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CNG and LPG vehicles have engines that use compressed natural gas (CNG) or liquid petroleum gas (LPG) as their secondary fuel alternatives. The internal combustion engine operating on CNG or LPG is a well-established technology, and its working mode is similar to that of a traditional fuel spark ignition engine. Both CNG and LPG are mainly applied in spark ignition engines of dual-fuel vehicles. CNG and LPG are also attaining acceptance in vehicles based on compression ignition engines including diesel-operated heavy vehicles. The increasing adoption of clean energy across the globe is setting a trend for the CNG and LPG vehicle market. Natural gas is the cleanest fossil fuel as it provides various emissions advantage as compared to gasoline and diesel. The environmental protection agency (EPA) are setting stringent emission norms predominantly for reducing atmospheric particulate matter and NOx thereby forcing diesel emission technology to be as friendly as the low emission CNG and LPG technology. The market for CNG and LPG vehicles is gaining high traction owing to the rise in the incentives offered by the government to encourage the promotion of CNG and LPG vehicles. The European government and local authorities are promoting the use of LPG by providing various favourable policies such as low fuel taxes, traffic regulations and incentives for clean vehicles.
Globally, the CNG and LPG Vehicle market is segmented by type, by vehicle type and by geographic coverage. Based on type, the market is further segmented into CNG and LPG. The CNG and LPG vehicles are gaining popularity in several regions especially in emerging economies owing to the low prices of CNG and LPG as compared to the high prices of gasoline and diesel fuels. Moreover, the vehicles running on LPG and CNG are considered as environment friendly substitutes to the petroleum-driven vehicles. The LPG vehicles provide dual fuel options which is more preferable among the consumers primarily for saving off the operating costs. Also, the cost advantages of CNG and LPG along with the considerable reduction in carbon di oxide emissions are projected to boost the global CNG and LPG market. The vehicle type is further segmented into passenger cars and commercial vehicles. The passenger cars segment holds the largest share in the global market. Passenger cars hold the major share in the global market and is expected to propel further over the forecast period. India’s prominent automotive companies are more interested in natural gas over electric vehicles. The increase in the per capita income and the various initiatives taken by the governments to encourage the use of clean energy in order to reduce the carbon emission from vehicles. All these factors are thus boosting the demand for CNG and LPG cars in the global market.
Key Market Driver -
Increasing popularity for low emission natural gas as secondary fuel is expected to drive the growth of the market in the forecast period.
Key Market Restraint -
Growing inclination towards electric vehicles may hamper the growth of the market during the forecast period.
Major players operating in the global CNG and LPG vehicle market include Ford Motor Company, Fiat S.P.A., Suzuki Motor Corporation, Westport, General Motors, Landi Renzo Honda Motor Co., Ltd., Volkswagen, Impco, Volvo, Mitsubishi Motors Corporation and Daimler AG among others.
Geographically, the CNG and LPG Vehicle market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific holds the largest share in the global market owing to the low cost of natural gas as compared to petroleum products in this region. Also the stringent emission norms imposed by the government to curb the rising fuel emission is expected to fuel the growth of the LPG and CNG vehicles in this region. The increasing urbanization, growing traffic problems are also the main factors for the growth of the market. Europe holds the second largest share in the global market as Italy being the largest market of LPG and CNG vehicles in this region. Moreover, the stringent emission standards mandated by the European Union is driving the CNG and LPG market in this region.
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