CNG And LPG Vehicle Market Is Driven By Increasing Awareness About Emission Reduction

The CNG and LPG vehicle market has seen significant growth in recent years due to stricter emission norms introduced by governments across the globe. CNG vehicles offer a cleaner alternative to gasoline or diesel with substantially lower emissions. CNG is composed mainly of methane, with essentially zero particulates or air pollutants. LPG is also a cleaner alternative as a fuel compared to petrol or diesel as it produces lesser emissions and is relatively affordable. Over the past few years, several automakers like HYUNDAI MOTOR GROUP, Fiat Chrysler Automobiles, Honda Motor Co. Ltd., Suzuki Motor Corporation, General Motors, Groupe Renault, Tata Sons Private Limited have introduced CNG as well as LPG variants of their models to cash in on the growing demand. The availability of varied models with factory-fitted CNG and LPG kits has boosted adoption rates.
The Global CNG And LPG Vehicle Market is estimated to be valued at US$ 5.33 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 To 2031.