Press release
Global CNG And LPG Vehicle Market Projected to Surpass 6.4 Billion by 2029 with 8.7% Annual Growth
CNG And LPG Vehicle Market Size
The CNG and LPG vehicle market has grown strongly, expected to grow from $4.19 billion in 2024 to $4.57 billion in 2025, at a CAGR of 9.1%. This growth can be attributed to increased adoption by public transit systems, government incentives, rising environmental awareness, industry collaborations, and research and development initiatives.
The CNG and LPG vehicle market is expected to grow steadily, reaching $6.4 billion by 2029, with a CAGR of 8.7%. Factors driving this growth include stricter emission regulations, renewable energy integration, urbanization, and a shift toward sustainable mobility. Major trends include the rise of biogas and bio-LPG adoption, the integration of advanced vehicle technologies, and the expansion of mobility-as-a-service (MaaS) solutions.
What Is Contributing to the Growth of the CNG And LPG Vehicle Market?
The increasing adoption of clean-energy vehicles, such as CNG and LPG vehicles, is expected to drive the growth of the CNG and LPG vehicle market. The global push for sustainable transportation solutions, such as electric and clean-energy vehicles, is helping reduce carbon emissions. According to the International Energy Agency (IEA), sales of electric cars in 2023 saw a 35% year-on-year increase.
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Which Key Market Leaders Are Driving CNG And LPG Vehicle Industry Growth?
Major companies operating in the CNG and LPG vehicle market report are Volkswagen AG; Ford Motor Company; General Motors; Tata Group; Honda Motor Co. Ltd.; 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
What Are the Emerging Trends in the CNG And LPG Vehicle Industry?
In the CNG and LPG vehicle market, companies are focusing on developing innovative twin-cylinder CNG technology to enhance fuel efficiency and reduce emissions. Twin-cylinder CNG technology involves equipping a vehicle with two separate CNG cylinders for fuel storage. For example, in May 2023, Tata Motors Limited, an Indian automotive company, launched the Altroz iCNG, featuring twin-cylinder CNG technology. This vehicle design improves boot space and provides additional features such as leatherette seats and iRA-connected car technology.
What Are the Main Segments in the CNG And LPG Vehicle Market?
The CNG And LPG vehicle market covered in this report is segmented -
1) By Fuel Type: Compressed Natural Gas (CNG), Liquefied Petroleum Gas(LPG)
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Sales Channel: Original Equipment Manufacturer(OEM), Retrofitting
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Which Geographic Area Leads the CNG And LPG Vehicle Market?
Asia-Pacific was the largest region in the CNG and LPG vehicles market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the CNG and LPG vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The CNG And LPG Vehicle Global Market Report?
- Market Size Analysis: Analyze the CNG And LPG Vehicle Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the CNG And LPG Vehicle Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall CNG And LPG Vehicle Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the CNG And LPG Vehicle Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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