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The global CNG and LPG vehicle market is projected to grow at a CAGR of 10.55% from 2015 to 2020 to reach USD 3,576.3 Million by 2020.
Asia-Pacific: Fastest-growing market, by value, for CNG and LPG vehicles
The Asia-Pacific region comprises countries such as China, India, Thailand, and South Korea. Recent infrastructure developments and industrialization activities in these countries have opened up new avenues, opportunities, and markets for OEMs. The demand for passenger cars is growing in these regions, triggered by an increase in per capita income and demand for luxury. The infrastructural developments and industrial investments have also propelled the growth of personal vehicles and consequently, CNG and LPG vehicles in the region. Asia-Pacific has less infrastructure support as compared to other regions; however, with countries such as India supporting infrastructural development in the future. This would fuel growth of the CNG and LPG vehicle market.
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Europe: Stable market for CNG & LPG vehicles
Europe is a matured market for the automotive industry. The European automotive industry registered a negative CAGR, following the Euro Crisis of 2008. However, the industry began to recover at a rapid rate after 2013. Prompted by high running cost of diesel vehicles, customers are switching over to natural gas vehicle. These concerns have compelled automobile manufacturers to develop technologically advanced automotive CNG and LPG vehicles.
America: One of the key markets for CNG & LPG vehicles
The American region comprises the U.S., Brazil, of which the U.S. is a technologically advanced and matured automotive market. However, a number of OEMs are setting up manufacturing facilities in Brazil, following economical labor and low production costs. This has increased vehicle production volume of the country, thereby increasing the demand for CNG and LPG vehicles.
The report covers the global automotive CNG and LPG vehicles market in terms of volume (‘000 units) and value (USD Million) across the regions of Asia-Pacific, Europe, America, and the rest of the world (RoW). It explains the qualitative and quantitative aspects of the CNG and LPG market by passenger car, LCV and industrial trucks. The report briefly studies the market on the basis of region, fuel type, and vehicle type from 2015 to 2020.
It also provides an overview of technical factors and other important aspects of the automotive CNG and LPG vehicles market. It includes a value chain analysis, Porter’s Five Forces analysis, a competitive landscape, and company profiles. In addition to this, 11 key players of the automotive CNG and LPG vehicles industry have been profiled.
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