The CNG & LPG vehicles market would record a favorable growth during the forecast period, 2020-2030. The market is growing due to rising significance of clean economy and ecosystem balance in addition to governmental protocols. Together with the ecological concerns, the economical factor (in contrast to diesel and petrol) would also support the CNG & LPG vehicles market.

However, lack of awareness concerning the benefits of LPG/CNG amid the individuals is preventing the market from growing. A few other growth constraining aspects can be fewer service stations of CNG & LPG, poor networks of LPG & CNG stations, and growing awareness of forthcoming LNG vehicles. Moreover, the global market is challenged because of its higher equipment installation cost.

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Developments & Trends

Even though government is thrusting on electric vehicles, it is still in its nascent stage; LPG is acting as a transit fuel. The prominent government authorizations such as Federal Emissions Standards, California Air Resources Board Zero-Emission Vehicle Mandate, and Corporate Average Fuel Economy (CAFÉ), are turning the automotive sector towards technological advancements increasingly to reduce emissions and attain fuel economy which are directly influencing the demand for CNG & LPG vehicles. The global market is yet in its evolving stage which calls for a conjoint effort of the manufacturers (OEM’s), people, and the government.

COVID-19 Impact Analysis

The automotive industry has been vastly affected due to the COVID-19 outbreak. A concerted and planned response, both medium to long term and immediate will ascertain a positive recovery. The industry will require support from regulators and government to catalyze this revival.

Regional Insights

The APAC market is estimated to remain dominant in the global market trailed by Europe & North America. The emerging nations such as China and India are anticipated to be potentially rising regarding the growing demand for passenger cars and commercial vehicles accompanied by the increasing gasoline costs and cost conscious consumers. South Korea being the developed country in automotives market would also reflect a notable expansion into the global market.

Europe is experiencing some strict regulations by the European Union (EU) which is stimulating the CNG & LPG vehicles demand, concerning the European benefit package for the oil companies.

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Competitive Landscape

The major market players in CNG and LPG vehicles market are Fiat Group, Ford, General Motors Group, Renault, Volkswagen, Suzuki, Hyundai, and others. The market players are increasing their businesses with novel innovative technologies so that they could have an upper hand over their rivals. The manufacturers are offering natural-gas engines, both as duel fuel diesel-cycle engines or as dedicated (mono-fuel) otto-cycle engines. Manufacturers, such as Volvo, Iveco, and Scania have all presented novel gas commercial vehicles.

Maruti Suzuki has CNG option accessible for eight of its models, which comprise both light commercial vehicles and passenger cars.

Recently, Renault declared it will offer the Captur and Clio small cars with its dual-fuel power train combining gasoline and LPG.