Cng & Lpg Vehicles Market Scope
The CNG and LNG vehicle has been gaining market share at the expense of the ones that run on diesel and petrol, owing to the increasing awareness towards environmental sustainability and rising demand for natural gas and similar other sources as fuel.The government of various developing and developed nations are implementing stringent regulations regarding the vehicular emissions, owing to which, automobile manufacturers are experiencing great demand for high-performance trucks as they consume fuel efficiently and emit minimum harmful emissions.
According to AMA, the Global Cng & Lpg Vehicles market is expected to see growth rate of 9.3%Cng & Lpg Vehicles is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that Japanese, United States Vendors will contribute to the maximum growth of Global Cng & Lpg Vehicles market throughout the predicted period.
Navistar (United States), Volkswagen (Germany), Suzuki (Japan), Honda (Japan), Tata (India), Ford (United States), Hyundai (South Korea), General Motors (United States), Nissan (Japan) and Fiat (Italy) are some of the key players that are part of study coverage.
Segmentation Overview
The study have segmented the market of Global Cng & Lpg Vehicles market , by Application (Passenger Vehicles, Light Commercial Vehicles and Other) and Region with country level break-up.
On the basis of geography, the market of Cng & Lpg Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Stringent regulations regarding the vehicular emissions in both developed and developing countries
Market Growth Drivers:
The surging importance of clean environment and balance of the ecosystem, The increasing demand of passenger cars in developing economies and Increasing crude oil prices across global
Challenges:
High Maintenance and Insurance
Restraints:
Lack of proper refuelling infrastructure
Opportunities:
The Asia Pacific region could emerge to be highly potential in coming future
Market Leaders and their Expansionary Development Strategies
In January 2019, Volkswagen launched a CNG car in India. The market image for CNG demand has improved and the government's plans to expand its distribution network must be implemented if VW is to gain coverage in the sector.
In January 2022, Tata Motors launched two new CNG cars to provide an alternative to rising domestic oil prices. The domestic automotive major launched Tata Tigor CNG and Tiago CNG today for buyers in India. In this way, Tata Motors completes the three parts of the vehicle. Gasoline/diesel, electricity, and CNG. Tata Tigor CNG and Tata Tiago competed against Maruti Suzuki's CNG-powered cars primarily in India.
The Energy Policy Act (EPAct) of 1992 aims to reduce U.S. dependence on petroleum and improve air quality by addressing all aspects of energy supply and demand, including alternative fuels, renewable energy, and energy efficiency.
Key Target Audience
Automotive OEMs, Traders, Distributors, and Suppliers, Industry associations and experts, CNG and LPG fuel distributors, CNG and LPG kit manufacturers, Research organizations and consulting companies, Industry associations and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.