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CNG & LPG Vehicles Market Size
- Report ID: GMI7484
- Published Date: Nov 2023
- Report Format: PDF
CNG & LPG Vehicles Market Size
CNG & LPG Vehicles Market size was valued at USD 11.4 billion in 2022 and is anticipated to register a CAGR of over 7% between 2023 and 2032, as it is driven by the escalating environmental concerns and regulations worldwide. Advancements in CNG technology are driving growth in the market. Improved CNG technologies enhance fuel efficiency, reduce emissions, and boost performance, making compressed natural gas an increasingly attractive alternative.
For instance, in May 2023, Tata Motors, a prominent automobile manufacturer in India, introduced Altroz iCNG, featuring India's pioneering twin-cylinder CNG technology. The introductory price for this model is set at USD 9,082.8 (All-India, ex-showroom). It is equipped with advanced features including a voice-assisted electric sunroof, wireless charger, and an air purifier. These advancements address environmental concerns and align with the global push for cleaner energy solutions, contributing to the CNG & LPG vehicles market expansion
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| CNG & LPG Vehicles Market Size in 2022: | USD 11.4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7% |
| 2032 Value Projection: | USD 22.9 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 310 |
| Segments covered: | Vehicle type, fuel type, fitting, and engine system |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The surging emphasis on sustainable mobility stems from a global commitment to address environmental challenges, prompting a shift toward eco-friendly transportation solutions. In response to concerns over climate change and air quality, consumers and governments are actively seeking cleaner alternatives. CNG & LPG vehicles, characterized by their reduced emissions, are gaining traction as viable options, aligning with the collective effort to create a more sustainable and environmentally conscious approach to mobility. This shift underscores the pivotal role of environmental considerations in propelling the market.
Perceptions of reduced performance compared to petrol-powered vehicles can hinder the CNG & LPG vehicles market growth. Consumer concerns about power and acceleration may influence their purchasing decisions. Despite technological advancements, addressing these perceptions and showcasing the competitive performance of CNG & LPG vehicles is crucial for broader market acceptance, as consumer preferences often gravitate toward vehicles that maintain or exceed the performance standards set by traditional petrol-powered counterparts.
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CNG & LPG Vehicles Market Scope
