According to a research report published by Spherical Insights & Consulting, the Global CNG & LPG Vehicle Market Size Expected to Grow from USD 5.40 Billion in 2023 to USD 8.44 Billion by 2033, at a CAGR of 4.57% during the forecast period 2023-2033.

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CNG means Compressed Natural Gas and LPG means Liquified Petroleum Gas. Both are used in the vehicle as alternative fuel sources. The popularity of CNG and LPG increases because they feature low cost and excellent fuel efficiency over conventional fuel sources such as gasoline, diesel, and petrol. Due to this, they enhance fuel efficiency and reduce the CO2 emission that controls air pollution. Many authorities have implemented this system in commercial vehicles as well as heavy-duty vehicles. Small vehicles are also impact on the market growth. The OEM market expansion is influencing the automobile industry that puts effort into CNG & LPG manufacturing materials. The regional authorities would like to implement it into public transportation. However, the additional equipment eliminates the storage space from the private vehicles as well and regular maintenance is compulsory for long-durability, otherwise, it could hamper the market growth.

Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the Global CNG & LPG Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Fuel Type ((CNG (Compressed Natural Gas), LPG (Liquefied Petroleum Gas)), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Kit Type (Venturi, Sequential, Retro Fitment), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

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The CNG (compressed natural gas) segment is expected to hold the largest share of the global CNG & LPG vehicle market during the forecast period.

On the basis of fuel type, the global CNG & LPG market is classified into CNG (Compressed Natural Gas), and LPG (Liquefied Petroleum Gas). Among these, the CNG (compressed natural gas) segment is expected to hold the largest share of the global CNG & LPG vehicle market during the forecast period. The CNG prices are 40-50% lower in cost as compared to conventional fuels such as gasoline, diesel, and petrol. They produce 25-30% of greenhouse gas as compared to the conventional fuel. So, it is an alternative fuel option.

The passenger cars segment is anticipated to grow at the fastest CAGR during the projection timeframe.

On the basis of vehicle type, the global CNG and LPG market is divided into passenger cars and commercial cars. Among these, the passenger cars segment is expected to grow at the fastest CAGR during the forecast period. The shifting customer preferences for family mobility underline the market’s importance. For weekend getaways, school runs, and commuting, the need for sedans and SUVs, has increased due to rapid urbanization and increasing economic conditions.  So, manufacturers supply passenger mobility with CNG-powered models.

The retro fitment segment is expected to hold the largest share of the global CNG & LPG vehicle market during the predicted timeframe.

Based on the kit type, the global CNG & LPG vehicle market is categorized into venturi, sequential, and retro fitment. Among these, the retro fitment segment is expected to hold a significant share of the global CNG & LPG vehicle market during the predicted timeframe. Retro fitment kit is higher need in the market because it features better fuel economy and control better vehicle emissions. It introduced lowering fuel usage up to 40-50%. So, regional authorities pushed a commendable move for the general public to use.

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Asia Pacific is projected to hold the largest share of the global CNG & LPG vehicle market over the forecast period.

The rise in CNG/LPG-powered delivery vehicles, taxis, and buses on major Asia-Pacific nation’s metropolitan roadways, even if passenger cars still primarily run on gasoline. The possibility has been recognized by regional automakers, who are actively marketing eco-friendly cars that run on these alternative fuels. The authorities of Asia-Pacific are also supporting this initiative by constructing infrastructure for CNG/LPG vehicles that help boost their market share.

North America is expected to grow at the fastest CAGR growth of the global CNG & LPG vehicle market during the forecast period. North America is predicted to continue to be a major driving force due to growing economies and expansion of the worldwide CNG and LPG vehicle industry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global CNG & LPG vehicle market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.Major vendors in the global CNG & LPG vehicle market are Suzuki Motor Corporation, Honda Motor Company, Hyundai Motor Group, Volkswagen AG, Ford Motor Company, MAN SE, IVECO SpA, TATA Motors, General Motors Co., Ford Motor Co., and Others.Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2024, T. Briscoe Motors opened CNG autogas vehicle conversion centers nationwide.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global CNG & LPG vehicle market based on the below-mentioned segments:

Global CNG & LPG Vehicle Market, By Fuel Type

• CNG (Compressed Natural Gas)
• LPG (Liquefied Petroleum Gas)

Global CNG & LPG Vehicle Market, By Vehicle Type

• Passenger Cars
• Commercial Vehicles

Global CNG & LPG Vehicle Market, By Kit Type

• Venturi
• Sequential
• Retro Fitment

Global CNG & LPG Vehicle Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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