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CNG and LPG Vehicles Market Growth, Development Factors, Business Insights, Value Chain and Sales Channels Analysis 2029
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According to a recent study by Report Ocean, the size of the global CNG and LPG vehicles market was estimated to be USD 5,235.22 million in 2022. Over the forecast period from 2023 to 2029, the market is projected to grow at a steady CAGR of 4.07%, reaching a value of USD 6,889.02 million by 2029. The cost-effectiveness and efficiency of CNG and LPG vehicles compared to traditional fuels like petrol and diesel are key drivers for the global market. These vehicles offer a favorable option with dual fuel availability, providing cheaper running costs and addressing range anxiety, which contributes to the growth of the global CNG and LPG vehicles market.
CNG, which stands for compressed natural gas, is a clean fuel derived from pure methane gas (CH4). It is considered an environmentally friendly option due to its low emissions. LPG, or liquefied petroleum gas, is a mixture of light gaseous hydrocarbons such as propane and butane, obtained either during natural gas generation or through crude oil refining. The use of CNG and LPG vehicles as replacements for older, more polluting diesel vehicles contributes to the reduction of global greenhouse gas emissions.
In terms of fuel type, the global CNG and LPG vehicles market is segmented into CNG and LPG. CNG holds a higher share in the market due to its lower carbon content, resulting in reduced carbon dioxide and carbon monoxide emissions. Additionally, the relatively lower cost of CNG compared to LPG contributes to the demand for CNG vehicles.
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The COVID-19 pandemic had a significant impact on the global CNG and LPG vehicles market. The imposed lockdowns and disruptions in manufacturing and production operations negatively affected market growth. Small original equipment manufacturers (OEMs) and aftermarket dealers were particularly affected, with reduced demand due to lower commuting and delayed implementation of low-emission vehicle regulations in various countries. However, the market is expected to recover and regain growth momentum during the forecast period.
Major players operating in the global CNG and LPG vehicles market include Ford Motor Company, Fiat Chrysler Automobiles, General Motors, Volkswagen AG, Groupe Renault, HYUNDAI MOTOR GROUP, Suzuki Motor Corporation, Honda Motor Co. Ltd., Navistar Inc., Nissan, Tata Sons Private Limited, AB Volvo, KION GROUP AG, Landi Renzo S.p.a., and Bajaj Auto. These companies employ various strategies such as mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to enhance their market share.
The in-depth analysis provided by the report offers insights into the growth potential, upcoming trends, and the global CNG and LPG vehicles market. Decision-makers can rely on the report to stay informed about recent technology trends and make sound strategic decisions. The report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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