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
The surge in the acceptance of green, energy-efficient vehicles is set to accelerate the expansion of the CNG and LPG vehicle market. Vehicles of this nature derive their power from alternate fuels or energy supplies, which lead to decreased or completely nullified emissions when compared with their gasoline or diesel-powered counterparts. Rising ecological awareness and the urgency to curb carbon emissions to alleviate the effects of global warming has led to an increased demand for these green vehicles. They make use of compressed natural gas (CNG) and liquefied petroleum gas (LPG), both of which offer lower carbon emissions than conventional fuels, providing a cleaner and more earth-friendly way to travel. For example, the International Energy Agency (IEA), an independent intergovernmental organisation based in France, reported that in 2024, electric car sales were up by 3.5 million from 2023, indicating an annual increase of 35%. Thus, the escalating acceptance of green vehicles is triggering an upswing in the CNG and LPG vehicle market.
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How will the growth rate of the cng and lpg vehicle market shape industry trends by 2034?
Over the past few years, the CNG And LPG vehicle market has seen robust growth. A surge from $4.19 billion in 2024 to $4.57 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.1%, is expected. Factors contributing to this historic period growth include early adoption by public transit systems, government support through subsidies and incentives, heightened environmental consciousness, cooperative efforts within the industry, and dedicated research and development initiatives.
In the forthcoming years, the market size of CNG and LPG vehicles is predicted to experience robust expansion, reaching a valuation of $6.4 billion by 2029 with a compound annual growth rate (CAGR) of 8.7%. This growth during the forecast period is a consequence of stricter emission regulations, an increase in renewable energy integration, urbanization, challenges with congestion, a shift to sustainable mobility, and market expansion strategies. Key trends that are expected to emerge during this period include the rising adoption of biogas and bio-LPG, the incorporation of advanced vehicle technologies, the proliferating expansion of mobility-as-a-service (MaaS) solutions, development of next-generation infrastructure, and a shift towards circular economy models.
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What are the most significant trends transforming the cng and lpg vehicle market today?
Leading entities in the CNG and LPG vehicle industry are adopting advanced twin-cylinder CNG technologies to optimize fuel efficacy and curtail emissions. The term twin-cylinder CNG technology pertains to a vehicle design that entails two distinct compressed natural gas (CNG) cylinders for fuel storage. For example, Tata Motors Limited, a renowned automotive corporation from India, introduced the Altroz iCNG, which is fitted with this avant-garde twin-cylinder CNG technology in May 2023. This ground-breaking product mitigates the primary issue of limited trunk space in CNG vehicles, thus providing a pragmatic, utilizable space for the owners. Additional features of the Altroz iCNG include leatherette seats, iRA-connected car technology, cruise control, and automatic headlamps.
Which primary segments of the cng and lpg vehicle market are driving growth and industry transformations?
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 geographical regions are pioneering growth in 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.
Who are the influential players reshaping the cng and lpg vehicle market landscape?
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
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What Is Covered In The CNG And LPG Vehicle Global Market Report?
• Market Size Forecast: Examine the cng and lpg vehicle market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cng and lpg vehicle market for a structured understanding.
• Key Players Overview: Analyze major players in the cng and lpg vehicle market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cng and lpg vehicle market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cng and lpg vehicle market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cng and lpg vehicle market.
• Industry Challenges: Identify potential risks and obstacles affecting the cng and lpg vehicle market.
• Competitive Landscape: Review strategic developments in the cng and lpg vehicle market, including expansions, agreements, and new product launches.
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