The global electric CNG and LPG Vehicle Market size is projected to reach 4,389 thousand units sales by 2026, from an estimated 2,235 thousand units sales in 2021, at a CAGR of 15.5%. The base year for the report is 2020, and the forecast period is from 2021 to 2026. Factors such as growing demand for energy-efficient commuting and governments supporting low emission vehicles through subsidies & tax rebates have compelled Vehicle Manufacturers to invest into low emission vehicles which has further increased demand for CNG and LPG vehicles.
The CNG and LPG vehicle market has promising growth potential due to several factors, including the growing demand for low emission vehicles in the market, government’s support for growth in infrastructure, plans to reduce higher emission fuel vehicles across many countries across the world etc. The rapidly growing sales volume of CNG and LPG in Asia Oceania, Europe, North America and ROW has propelled the growth of the global CNG and LPG vehicle market.
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Market Dynamics:
Driver: Low operating cost compared to petroleum vehicles
The operating cost of CNG and LPG vehicles is much less compared to petroleum vehicles. Nowadays when petrol prices are on the rise due to its increased demand and less reserves, alternative fuels like CNG and LPG are more economical especially for people who drive more. This is because the initial cost of CNG or LPG easily gets covered by the amount saved in a few years depending on how much the user drives their vehicle. The petroleum prices have increased drastically over the years, however CNG and LPG prices have increased at a much lower amount. This may be one of the important drivers to increase the market share of CNG and LPG Vehicles in the coming Future. A CNG vehicle can drive around 21 KM/ KG of fuel while Diesel can drive around 17 KM/ L while, petrol can be used on an average of 15 KM/ L. Thus, CNG and LPG Vehicles can drive a lot more at a lower cost thus reducing vehicles cost of operations.
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.
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With the development of alternative fuel vehicle technology and increasing adoption of CNG and LPG vehicles across various major and developing countries, the global CNG and LPG vehicle market is anticipated to witness exponential growth in the coming decades. During the last few years, many countries have initiated plans to develop charging infrastructure network to propel the growth of low emission vehicles like CNG and LPG vehicles to reduce carbon emissions caused by conventional ICE vehicles. As of December 2020, the global CNG and LPG vehicle market is dominated by Passenger vehicles while Commercial vehicles have been growing at the fastest rate. Newer technologies like Bi-fuel vehicles, IOT in Vehicles, Connected cars, etc. have been coming due to extensive R&D in this Industry. Thus, this industry is still in its high growth stage with a need for growth of CNG and LPG infrastructure for making fuel availability easier with more innovation in the technology.
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 strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
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