CNG AND LPG VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

CNG And LPG Vehicle Market, By Fuel Type (Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG)), By Vehicle Type (Passenger Vehicles (Hatchback, Sedan, Sports Utility Vehicle (SUV), Multi Utility Vehicle (MUV)) and Commercial Vehicles (Light Commercial Vehicle, Heavy Commercial Vehicle), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Published In : Mar 2024
Code : CMI6763
Pages :168
Formats :
Excel and PDF
Industry : Automotive and Transportation

Market Concentration and Competitive Landscape

CNG And LPG Vehicle Market Concentration By Players

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Increasing Air Pollution and Strict Emission Norms

Air pollution has become a major concern around the world with cities witnessing alarming levels of toxic emissions in the air. The transportation sector is identified as one of the major contributors to this problem, especially vehicles powered by gasoline and diesel.

Moreover, the demand for vehicles running on alternative fuels is rising due to strict emission regulations, higher fuel costs, and increased customer awareness. In 2021, the sales of Compressed Natural Gas (CNG) vehicles in India surged to 163,696 units, a significant jump from 41,572 units in 2020.

As per the International Monetary Fund (IMF), oil prices increased by 12% in 2021 compared to the previous year. This uptick was driven by the growing demand for oil as countries reopened and their economies began recovering from the impact of the receding COVID-19 pandemic.

Key Players Insights