The global CNG and LPG market was valued at 45,952.4 thousand units in 2015, and it is expected to grow at a CAGR of 10.1% during 2016 - 2022. Increasing population and urbanization, growing demand for passenger and commercial vehicles mainly in developing economies, and stringent emission control norms across the globe are expected to drive the demand for CNG and LPG vehicles over the forecast period.
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The global demand for CNG and LPG vehicle is fueled by the unstable conventional fuel prices, which is driving the interest of people towards using CNG and LPG vehicles, as the overall price of CNG and LPG when compared to the cost of either gasoline or refined diesel fuels is low. Increase in the development of the infrastructure network for CNG and LPG fueling stations is expected to drive the demand for CNG and LPG vehicles in the coming years.
Europe was the largest market for CNG and LPG vehicles in 2015. The major reason for the growth of the market in Europe includes high cost for diesel and stringent regulation by EU for low emission across the Europe. CNG and LPG vehicle market in South America is expected to increase at a significant rate, driven by growing automotive industry and increasing infrastructure for CNG and LPG fueling stations.Asia-Pacific was the second largest market for CNG and LPG vehicle in 2015. The infrastructural developments and high investments from major OEMs have fuelled the growth of personal and passenger vehicles, and thus the CNG and LPG vehicles market in the region.
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Some of the major players operating in the global CNG and LPG vehicle market include Ford Motor Company, Suzuki Motor Corporation, Fiat Chrysler Automobiles NV, Honda Motor Company, Volkswagen Group, Hyundai Motor Group, General Motors Company, Groupe Renault, Kia Motors Corporation, Mercedes-Benz, The Volvo Group, Isuzu Motors Ltd. and Toyota Motor Corporation and Mitsubishi Motors Corporation.
