At what pace is the cng and lpg vehicle market growing, and what is its estimated value?
The CNG And LPG vehicle market size has grown strongly in recent years. It will grow from $4.19 billion in 2024 to $4.57 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased early adoption by public transit systems, government subsidies and incentives, rising environmental awareness, industry collaborations and partnerships, research and development initiatives.
The CNG And LPG vehicle market size is expected to see strong growth in the next few years. It will grow to $6.4 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to rising stricter emission regulations, renewable energy integration, urbanization and congestion challenges, shift towards sustainable mobility, market expansion strategies. Major trends in the forecast period include growth of biogas and bio-LPG adoption, integration with advanced vehicle technologies, expansion of mobility-as-a-service (MaaS) solutions, emergence of next-generation infrastructure, shift towards circular economy models.
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What are the top drivers to the rising demand in the cng and lpg vehicle market?
The increasing adoption of clean-energy vehicles is expected to propel the growth of the CNG and LPG vehicle market going forward. Clean-energy vehicles are powered by alternative fuels or energy sources that produce lower or zero emissions compared to traditional gasoline or diesel-powered vehicles. There is a demand for clean-energy vehicles due to increasing concerns about environmental sustainability and the need to reduce carbon emissions to mitigate climate change. Clean-energy vehicles use compressed natural gas (CNG) and liquefied petroleum gas (LPG) as alternative fuels due to their lower carbon emissions compared to traditional gasoline and diesel, offering a cleaner and more environmentally friendly transportation option. For instance, in 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric cars in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. Therefore, the increasing adoption of clean-energy vehicles is driving the growth of the CNG and LPG vehicle market.
How is the cng and lpg vehicle market segmented?
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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Who are the top competitors 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
What significant trends should we anticipate in the cng and lpg vehicle market over the forecast period?
Major companies in the CNG and LPG vehicle market are developing innovative twin-cylinder CNG technology to improve fuel efficiency and reduce emissions. Twin-cylinder CNG technology refers to a system where a vehicle is equipped with two separate compressed natural gas (CNG) cylinders for storing fuel. For instance, in May 2023, Tata Motors Limited, an India-based automotive company, launched the Altroz iCNG, equipped with twin-cylinder CNG technology. This innovative offering addresses the primary concern of boot space in CNG cars, providing owners with practical, usable space. The Altroz iCNG offers features such as leatherette seats, iRA-connected car technology, cruise control, and automatic headlamps
Which regional trends are influencing the cng and lpg vehicle market, and which area dominates the industry?
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.
What Does The CNG And LPG Vehicle Market Report 2025 Offer?
The cng and lpg vehicle market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
CNG (compressed natural gas) and LPG (liquefied petroleum gas) vehicles are automobiles that use alternative fuels compressed natural gas (CNG) or liquefied petroleum gas (LPG) as the primary sources of energy. These vehicles are equipped with engines or retrofit kits designed to accommodate the specific properties of these alternative fuels, offering environmental advantages over traditional gasoline and diesel vehicles, including lower emissions of pollutants and reduced greenhouse gas emissions.
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