The global compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicle market attained sales of 56.2 million vehicles in 2019. According to the forecast of P&S Intelligence, a market research company, the market size will reach 102.3 million units by 2030. Furthermore, the market will progress at a CAGR of 5.9% between 2020 and 2030. The growing usage of clean-energy vehicles and the ability of LPG and CNG vehicles to replace traditional vehicles are the main market growth drivers.
Additionally, the low running costs of these
vehicles are also contributing heavily toward the boom of the LPG and CNG vehicle market. Automobiles that run on LPG and CNG have lower running
costs than the diesel and gasoline-based vehicles. This is because of the lower
costs of LPG and CNG than diesel and gasoline. The cost of CNG ranges from
around $1.50 to $2.80 per gallon in Europe, registering a reduction of as much
as 40–75% in fuel cost.
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Depending on fuel type, the CNG and LPG
vehicle market is classified into LPG and CNG. Of these, the CNG category
recorded higher growth in the market in the past and it is predicted to
demonstrate faster growth in the forthcoming years. This is credited to the
burgeoning deployment of CNG vehicles, particularly in the emerging economies
of the Asia-Pacific (APAC) region. The market is further categorized, based on
fuel type, into light and heavy-duty trucks, bus, and passenger cars.
On the other hand, the market is predicted to
exhibit the fastest growth in the Latin America, Middle East, and Africa
(LAMEA) region in the upcoming years. This will be because of the fact that the
emerging economies in this region such as Argentina and Brazil are providing
lucrative growth opportunities for the market players, because of the surging
purchasing power of the people and the subsequent rise in the per capita
spending on personal transportation in the region.
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Hence, it can be said with full confidence
that the market will grow substantially all over the world in the upcoming
years, primarily because of the increasing public preference of
environment-friendly fuel sources and the lower operating costs of CNG and
LPG-based automobiles.
