Global CNG and LPG Vehicle Market to Reach US$ 5.2 Billion by 2032, Fostered by Rising Demand for Low-Emission Vehicles

April 17, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled "CNG and LPG Vehicle Market by Fuel Type (CNG (Compressed Natural Gas), LPG (Liquefied Petroleum Gas)), Vehicle Type (Passenger Cars, Commercial Vehicles), Sales Channel (OEM (Original Equipment Manufacturer), Retrofitting), and Region 2024-2032," the global CNG and LPG vehicle market size reached US$ 2.7 Billion in 2023. CNG is a fossil fuel manufactured from compressed natural gas, primarily methane, while LPG is a mixture of propane and butane gases. Both of these fuels are more environmentally friendly than traditional gasoline, as they emit fewer harmful pollutants and greenhouse gases. CNG vehicles are designed to use compressed natural gas as their primary fuel source. The gas is stored in high-pressure cylinders in the vehicle, which are connected to the engine via a fuel system. It offers dual drive modes to the driver of the vehicle for switching between petrol or diesel and CNG mode. On the other hand, liquified petroleum gas (LPG) vehicles rely on LPG, which is a mixture of various hydrocarbon gases. It is stored in a pressurized tank in the vehicle, which is connected to the engine via a fuel system.

Global CNG and LPG Vehicle Market Trends:

The rising demand for low-emission vehicles is driving the global market. This can be attributed to the increasing awareness among the masses about the harmful impacts of air pollution. Moreover, the rising regulations by the government to reduce emissions and promote the use of cleaner fuels are creating a positive market outlook. Apart from this, the growing demand for original equipment manufacturer (OEM)-fitted vehicles due to various benefits, such as personalization of the vehicle and the provided warranty, is positively influencing the market. Besides, the development of new technologies, such as improved engines and fuel systems, is making CNG and LPG vehicles more efficient and cost-effective and is acting as another growth-inducing factor. The market is further driven by the increasing utilization of CNG and LPG vehicles as public transport due to their cost-effectiveness and fuel efficiency across the globe. Furthermore, the increasing conversion rates of old petrol and diesel vehicles to CNG and LPG vehicles and the wide availability of various CNG and LPG retrofitting kits are impacting the market worldwide. Apart from this, the rising price of diesel vehicles due to the incorporation of sophisticated exhaust gas recirculation and particulate filter systems is strengthening the overall demand. Other factors, such as expanding automobile industry, rising infrastructural development and continuous technological advancements are also influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.2 Billion by 2032, exhibiting a growth rate (CAGR) of 7.57% during 2024-2032.

Market Summary:

On the basis of the fuel type, the market has been divided into CNG (compressed natural gas) and LPG (liquefied petroleum gas). Currently, the CNG (compressed natural gas) platform represented the largest market segment.
Based on the vehicle type, the market has been segmented into passenger cars and commercial vehicles. Among these, passenger cars exhibited a clear dominance in the market.
On the basis of the sales channel, the market has been bifurcated into OEM (original equipment manufacturer) and retrofitting. Retrofitting presently accounted for the largest market share.
On the basis of the region, the market has been categorized into North America (the United States, and Canada), Europe (Germany, France, United Kingdom, Italy, Spain, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include AB Volvo, Hyundai Motor Company, IVECO S.p.A, Suzuki Motor Corporation, Tata Motors Limited (Tata Group).

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Fuel Types Covered	CNG (Compressed Natural Gas), LPG (Liquefied Petroleum Gas)
Vehicle Types Covered	Passenger Cars, Commercial Vehicles
Sales Channels Covered	OEM (Original Equipment Manufacturer), Retrofitting
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	AB Volvo, Hyundai Motor Company, IVECO S.p.A, Suzuki Motor Corporation, Tata Motors Limited (Tata Group), etc.
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Global CNG and LPG Vehicle Market to Reach US$ 5.2 Billion by 2032, Fostered by Rising Demand for Low-Emission Vehicles

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