15.6% CAGR of "CNG and LPG Vehicle Market" Expansion of the Refueling Infrastructure | Suzuki Motor Corporation, Honda Motor Company, Hyundai Motor Group

Delvens has published a new research report titled "CNG and LPG Vehicle Market, By Vehicle Body Type (Passenger Cars, Three-wheelers & Commercial Vehicles) Fuel Type (CNG & LPG), By Kit type (Venturi & Sequential), By Fitting (OE & Aftermarket), By Engine System Type and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa and South America)" in its research database.

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The section of the automotive industry that creates cars powered by these alternative fuels is the CNG (compressed natural gas) and LPG (liquefied petroleum gas) vehicle market. Both CNG and LPG burn cleaner than petrol or diesel and can provide a variety of advantages, including lower pollutants and cheaper fuel prices.

To lessen reliance on conventional fossil fuels and enhance air quality, governments in many nations provide incentives for purchasing and using CNG and LPG cars. As a result, the market for CNG and LPG vehicles has expanded recently, especially in countries like India, Iran, Pakistan, Italy, and Argentina.

Although there are some obstacles preventing the widespread use of CNG and LPG vehicles, the market is still quite small when compared to the entire automotive industry. The lack of infrastructure for refueling these cars is one of the key challenges, as CNG and LPG filling outlets are less prevalent than petrol stations. Additionally, some consumers may find it less appealing because converting a car to run on CNG or LPG can be expensive.

Despite these obstacles, it is anticipated that the market for CNG and LPG vehicles will expand over the next few years as consumers and governments look for cheaper, greener alternatives to traditional petrol and diesel vehicles.

Major Key Players Developing This Market

Ford Motor Company

The F-150 and Transit vans are among the CNG and LPG vehicles that Ford sells. Ford declared in 2020 that it will increase its selection of CNG/LPG vehicles in response to rising demand.

General Motors

Several of General Motors vehicles, including the Chevrolet Silverado and GMC Sierra pickup trucks, are available in CNG/LPG versions. While GM continues to support the use of CNG and LPG vehicles in some markets, it announced plans to increase the number of electric and hydrogen fuel cell vehicles in 2021.

Flat Chrysler Automobiles

The Fiat 500L and the RAM ProMaster cargo van are two examples of the CNG/LPG vehicles that FCA provides. The FCA and PSA Group merger, which was scheduled for 2021, may spur more growth in the CNG/LPG car industry.

Volkswagen Group

Under its Audi, Seat, and Skoda brands, Volkswagen offers a variety of CNG/LPG vehicles in Europe. The firm has stated that it would introduce a new, more effective, and low-emission CNG engine in 2020.

Hyundai Motor Company

The Sonata and Tucson are two examples of the CNG/LPG automobiles that Hyundai provides. Although the company continues to offer CNG/LPG vehicles in some markets, it announced in 2021 that it would be launching a new hydrogen fuel cell vehicle.

"The market for CNG/LPG cars has seen growth, but the emphasis has been on increasing the efficiency and range of these vehicles as well as the infrastructure for refueling them. Some businesses are also looking into the use of biogas and renewable natural gas as substitute fuels for CNG/LPG vehicles. These fuels could help with the transition to a more sustainable transportation system and further reduce emissions."

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Market Growth And Analysis Based On Different Segments

Vehicle Type

Based on the kind of vehicle, such as passenger automobiles, light commercial vehicles, and heavy commercial vehicles, the market may be divided into segments. Due to rising consumer demand for vehicles that are more environmentally friendly and fuel-efficient, the passenger car market is anticipated to be the largest segment.

Fuel Type

Based on the fuel type utilised, such as CNG and LPG, the market may be divided into several segments. Due to its greater availability and cheaper price compared to LPG, the CNG segment is anticipated to dominate the market. However, it is anticipated that the LPG market will expand quickly in some areas, particularly in Europe and Asia.

Geography

Geographical divisions of the market include North America, Europe, Asia Pacific, and the Rest of the World. Due to rising official support for the use of CNG and LPG cars in nations like India and China, the Asia Pacific region is anticipated to have the greatest market.

"Due to increased worries about air pollution and the environment, as well as the rising price of conventional fuels, the CNG and LPG vehicle market is anticipated to develop at a modest rate over the next several years. Particularly in emerging nations where there is a growing middle class and rising demand for personal mobility, the passenger vehicle category is anticipated to be the largest and fastest-growing segment.

