CHICAGO, March 3, 2021 /PRNewswire/ -- According to the new market research report " CNG & LPG Vehicle Market by Vehicle Body Type (Passenger Cars, Three-wheelers & Commercial Vehicles) Fuel Type (CNG & LPG), By Kit type (Venturi & Sequential), By Fitting (OE & Aftermarket), by Engine System Type and by Region - Global Forecast to 2026", published by MarketsandMarkets™, the global CNG and LPG Vehicle Market size is projected to grow from 2,135 thousand units sales in 2021 to reach 4,389 thousand units sales by 2026, at a CAGR of 15.5%.
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Factors such as growing demand for cost-efficient commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting to CNG and LPG vehicles and growth of CNG and LPG Vehicle Market.
Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting CNG and LPG vehicle over Petrol or Diesel ones. People have recognized the need for promoting low emission vehicles to reduce the increasing pollution. To attract and encourage people to buy CNG and LPG vehicles, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower fuel price, lower vehicle acquisition taxes, lower road taxes for low emission vehicles etc.
Asia Oceania is expected to be the largest market in the forecast
In this report, the countries considered in the Asia Oceania region are China, Japan, South Korea, India, Thailand, and Indonesia. The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these emerging economies have recognized the growth potential of the global CNG and LPG Vehicle Market and, hence, have adopted various initiatives to attract major OEMs for the development of CNG and LPG vehicles and required infrastructure in their domestic markets. For instance, CNG and LPG providers have worked with various governments, transportation & logistics companies, and OEMs to offer low-price CNG and LPG fuel to CNG and LPG vehicle drivers. This has led to an increase in low emission vehicle production, which caters to domestic as well as overseas demand. Japan, the US, Canada, Germany, France, India, South Korea, and China, along with many other countries, export CNG and LPG vehicles as well as parts and kit equipment solutions across the globe.
Europe is expected to be the second-largest market during the forecast
For the market analysis, Europe includes Turkey, Italy, Russia, Spain, Germany, France, and the UK. Europe is estimated to account for 25.8% of the global CNG and LPG Vehicle Market in 2020 by value. The top three countries in Europe account for more than 70% of CNG and LPG vehicles sold in the region, with the remaining utilized in the rest 28 countries. In August 2020, Europe had implemented stringent emission regulation standards to reduce the rising emission levels. Several countries in the region are promoting low emission alternate fuel vehicles through significant incentives. The demand for CNG and LPG vehicles has increased significantly due to the focus on zero- or low-emission vehicles in the region. Europe is home to major CNG and LPG vehicle OEMs and kit/parts providers, such as Volkswagen AG, Renault, Tomasetto, Landi Renzo, and Westport Fuel Solutions. Recently, the UK announced plans to phase out petrol/diesel-based vehicles by 2030 and encourage the adoption of EVs and other low emission fuel vehicles. Other European countries have also implemented plans to transition to low emission fuel vehicles in the next decade.
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The Commercial vehicle is expected to be the fastest growing segment in the forecast
Commercial vehicles are motor vehicles used for transporting goods or carrying passengers. Some common types of commercial vehicles include LCVs and HCVs like trucks, buses, semi-trailers, vans, trailers, heavy vehicles, and travel trailers Daimler AG, AB Volvo, Shaanxi Automobile Group, Isuzu Motors, Eicher Motors, and Tata Motors are some of the major OEMs in the segment. These companies develop and sell CNG and LPG commercial vehicles worldwide. The overall operating cost of commercial vehicles can get reduced by 40-45% in some countries by the use of CNG and LPG in place of petrol as fuel. Another reason for the higher demand for CNG and LPG commercial vehicles is that their electric counterparts are not viable for some regions, apart from the low availability of charging stations in many countries. The North American and LPG vehicle market is projected to grow at the highest rate due to efforts by the governments in this region to popularize these vehicles for fleet, taxi, truck, and bus services. Their use is also being encouraged for interstate logistics services.
Key Market Players:
The CNG and LPG Vehicle Market is dominated by players such as Suzuki Motor Corporation ( Japan), Honda Motor Company ( Japan), Hyundai Motor Group ( South Korea), Volkswagen AG ( Germany) and Ford Motor Company (US). These companies offer extensive products and solutions for the CNG and LPG vehicle industry; and have CNG strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
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