The CNG and LPG vehicles market is anticipated to flourish at an average CAGR of 4.6% between 2023 and 2033. The market is expected to hold a market share of US$ 8.54 billion by 2033 while the market is likely to reach a value of US$ 5.44 billion in 2023.
Attributes | Details |
---|---|
CNG and LPG Vehicles Market CAGR (2023 to 2033) | 4.6% |
CNG and LPG Vehicles Market Size (2023) | US$ 5.44 billion |
CNG and LPG Vehicles Market Size (2033) | US$ 8.54 billion |
The key factor responsible for the increasing adoption of CNG and LPG vehicles is growing awareness about clean energy vehicles and the ability of CNG and LPG vehicles to replace conventional vehicles. Also, the CNG and LPG vehicles are also expected to be economically productive in the long run, which could serve as a value for money to the customers and is therefore boosting the adoption. Hence, it is anticipated that the CNG and LPG vehicles market is likely to have significant growth during the forecast period.
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A large number of influential factors are identified to prevail in the CNG and LPG vehicles that are elevating the level of demand for these convenient vehicles. Moreover, the advancements in the market scenario and changing preferences of consumers are unlocking the doorway to opportunities that might further expand the market.
In addition to the prevailing factors boosting market demand, the experts at FMI also say that some aspects are expected to curb market growth during the forecast period. Let’s take a stroll across the drivers, restraints, opportunities, and threats stirring the market in the following table:
Drivers
Restraints
Opportunities
Threats
Country | The United States |
---|---|
Revenue Share % (2022) | 15.2% |
Country | Germany |
---|---|
Revenue Share % (2022) | 7.1% |
Country | Japan |
---|---|
Revenue Share % (2022) | 7.9% |
Country | Australia |
---|---|
Revenue Share % (2022) | 0.3% |
Country | China |
---|---|
CAGR % (2023 to 2033) | 4.7% |
Country | India |
---|---|
CAGR % (2023 to 2033) | 4.5% |
Country | The United Kingdom |
---|---|
CAGR % (2023 to 2033) | 4.4% |
The United States Market is having steady growth and is expected to have a significant share holding in the upcoming years. The region held a15.2% of the total market share for CNG and LPG vehicles in 2022.
Factors that are making a Significant Contribution to the Expansion of the Market in this Region are:
It is projected that Europe is going to dominate the global CNG and LPG vehicles market during the period from 2023 to 2033.
The Reasons Attributing to the Growth of the CNG and LPG Vehicles Market in Europe
Owing to the exploding population and high demand for clean fuel, the European CNG and LPG vehicles market is propelling at a significant pace.
Category | By Fuel Type |
---|---|
Leading Segment | CNG |
Market Share% (2022) | 78.5% |
Category | By VehicleType |
---|---|
Leading Segment | Passenger Cars |
Market Share% (2022) | 39.2% |
New Entrants Considerably Adding Value to the CNG and LPG Vehicles Market
Recent Developments:
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The market is valued at US$ 5.44 billion in 2023.
Fiat Group, Ford and Renault are key market players.
CNG segment is likely to remain preferred through 2033.
High maintenance cost is the key challenge faced by market.
