CNG and LPG Vehicle Market Will Reach Sales of 102.3 Million Units by 2030

The CNG and LPG vehicle market is set to register sales of 102.3 million units by 2030. The major factors accountable for the growth of this industry are the increasing acceptance of eco-friendly vehicles and the ability of LPG and CNG vehicles to replace traditional vehicles. Such vehicles are value for money in the long run.

The CNG category is expected to hold a larger market share by 2030 and is projected to progress with a higher CAGR throughout the forecast period. The adoption of CNG vehicles for mobility, especially in developing countries of APAC is the prime factor that drives the growth of the CNG and LPG vehicle industry.

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The passenger cars category is expected to hold the largest market share in the coming years. The major reason for the growth of the industry is the increasing acceptance of LPG-and-CNG-based passenger cars, and several government guidelines to reduce air pollution.

Industries using trucks that run on CNG regularly see payback on the conversion cost in only 2-3 years. The usage of LPG has several benefits like LPG refuelling method usually costs less in installation and as compared to CNG fuel tanks, LPG fuel tanks are compact, which helps in the reduction of loss of loads.

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The e-commerce industry held a significant share of all retail sales in the past, and is projected to grow more in the years to come. Therefore, as the e-commerce sector is growing, the requirement for eco-friendly vehicles is projected to surge.

Hence, the expansion of the e-commerce industry, the growing need for eco-friendly vehicles, and low cost as compared to the conventional vehicles will drive the demand for CNG and LPG in the coming years.

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This release was published on openPR.