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CNG & LPG Vehicles Market Share

Report ID: GMI7484
Published Date: Nov 2023
Report Format: PDF

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CNG & LPG Vehicles Market Share

Major companies operating in the CNG & LPG vehicles industry are:

Ford Motor Company
Maruti Suzuki
Volkswagen Group
Honda
Hyundai Motor Company
Renault
Tata Motors

Ford Motor Company holds the largest market share as the company offers consumers a compelling value proposition, including fuel efficiency, reduced emissions, and competitive pricing, would contribute to Ford's potential dominance in the CNG & LPG vehicles segment. Ford's potential success in the market could be linked to a well-executed strategy involving the development and promotion of vehicles that run on these alternative fuels.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of CNG & LPG vehicles reached USD 11.4 billion in 2022 and is set to witness a CAGR of over 7% through 2032, led by the escalating environmental concerns and regulations worldwide, alongside advancements in CNG technology.

The CNG segment held around 78% market share in 2022. CNG's superiority is attributed to its dual-appeal environmental benefits and cost efficiency.

Asia Pacific market accounted for over 30% revenue share in 2022, driven by favourable government policies & incentives and technology advancements.

Ford Motor Company, Maruti Suzuki, Volkswagen Group, Honda, Hyundai Motor Company are some of the major industry contenders.