In its latest report on ‘Cng Lpg Vehicle Market’, Persistence Market Research provides a concise analysis on the recent market trends. The report further includes statistics, market forecasts and revenue estimations, that in addition highlights its status in the competitive domain as well as expansion trends adopted by major industry players.
Some of the leading global players operating in original equipment manufacturing (OEM) market of CNG and LPG include, Fiat S.P.A., Ford Motor Company, General Motors, Hyundai Motor Group, Suzuki Motor Corporation, Volkswagen and Honda Motor Co., Ltd. Some of the leading aftermarket players include, Landi Renzo, Impco, Venchurs, Westport, and Tomasetoo Achile.
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Vehicle engine which uses liquid petroleum gas (LPG) or compressed natural gas (CNG) as a secondary fuel are termed as CNG and LPG vehicle. Internal combustion engines running on LPG or CNG are well-proven technologies and work similar to conventional fuel-powered spark ignition engines. Both LPG and CNG are mostly used in spark-ignition engines for bi-fuelled vehicles (vehicles that can operate on more than one fuel type). CNG and LPG are also getting popularity in compression-ignition engines based vehicle such as diesel operated heavy-duty vehicles.
On the basis of vehicle type, the global CNG and LPG market can be categorized in three broad segments namely passenger cars, light commercial vehicle market, and others. On the basis of fuel type the market is further segmented in LPG and CNG.
The LPG and CNG vehicle is gaining penetration in developing countries attributed to low-cost of CNG and LPG over rising prices of petroleum products. In addition CNG and LPG operated vehicles are considered as a green alternative of petroleum operated vehicles. The bi-fuel options offered by LNG and LPG vehicles make them one of the preferred choices among end user, mainly in terms of saving in running costs. Moreover cost benefits of CNG and LPG coupled with significant carbon emission reduction is expected to increase the LPG and CNG market globally.
Asia Pacific is the largest market for CNG and LPG vehicle followed by Europe and North America. Iran, India, and Pakistan are the major market of CNG and LPG vehicles in Asia pacific. Italy is the largest market of CNG and LPG operated vehicle in Europe. The current growth is highest in Asia Pacific and it is expected that price conscious consumers coupled with increasing crude oil prices in this region will keep the growth rate steady during the forecasted period. The strict emission standard by European Union (EU) is driving the market of CNG and LPG in Europe.