Selbyville, Delaware, June 03, 2024 (GLOBE NEWSWIRE) --
The CNG and LPG vehicles market valuation is predicted to reach USD 22.9 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing awareness of environmental issues and the growing need to reduce carbon emissions are driving the demand for cleaner fuel alternatives like CNG and LPG. These fuels emit fewer pollutants compared to traditional gasoline and diesel, making them more attractive to eco-conscious consumers and governments enforcing stricter emission regulations.
As per the U.S. Environmental Protection Agency, the U.S. greenhouse gas emissions accounted for 6,343 million metric tons of carbon dioxide equivalents in 2022. The increasing efforts to reduce carbon emission will drive the adoption of LPG and CNG vehicles amongst the consumers.
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The lower cost of CNG and LPG compared to conventional fuels is providing economic benefits to consumers and fleet operators, further encouraging their adoption. The advancements in CNG and LPG vehicle engines are improving the performance and efficiency. The launch of government incentives and subsidies for alternative fuel vehicles will drive the adoption of these vehicles. The expanding refueling infrastructure is making CNG and LPG more accessible to users, further accelerating the CNG and LPG vehicles market growth ahead.
The CNG and LPG vehicles market from the LPG fuel type segment is estimated to grow at notable rate through 2032. The lower cost of LPG compared to gasoline and diesel makes it an economically attractive alternative. LPG vehicles produce fewer emissions, aligning with increasing environmental regulations and consumer demand for greener options. The expanding infrastructure for LPG refueling is also enhancing accessibility and convenience for users. Moreover, the rollout of government incentives and subsidies for adopting cleaner fuels further boost the segment growth.
The commercial vehicles type segment is estimated to accumulate sizeable share of the CNG and LPG vehicles market by 2032, due to the rising need for cost-effective fuel solutions and lower operating costs. CNG and LPG offer significant fuel savings compared to diesel, making them attractive for fleet operators. Additionally, stringent emission regulations are pushing companies towards cleaner alternatives, while government incentives and subsidies are supporting the adoption of CNG and LPG vehicles in the commercial sector.
Europe CNG and LPG vehicles market is poised to reflect substantial gains between 2023 and 2032, driven by the stringent emission regulations and the push for greener transportation solutions. Economic incentives, such as tax benefits and subsidies for alternative fuel vehicles are encouraging the adoption of these vehicles. The expanding refueling infrastructure is increasing the convenience of using CNG and LPG. The rising cost of traditional fuels and increasing environmental awareness among consumers will also contribute to the growing demand for these vehicles across the region.
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Some of the leading firms operating in the CNG and LPG vehicles market include Ford Motor Company, Maruti Suzuki, Volkswagen Group, Honda, Hyundai Motor Company, Renault, and Tata Motors. These market players are exercising mergers & acquisitions, collaborations, and launching new products to increase their market foothold. For instance, in August 2023, Indian Tata Motors introduced the CNG variant of its micro-SUV, Punch, with prices ranging from Rs 7.1 lakh to Rs 9.68 lakh.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 CNG & LPG vehicles market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.3 Propulsion trends
2.4 Vehicle type trends
2.5 Fuel type trends
2.6 Fitting trends
2.7 Engine system trends
Chapter 3 CNG & LPG vehicles market Insights
3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Vendor matrix
3.4 Profit margin analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Level of autonomy launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Rapid advancements in CNG technology
3.9.1.2 Increasing emphasis on sustainable mobility
3.9.1.3 Rising need for cost-effective transportation
3.9.1.4 Lower maintenance cost than petrol-powered vehicles
3.9.2 Industry pitfalls & challenges
3.9.2.1 Higher upfront costs
3.9.2.2 Reduced performance compared to petrol-powered vehicles
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Ford Motor Company
4.3.2 Maruti Suzuki
4.3.3 Volkswagen Group
4.3.4 Honda
4.3.5 Hyundai Motor Company
4.3.6 Renault
4.3.7 Tata Motors
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
