The worldwide demand for CNG and LPG Vehicles is skyrocketing owing to their economical nature and high efficiency as compared to traditional fuels, such as gasoline and diesel. Due to the availability of the dual fuel option, these vehicles present an attractive option vis-à-vis reduction in running costs and elimination of range-related concerns. The State and federal governments of the U.S.A are enacting laws and providing incentives to help build and sustain a market for natural gas fuel and vehicles.
The initial cost of purchasing a natural gas vehicle is more than that of a gasoline vehicle; however, this cost is expected to reduce in the forecast period due to the increasing number of natural gas vehicle manufacturers.
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The key players in the market are Fiat S.P.A, Ford Motor Company, Volkswagen, General Motors, Honda Motor Co. Ltd., Hyundai Motor Group and Suzuki Motor Corporation. Volkswagen is strengthening its clean diesel engine campaign for TDI (Turbo Direct Injection) technology to gain traction in the European market. The global CNG and LPG vehicle market is segmented on the basis of vehicle type, fuel and geography. Based on vehicle type, the market is further segmented into passenger vehicle, light commercial vehicle and medium commercial vehicle. Based on fuel type, the market is segmented into CNG and LPG. Geographically, the market is segmented into Europe, North America, Asia Pacific and LAMEA.
KEY BENEFITS
The report provides an in-depth analysis of the global CNG and LPG vehicle market, including information about the current market situation, changing market dynamics, expected trends and market intelligence
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MARKET BY VEHICLE TYPES
- Passenger
- Light Commercial
- Medium Commercial
MARKET BY FUEL TYPE
- CNG
- LPG
MARKET BY GEOGRAPHY
- North America
- Europe
- Asia pacific
- LAMEA
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