India, Japan, and China dominate the Asian market.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Fuel Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Fuel Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Fuel Type, 2023 to 2033 5.3.1. CNG 5.3.2. LPG 5.4. Y-o-Y Growth Trend Analysis By Fuel Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Fuel Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicles Types 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicles Types, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicles Types, 2023 to 2033 6.3.1. Passenger 6.3.2. Light Commercial 6.3.3. Medium commercial 6.3.4. Heavy Commercial 6.4. Y-o-Y Growth Trend Analysis By Vehicles Types, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Vehicles Types, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Fuel Type 8.2.3. By Vehicles Types 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Fuel Type 8.3.3. By Vehicles Types 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Fuel Type 9.2.3. By Vehicles Types 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Fuel Type 9.3.3. By Vehicles Types 9.4. Key Takeaways 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Fuel Type 10.2.3. By Vehicles Types 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Fuel Type 10.3.3. By Vehicles Types 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Fuel Type 11.2.3. By Vehicles Types 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Fuel Type 11.3.3. By Vehicles Types 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Fuel Type 12.2.3. By Vehicles Types 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Fuel Type 12.3.3. By Vehicles Types 12.4. Key Takeaways 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Fuel Type 13.2.3. By Vehicles Types 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Fuel Type 13.3.3. By Vehicles Types 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Fuel Type 14.2.3. By Vehicles Types 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Fuel Type 14.3.3. By Vehicles Types 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2022 15.1.2.1. By Fuel Type 15.1.2.2. By Vehicles Types 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2022 15.2.2.1. By Fuel Type 15.2.2.2. By Vehicles Types 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2022 15.3.2.1. By Fuel Type 15.3.2.2. By Vehicles Types 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2022 15.4.2.1. By Fuel Type 15.4.2.2. By Vehicles Types 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2022 15.5.2.1. By Fuel Type 15.5.2.2. By Vehicles Types 15.6. UK 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2022 15.6.2.1. By Fuel Type 15.6.2.2. By Vehicles Types 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2022 15.7.2.1. By Fuel Type 15.7.2.2. By Vehicles Types 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2022 15.8.2.1. By Fuel Type 15.8.2.2. By Vehicles Types 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2022 15.9.2.1. By Fuel Type 15.9.2.2. By Vehicles Types 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2022 15.10.2.1. By Fuel Type 15.10.2.2. By Vehicles Types 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2022 15.11.2.1. By Fuel Type 15.11.2.2. By Vehicles Types 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2022 15.12.2.1. By Fuel Type 15.12.2.2. By Vehicles Types 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2022 15.13.2.1. By Fuel Type 15.13.2.2. By Vehicles Types 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2022 15.14.2.1. By Fuel Type 15.14.2.2. By Vehicles Types 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2022 15.15.2.1. By Fuel Type 15.15.2.2. By Vehicles Types 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2022 15.16.2.1. By Fuel Type 15.16.2.2. By Vehicles Types 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2022 15.17.2.1. By Fuel Type 15.17.2.2. By Vehicles Types 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2022 15.18.2.1. By Fuel Type 15.18.2.2. By Vehicles Types 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2022 15.19.2.1. By Fuel Type 15.19.2.2. By Vehicles Types 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2022 15.20.2.1. By Fuel Type 15.20.2.2. By Vehicles Types 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2022 15.21.2.1. By Fuel Type 15.21.2.2. By Vehicles Types 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2022 15.22.2.1. By Fuel Type 15.22.2.2. By Vehicles Types 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2022 15.23.2.1. By Fuel Type 15.23.2.2. By Vehicles Types 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Fuel Type 16.3.3. By Vehicles Types 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. GAIL India Ltd. 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.1.5.2. Product Strategy 17.1.1.5.3. Channel Strategy 17.1.2. Fiat Group 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.2.5.2. Product Strategy 17.1.2.5.3. Channel Strategy 17.1.3. General Motors Group 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.3.5.2. Product Strategy 17.1.3.5.3. Channel Strategy 17.1.4. Renault 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.4.5.2. Product Strategy 17.1.4.5.3. Channel Strategy 17.1.5. Hyundai 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.5.5.2. Product Strategy 17.1.5.5.3. Channel Strategy 17.1.6. Suzuki 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.6.5.2. Product Strategy 17.1.6.5.3. Channel Strategy 17.1.7. Ford 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.7.5.2. Product Strategy 17.1.7.5.3. Channel Strategy 17.1.8. Volkswagen 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.8.5.2. Product Strategy 17.1.8.5.3. Channel Strategy 17.1.9. AB Volvo 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.9.5.2. Product Strategy 17.1.9.5.3. Channel Strategy 17.1.10. Traton SE 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.10.5.2. Product Strategy 17.1.10.5.3. Channel Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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