventional fuels such as diesel and gasoline, LPG and CNG are available at a much lower cost.
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Presently, leading manufacturers of CNG and LPG vehicles, such as AB Volvo, Daimler AG, Fiat Chrysler Automobiles N.V., Ford Motor Co., General Motors Co., Suzuki Motors Corp., Tata Motors Ltd., Tomasetto Achille SpA, Toyota Motor Corporation, Tartarini Auto S.R.L., and Volkswagen AG, are actively engaging in mergers and acquisitions to offer their products to a wider population base. For instance, in January 2020, GDR Taxi signed an agreement with Phoenix LPG Philippines Inc. to convert its fleet of more than 200 automobiles operating in Iloilo City and nearby provinces to LPG.
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