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What key factors are powering the surge in the cng and lpg vehicle market right now?

The market size for CNG and LPG vehicles has witnessed substantial growth in recent times. The market, valued at $4.19 billion in 2024, is projected to surge to $4.57 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.1%. Factors contributing to this growth during the historical period include initial widespread adoption by public transportation systems, governmental financial aids and rewards, heightened consciousness towards the environment, corporate collaborations and partnerships, and initiatives in research and development.

How fast Is the cng and lpg vehicle market expected to grow, and what’s its future value?

The market for CNG and LPG vehicles is expected to experience robust growth in the coming years, with projections of a rise to $6.4 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.7%. This growth during the projected period can be linked to factors such as increasingly strict emission policies, the inclusion of renewable energies, urban development and traffic issues, a shift towards sustainable transportation, and strategic market expansion. Key trends for the forecast period encompass increased adoption of biogas and bio-LPG, integration with cutting-edge vehicular technologies, growth in mobility-as-a-service (MaaS) solutions, development of next-gen infrastructures, and a shift towards circular economy models.

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What are the leading drivers of growth in the cng and lpg vehicle market?

The surge in the uptake of clean-energy vehicles is set to bolster the CNG and LPG vehicle market’s expansion. Vehicles fueled by clean energy utilize alternative sources or fuels, producing significantly less to no emissions when compared to standard gasoline or diesel vehicles. The demand for these clean-energy vehicles is growing due to rising awareness about the need for environmental preservation and cutting down carbon emissions to counter climate change. These vehicles typically employ CNG and LPG as substitute fuels because of their relatively lower carbon emissions, thereby proving to be a cleaner and eco-friendly mode of transportation. For instance, the International Energy Agency (IEA), an independent intergovernmental body based in France, stated that there was a growth in the sales of electric vehicles by 3.5 million in 2023 compared to 2022, marking a 35% year-on-year surge. Thus, the escalating uptake of clean-energy vehicles is spurring the advancement of the CNG and LPG vehicle market.

What are the key segments defining the cng and lpg vehicle market?

The CNG And LPG vehicle market covered in this report is segmented –

1) By Fuel Type: Compressed Natural Gas (CNG), Liquefied Petroleum Gas(LPG)

2) By Vehicle Type: Passenger Cars, Commercial Vehicles

3) By Sales Channel: Original Equipment Manufacturer(OEM), Retrofitting

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Who are the key players steering the development of the cng and lpg vehicle market?

Major companies operating in the CNG and LPG vehicle market report are Volkswagen AG; Ford Motor Company; General Motors; Tata Group; Honda Motor Co. Ltd.; Hyundai Motor Group; Nissan Motor Co. Ltd.; Groupe Renault; AB Volvo; Suzuki Motor Corporation; Cummins Inc.; IVECO S.p.A.; KION GROUP AG; Scania AB; MAN Truck & Bus AG; Navistar Inc.; Chart Industries Inc.; Clean Energy Fuels Corp.; Westport Fuel Systems Inc.; Landi Renzo S.p.a.; Hexagon Agility Inc.; AC S.A.; CNG Fuels Ltd.; Fiat Chrysler Automobiles; Clean Fuels Ohio

What emerging trends are influencing the growth of the cng and lpg vehicle market?

Leading businesses in the CNG and LPG vehicle sector are advancing with the development of cutting-edge dual-cylinder CNG technology to enhance fuel efficiency and minimize emissions. The dual-cylinder CNG technology involves a setup where two separate compressed natural gas (CNG) cylinders are installed in a vehicle for fuel storage. For example, in May 2023, Tata Motors Limited, a renowned automotive firm from India, introduced the Altroz iCNG, integrated with dual-cylinder CNG technology. This advanced feature tackles the main issue of boot space in CNG vehicles, offering owners with a functional, usable area. The Altroz iCNG comes with amenities like leatherette seats, iRA-connected car technology, cruise control, and automatic headlamps.

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Which regions are most influential in expanding the cng and lpg vehicle market?

Asia-Pacific was the largest region in the CNG and LPG vehicles market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the CNG and LPG vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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