Global CNG and LPG Vehicle Market - Industry Analysis and Forecast (2018–2026) - By Vehicle, Type, Range, Voltage, Vehicle Type and Region.
Global CNG and LPG Vehicle Market was valued at US$ 2536.12Mn in 2017 and is expected to reach US$ 4152.32Mn by 2026, at a CAGR of 6.36% during a forecast period. CNG and LPG Vehicle technologies are fast emerging as the new front line in the sustainable energy revolution.
Major driving factors of the CNG and LPG Vehicle market are creating higher demand as an alternative approach to cutting CO2 emissions by improving fuel efficiency in petrol and diesel vehicle is the use of transport fuels with a lower carbon content.
The increasing environmental concerns and escalating prices for gasoline and diesel have upturned the economies. The increasing importance of clean economy and balance of the ecosystem is accompanied by governmental protocols, and is driving the global CNG and LPG vehicles market. Using CNG or LPG are achieving higher reductions of around two-thirds for both NOx and particulates.
Emissions of hydrocarbons are reduced by very well over 50% for LPG, but are significantly higher for heavy-duty CNG vehicles. High kit cost and Electric vehicle will act as restraint to the market. Based on the Fuel Type, CNG segment is expected to hold the largest share in the market during the forecast period.
The Energy Outlook explores the forces shaping the global energy transition. And rising prosperity drives an increase in global energy demand. Growth of global natural gas vehicles (NGVs) industry coupled with increased automobile fuel efficiency attributed by CNG is anticipated to remain a key driving factor for the global market. Fast growth in developing economies drives up global energy demand a third higher.
Renewables are by far the fastest-growing fuel source, increasing five-fold and providing around 14% of primary energy. CNG demand grows strongly and overtakes coal as the second largest source of energy.
Government subsidiaries in form of financial incentives particularly in Asia Pacific and Latin America is also expected to have a positive impact on the market growth. Carbon emissions continue to rise, signaling the need for a comprehensive set of actions to achieve a decisive break from the past.
In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period. Asia is set to become the world's second-largest gas market within just two years, according to the International Energy Agency (IEA). Both Japan and Korea rely extensively on LNG shipping imports with minimal domestic production of natural gas. Both are mature importers, and have mature, developed economies with slowly rising populations. Demand across major trading nations will remain robust, with many more countries building or planning to build receiving terminals.
There are relative newcomers such as Singapore, Thailand, Pakistan, Bangladesh, Vietnam, New Zealand, and the Philippines. In addition, the traditional big CNG/LPG exporters, Malaysia and Indonesia, have also recently constructed CNG/LPG regasification terminals that allow them to import or, more accurately, transfer CNG/LPG to potentially supply their own domestic market, where both the major supply and demand centers are separated by sea in Asia Pacific region and an opportunity for CNG/LPG market growth.
The report includes a detailed study of Porter's Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
The Scope of the Report for CNG and LPG Vehicle Market
Global CNG and LPG Vehicle Market, By Vehicle
• Passenger • Light Commercial • Medium Commercial
Global CNG and LPG Vehicle Market, By Fuel Type
• CNG • LPG
Global CNG and LPG Vehicle Market, by Region
• North America • Europe • Asia Pacific • Middle East & Africa • South America
Key Players Operating in CNG and LPG Vehicle Market
Hyundai Motor Group • Landi Renzo • Impco • General Motors • Ford Motor Company • Suzuki Motor Corporation • Venchurs • Westport • Fiat S.P.A • Volkswagen • Honda Motor Co • Tomasetoo Achile • Nissan • Tata
Report Published by MAXIMIZE MARKET RESEARCH Omkar Heights,
Manik Baug, Vadgaon Bk,
Pune, Maharashtra 411051, India.
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