The global CNG & LPG Vehicle market gathered revenue around USD 2,130 thousand units sales in 2020 and market is set to grow USD 4,401 thousand units sales by the end of 2027 and is estimated to expand at a modest CAGR of 16.9% during the prediction period 2021 to 2027. Factors such as growing demand for low emission commuting and governments supporting CNG and LPG vehicles through subsidies & tax rebates have compelled the manufacturers to provide CNG and LPG vehicles around the world.
Increasing investments by governments across the globe to develop CNG and LPG infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in Asia Pacific is projected to experience steady growth owing to the high demand for cost efficient and low-emission vehicles, while the North American market is the fastest growing market due to the government initiatives and growing high-performance Commercial vehicle segment. However, the low presence of CNG and LPG fueling stations, higher costs involved in initial investments, and performance constraints could hamper the growth of global CNG and LPG Vehicle market.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the CNG & LPG Vehicle market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global CNG & LPG Vehicle market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
CNG & LPG Vehicle market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Opportunity: Rising concerns of countries around the world for lower emission fuel vehicles
The rising concerns for reducing emissions by countries all around the world may lead to increase in growth of low emission fuel vehicles like CNG and LPG Vehicles. European countries have declared the ambition to reduce emissions in the coming decades and may be a major market for these vehicles in the coming years. Asian countries have already been supporting the growth of alternative fuel vehicles like CNG and LPG for reduction in emissions and cost due to import of petrol. As the present vehicles can be easily changed to CNG or LPG fuel systems and at an affordable price, we can expect an explosive growth in CNG and LPG vehicle market and aftermarket in the coming years.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the CNG & LPG Vehicle Market are:
Suzuki Motor Corporation (Japan), Honda Motor Company (Japan), Hyundai Motor Group (South Korea), Volkswagen AG (Germany), Ford Motor Company (US).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Based on the Fuel Type:
Based on the Vehicle Body Type:
- Passenger Vehicles
- Commercial Vehicles
- Three-wheelers
Based on the Vehicle Type:
- Light-duty Vehicle
- Heavy-duty Vehicle
Based on the Engine System Type:
- Dedicated Fuel
- Bi-fuel
- Dual Fuel
Based on the Intake System Type (LPG):
- Converter-mixer System
- Vapor Phase Injection (VPI)
- Liquid Phase Injection (LPI)
- Liquid Phase Direct Injection (LPDI)
Based on the Fitting Type:
- OEM/Factory-fitted
- Aftermarket
Based on the Kit Type:
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
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