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

The CNG and LPG vehicle market faces several challenges. Customers are hesitant to purchase alternative fuel vehicles due to concerns over limited refuelling infrastructure and the higher initial costs compared to gasoline or diesel vehicles. Educating consumers about the long-term savings potential and encouraging more gas station owners to offer CNG/LPG pumps will take significant effort and investment. Automakers also must overcome barriers to designing dual-fuelled models and expanding production volumes enough to drive down costs. Stricter emission standards worldwide will further drive-up costs of compliance for manufacturers.

Market Opportunities: Riding the Wave of Vehicle Electrification Trends

High fuel prices make the total cost of ownership figures for CNG and LPG vehicles increasingly competitive. A growing emphasis on reducing emissions and vehicle electrification trends from both consumers and regulators provides a favorable policy environment. New technologies are constantly striving to close the price gap.