Market Overview: CNG and LPG Vehicle Market
CNG (Compressed Natural Gas) and LPG (Liquified Petroleum Gas) vehicles are becoming increasingly popular in many countries around the world, with governments and other agencies encouraging their use both for environmental reasons as well as cost savings.
For example, China is making a big push to increase the number of CNG and LPG vehicles on its roads in an effort to reduce the amount of pollution caused by motor vehicle exhaust. There are even incentives for taxi and bus companies that convert to using these fuels.
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In India, the government has also been encouraging their use for several years, with a strong focus on CNG vehicles due to concerns about air quality in major cities like Delhi. A number of measures have been put in place to increase the availability and use of CNG, including tax breaks for companies that convert their vehicles to using it, and subsidies for individuals who purchase a new or secondhand car fitted with a CNG kit.
Market Segmentation
On the basis of vehicle type, the global CNG and LPG market can be categorized in three broad segments namely passenger cars, light commercial vehicle market, and others. On the basis of fuel type the market is further segmented in LPG and CNG.
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Regional Outlook
Asia Pacific is the largest market for CNG and LPG vehicle followed by Europe and North America. Iran, India, and Pakistan are the major market of CNG and LPG vehicles in Asia pacific. Italy is the largest market of CNG and LPG operated vehicle in Europe.
The current growth is highest in Asia Pacific and it is expected that price conscious consumers coupled with increasing crude oil prices in this region will keep the growth rate steady during the forecasted period. The strict emission standard by European Union (EU) is driving the market of CNG and LPG in Europe.
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Key Players
Some of the leading global players operating in original equipment manufacturing (OEM) market of CNG and LPG include, Fiat S.P.A., Ford Motor Company, General Motors, Hyundai Motor Group, Suzuki Motor Corporation, Volkswagen and Honda Motor Co., Ltd. Some of the leading aftermarket players include, Landi Renzo, Impco, Venchurs, Westport, and Tomasetoo Achile.
Key points covered in the report
- Report segments the market on the basis of types, application, products, technology, etc (as applicable)
- The report covers geographic segmentation
- North America
- Europe
- Asia
- RoW
- The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
- The report provides company profiles of some of the leading companies operating in the market
- The report also provides porters five forces analysis of the market.
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