Press release
Soaring Demand Set to Propel CNG And LPG Vehicle Market to $6.4 Billion by 2029
CNG And LPG Vehicle Market
What Is the Expected CAGR for the CNG And LPG Vehicle Market Through 2025?
The market for CNG and LPG vehicles has seen a robust expansion recently in size. It is predicted to increase from $4.19 billion in 2024 to $4.57 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. Several factors have contributed to this growth during the historic period; these include earlier adoption by public transport systems, government subsidies and incentives, growing environmental consciousness, collaborations and partnerships within the industry, and efforts in research and development.
What's the Projected Size of the Global CNG And LPG Vehicle Market by 2029?
In the coming years, the size of the CNG and LPG vehicle market is projected to experience significant growth, expanding to $6.4 billion in 2029 with a compound annual growth rate (CAGR) of 8.7%. The projected growth in the forecast period can be credited to increasing stringent emission restrictions, the incorporation of renewable energy sources, growing urbanization and congestion issues, a shift to sustainable mobility, and market expansion strategies. The forecast period is set to witness trends such as the increasing adoption of biogas and bio-LPG, integration with cutting-edge vehicle technologies, the growth of mobility-as-a-service (MaaS) solutions, the emergence of next-generation infrastructure, and a shift towards circular economy models.
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Top Growth Drivers in the CNG And LPG Vehicle Industry: What's Accelerating the Market?
The boost in the growth of the CNG and LPG vehicle market can be credited to the escalating acceptance of eco-friendly vehicles. Vehicles powered by alternate fuels or energy sources that yield lesser or no emissions as opposed to conventional petrol or diesel-run vehicles qualify as clean-energy vehicles. As awareness grows around environmental sustainability and the urgency to cut down on carbon emissions to combat climate change, the demand for such vehicles is on the rise. Clean-energy vehicles opt for compressed natural gas (CNG) and liquefied petroleum gas (LPG) as substitutes to traditional fuels largely because they emit less carbon, thus providing a cleaner and greener mode of transport. To illustrate, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that sales of electric cars in 2023 saw an increase by 3.5 million from 2022 - a noteworthy 35% rise year-on-year. Consequently, this surge in the acceptance of clean-energy vehicles is fueling the growth of the CNG and LPG vehicle market.
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What Trends Will Shape the CNG And LPG Vehicle Market Through 2029 and Beyond?
Major firms in the market for CNG and LPG vehicles are at the forefront of creating advanced twin-cylinder CNG technology that enhances fuel efficiency while minimizing emissions. Twin-cylinder CNG technology is a dual-cylinder system used in vehicles for the storage of compressed natural gas (CNG). To illustrate, in May 2023, Tata Motors Limited, a automotive industry leader based in India, introduced the Altroz iCNG, which has been outfitted with this twin-cylinder CNG technology. This forward-thinking solution tackled the common issue of limited trunk space in CNG vehicles, providing car owners with functional, applicable room. The Altroz iCNG is equipped with a range of features including leatherette seats, iRA-connected vehicle technology, cruise control, and automated headlamps.
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 Top Companies are Driving Growth in the CNG And LPG Vehicle Market?
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
Which Regions Will Dominate the CNG And LPG Vehicle Market Through 2029?
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.
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