Additionally, growth in the market is anticipated to be fueled by the expansion of the infrastructure for refueling CNG and LPG vehicles, particularly in areas where the infrastructure is currently sparse. As businesses and governments work to lower their carbon footprints and encourage the switch to a more sustainable transportation system, the usage of renewable natural gas and biogas as alternative fuels is also anticipated to drive market development."

Key Drivers Of The Market

Environmental Concerns

As these alternative fuels emit fewer pollutants and greenhouse gases than conventional petrol and diesel, the rising concern about air pollution and climate change is a major factor driving the market for CNG and LPG vehicles.

Fuel Cost Savings

The cost-effectiveness of CNG and LPG compared to petrol and diesel is increasing the demand for vehicles that use these fuels. In areas where the government provides incentives or subsidies for the usage of CNG and LPG cars, this is especially true.

Government Support

Numerous governments all over the world are encouraging the use of CNG and LPG vehicles by implementing measures like tax breaks, financial aid, and the development of refueling infrastructure.

Advancement in Technology

The demand for CNG and LPG cars is increasing as a result of technological advancements that have improved their efficiency, dependability, and cost-effectiveness.

Growth in Transportation Sector

The need for more environmentally friendly and fuel-efficient automobiles is rising as a result of the transportation sector's fast expansion, particularly in emerging nations.

Expansion of the Refueling Infrastructure

Growth in the market is being driven by the expansion of the infrastructure for refueling CNG and LPG cars, particularly in areas where the infrastructure is currently sparse.

The Solution To Your Market Challenge

Limited Refueling Infrastructure: The lack of refueling infrastructure, especially in some areas, is one of the main problems the CNG and LPG vehicle industry is experiencing. Because of this, it may be harder for people to accept these cars because they are difficult to refill.

Solution: The market for CNG and LPG vehicles must increase, and this depends on the development of refueling infrastructure. Governments and private businesses might collaborate to invest in the construction of additional refueling facilities, especially in regions where the demand for CNG and LPG cars is strong.

High Upfront Cost: When compared to conventional petrol vehicles, CNG and LPG vehicles can be more expensive to buy upfront, which may deter some buyers.

Solution: Lower fuel expenses throughout the course of the vehicle's life can make up for the greater initial cost of CNG and LPG cars. Government subsidies and tax breaks can also aid in lowering the cost of electric automobiles for customers.

Limited Vehicle Models: Compared to conventional petrol automobiles, there are fewer CNG and LPG vehicle types on the market, which may restrict buyer choice.

Solution: Continuing to invest in the creation of new CNG and LPG car models will provide consumers with more options for size, design, and functionality.

Safety Concerns: For CNG and LPG cars to be safe to operate, they need additional safety precautions and training.

Solution: Governments and automakers should collaborate to enhance safety education and awareness among drivers of CNG and LPG cars. To guarantee that these cars are made with safety in mind, governments can also impose safety norms and standards.

Competition from Electric Vehicles: The market for CNG and LPG vehicles may not expand as much longer as it once did due to the rising popularity of electric vehicles.

Solution: The efficiency and environmental performance of CNG and LPG cars can be improved, making them a more appealing option to electric vehicles. Vehicle makers can continue to spend on research and development to achieve this. Additionally, CNG and LPG vehicles can be marketed as alternatives to electric vehicles, particularly in areas with intermittent or limited electricity supply.

Opportunities Inside The Market

Numerous governments all over the world are encouraging the use of CNG and LPG vehicles by implementing measures like tax breaks, financial aid, and the development of refueling infrastructure. Government subsidies that are maintained can encourage market expansion by lowering the cost and easing customer access to these automobiles.

Demand for more environmentally friendly automobiles, such as CNG and LPG vehicles, is rising in response to growing concerns about air pollution and climate change. The market for these cars is anticipated to expand as buyers become more environmentally concerned.

The market for CNG and LPG vehicles must increase, and this depends on the development of refueling infrastructure. The ease and convenience with which customers may use these cars increase as more refueling facilities are constructed, which may increase demand.

CNG and LPG cars are becoming more dependable, cost-effective, and efficient thanks to technological advancements. These cars are probably going to become even more appealing to consumers as technology advances.

The need for more environmentally friendly and fuel-efficient automobiles is rising as a result of the transportation sector's fast expansion, particularly in emerging nations. The market for CNG and LPG cars is anticipated to expand along with the transportation industry.

"Overall, there are many growth prospects for the CNG and LPG vehicle market, especially in areas with strong government support and rising interest in environmentally friendly vehicles. The market for these cars is probably going to keep expanding in the upcoming years as infrastructure for refueling grows and technology advances."

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