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

Key Developments

• In May 2023, the European Council officially approved updated regulations mandating that only new 100% electric and hydrogen fuel cell vehicles can be sold in the European market from 2035, both for individual and commercial use. The sale of petrol, diesel, E85, LPG, CNG, and various hybrids, including rechargeable ones, will be banned. This decision will notably impact a sector employing 12.5 million people in Europe, including around 400,000 direct jobs in France.
• In March 2023, HAM Group inaugurated a new liquefied natural gas (LNG) and compressed natural gas (CNG) service station in Benavente, Zamora, located at Caada Berciana 9A. The strategic location near the A-6 (Northwest route), one of Spain's major radial highways, and the N-630, one of the country's longest national highways, enhances accessibility and convenience for customers.
• In March 2022, Anhui Ankai Automobile Co. from China successfully shipped 800 CNG buses to Mexico as part of the Xinhua Silk Route Initiative, strengthening collaboration between China and Mexico. These buses are designated for public transportation services in the city of Monterrey.
• In November 2022, Toyota Kirloskar Motor Pvt. Ltd., an India-based joint venture of Toyota Motor Corp., introduced the Compressed Natural Gas (CNG) variant of their high-end hatchback, the Toyota Glanza, to the Indian market