The increasing environmental concerns and escalating prices for gasoline and diesel have upturned the economies’ (especially the developing ones) attention towards alternative fuel such as Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) and global CNG and LPG vehicles market. The Dual Fuel options offered by these substitute fuel vehicles have convinced the consumers as noble substitutes when compared to the traditional gasoline and diesel vehicles.
The major governmental mandates such as Corporate Average Fuel Economy (CAFÉ), California Air Resources Board Zero-Emission Vehicle Mandate, and Federal Emissions Standards are turning the automotive industry towards more and more technological advancements so as to attain fuel economy and reduce emissions which are directly increasing the demand for CNG and LPG vehicles, thereby raising the global CNG and LPG vehicles market. The global CNG and LPG vehicles market is yet in its developing stage which requires a conjoint efforts of the government, people, and the manufacturers (OEM’s).
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CNG and LPG Vehicle Market: Drivers & Restraints
The increasing importance of clean economy and balance of the ecosystem is accompanied by governmental protocols, and is driving the global CNG and LPG vehicles market. Along with the environmental concerns, the cost saving factor (comparative to the petrol and Diesel) will also subsidize to the global CNG and LPG vehicle market.
Despite of being the most striking subject matter of the economy in recent times there is a lack of awareness about the benefits of LPG/CNG amongst the people that is preventing the global CNG and LPG vehicles market from growing. Some of the other growth restraining factors of the global CNG and LPG vehicles market can be deficiency in the service stations of CNG and LPG, poor networks of CNG and LPG Stations, and increasing awareness of upcoming LNG vehicles.
The global CNG and LPG vehicle market is also is challenged due to its higher cost of initial equipment installation.
CNG and LPG Vehicles Market: Segmentation
By product/fuel type, the global market for CNG and LPG vehicles is segmented as CNG and LPG.On the basis of applications the global CNG and LPG vehicles market is segmented as Passenger Car Vehicles and Light Commercial Vehicles (LCV).
CNG and LPG Vehicles Market: Region-wise Outlook
The CNG and LPG Vehicles market is expected to register a favourable growth for the forecast period, 2015-2025. The Asia-Pacific is projected to endure its control on the global CNG and LPG vehicles market followed by Europe and North America. The developing regions such as India and China are projected to be potentially growing in global CNG and LPG vehicles market with reference to the increasing demand for commercial vehicles and passenger cars accompanied by the escalating gasoline prices and price conscious consumers. South Korea being the developed nation in automotives market will also show a remarkable growth into the global CNG and LPG vehicles market.
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European market is undergoing some stringent norms by the European Union (EU) that is accelerating the demand for CNG vehicles. Not only CNG vehicles but also LPG will be at a competitive advantage situation in response to the European incentives for the oil companies.
CNG and LPG Vehicles Market: Key Players
Some of the key market participants in global CNG and LPG vehicles market are Ford, Fiat Group, General Motors Group, Volkswagen, Renault, Hyundai, Suzuki, and others.