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CNG And LPG Vehicle Market Key Drivers, Opportunities, Leading Players And Forecast To 2033
CNG And LPG Vehicle Market Key Drivers
According to The Business Research Company's, The CNG and LPG Vehicles market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased early adoption by public transit systems, government subsidies and incentives, rising environmental awareness, industry collaborations and partnerships, research and development initiatives.
The CNG and LPG Vehicles market size is expected to see rapid growth in the next few years. It will grow to $5.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rising stricter emission regulations, renewable energy integration, urbanization and congestion challenges, shift towards sustainable mobility, market expansion strategies. Major trends in the forecast period include growth of biogas and bio-lpg adoption, integration with advanced vehicle technologies, expansion of mobility-as-a-service (maas) solutions, emergence of next-generation infrastructure, shift towards circular economy models.
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Market Drivers and Trends:
The increasing adoption of clean-energy vehicles is expected to propel the growth of the CNG and LPG vehicle market going forward. Clean-energy vehicles are powered by alternative fuels or energy sources that produce lower or zero emissions compared to traditional gasoline or diesel-powered vehicles. There is a demand for clean-energy vehicles due to increasing concerns about environmental sustainability and the need to reduce carbon emissions to mitigate climate change. Clean-energy vehicles use compressed natural gas (CNG) and liquefied petroleum gas (LPG) as alternative fuels due to their lower carbon emissions compared to traditional gasoline and diesel, offering a cleaner and more environmentally friendly transportation option. For instance, in May 2022, the International Energy Agency, a France-based intergovernmental organization for global energy sector analysis, electric car sales nearly tripled in 2021 to 3.3 million, accounting for about half of the worldwide total. Furthermore, sales of electric cars (including fully electric and plug-in hybrids) doubled in 2021 to a new record of 6.6 million compared to the previous year. Therefore, the increasing adoption of clean-energy vehicles is driving the growth of the CNG and LPG vehicle market.
Major companies operating in the CNG and LPG vehicle market are developing innovative products, such as Altroz iCNG with twin-cylinder CNG technology, to gain a competitive edge in the market. Altroz iCNG with the twin-cylinder CNG technology consists of two CNG tanks placed under the boot floor, maximizing boot space while maintaining performance that allows for a more balanced weight distribution and efficient utilization of space, addressing the common concern of reduced boot space in CNG vehicles. For instance, in May 2023, Tata Motors Limited, an India-based automotive company, launched the Altroz iCNG, equipped with twin-cylinder CNG technology. This innovative offering addresses the primary concern of boot space in CNG cars, providing owners with practical, usable space. The Altroz iCNG offers features such as leatherette seats, iRA-connected car technology, cruise control, and automatic headlamps
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Major Key Players of the Market:
Volkswagen AG, Ford Motor Company, General Motors, Tata Group, Honda Motor Co. Ltd., The Hyundai Motor Group, Nissan Motor Co. Ltd., Groupe Renault, AB Volvo, Suzuki Motor Corporation, Cummins Inc., IVECO S.p.A., KION GROUP AG, Scania AB, MAN Truck & Bus AG, Navistar Inc., Chart Industries Inc., Clean Energy Fuels Corp., Westport Fuel Systems Inc., Landi Renzo S.p.a., Hexagon Agility Inc., AC S.A., CNG Fuels Ltd., Fiat Chrysler Automobiles, Clean Fuels Ohio
CNG And LPG Vehicle Market 2024 Key Insights:
• The CNG and LPG Vehicles market size is expected to see rapid growth in the next few years. It will grow to $5.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Rising Demand for Clean-Energy Vehicles Boosts CNG and LPG Market Growth
• Leading Companies Revolutionize CNG And LPG Vehicle Market With Innovative Products Such As Altroz iCNG Twin-Cylinder Technology
• Asia-Pacific was the largest region in the CNG and LPG vehicles market in 2023
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