CNG and LPG Vehicle Market Future Estimations Till 2030

-

A compressed natural gas (CNG) vehicle is equipped with a spark-ignited internal combustion engine, which operates as a gasoline engine. Natural gas in CNG vehicles is stored in a fuel tank or cylinder, which is usually placed at the back. The exhaust system of such vehicles channels the exhaust gases from the engine to the air through the tailpipe. This system has a three-way catalyst that reduces engine-out emissions. In liquified petroleum gas (LPG) vehicles, the size of the fuel tank is smaller than that of a diesel or petrol-based automobile. 


Globally, alternative fuel vehicles such as CNG and LPG vehicles are being increasingly preferred over petrol and diesel-based automobiles, owing to the surging air pollution levels caused due to combustion of these  petroleum products. Thus, the increasing shift toward clean energy, primarily on account of the surging environmental concerns and toughening emission laws, will help the CNG and LPG vehicle market is to advance at 5.9% CAGR during 2020–2030. The market recorded sales of 56.2 million units in 2019 and it is expected to sell 102.3 million units by 2030.

This is credited to the growing deployment of CNG vehicles, especially in the emerging economies of Asia-Pacific (APAC). When vehicle type is taken into consideration, the CNG and LPG vehicle market is divided into bus, light and heavy-duty trucks, and passenger cars categories. Out of these, the passenger car category held the largest share in the market in 2019, mainly because of the huge public awareness about the environmental degradation caused due to the usage of diesel and gasoline-powered vehicles.

Additionally, the enactment of government policies for reducing air pollution in several countries also contributed toward the expansion of the category. Globally, the CNG and LPG vehicle market will demonstrate the fastest growth in Latin America, the Middle East, and Africa (LAMEA) in the upcoming years, as per the estimates of the market research firm, P&S Intelligence. This is ascribed to the surging sales of these vehicles, due to the increasing purchasing power of people in these countries.

Hence, it is safe to say that the demand for CNG and LPG vehicles will soar all over the world in the coming years, mainly because of their lower operating costs than the gasoline and diesel-powered vehicles and the booming e-commerce industry.

Comments

Post a Comment

Popular posts from this blog

How the Asia-Pacific Electric Car Market Has Witnessed Substantial Growth in Coming Years?

-
Image
As the air quality deteriorates and the prevalence of various lung diseases increases in the Asia-Pacific (APAC) region, the attention of governments, regulatory authorities, policymakers, and citizens is finally shifting toward the elephant in the room, that is, the large-scale usage of fossil-fuel-powered vehicles for both personal commuting and transportation of goods. The harmful emissions released from these vehicles are one of the major causes of air pollution and the rapid environmental degradation. To combat the situation and make the air in urban areas breathable again, governments of several APAC countries are implementing policies aimed at promoting the deployment of eco-friendly modes of transport, such as electric cars. This is, in turn, fueling the advancement of the Asia-Pacific electric car market. For instance, as per industry experts, sales of electric vehicles grew in India by 32.0% or from nearly 576,000 units in 2018 to more than 760,000 units in 2019, among w
Read more

India Shared Mobility Market 2021 to Witness Stunning Growth

-
Image
Due to the rapid environmental degradation because of the extensive usage of fossil fuel-powered vehicles, the government is increasingly implementing policies aimed at encouraging the adoption of shared mobility solutions in India. Moreover, the government is providing various financial incentives for promoting the adoption of these solutions in the country. For example, under the faster adoption and manufacturing of (hybrid) and electric vehicles (FAME) II scheme, the government launched initiatives for augmenting the deployment of electric vehicles for commercial purposes.  These initiatives are propelling the deployment of electric vehicles and their adoption by various shared mobility service providers in the country. Apart from this factor, the increasing road congestion, especially in the urban areas, on account of the booming population levels and the surging number of daily commuters, is also pushing up the demand for shared mobility solutions in India. Different companies are
Read more

India Automotive HMI Market Development, Growth, and Demand Forecast, 2013-2023

-
Image
The major factors behind the India automotive human machine interface (HMI) market growth are rising sales of passenger car, increasing in-vehicle connectivity, and growing demand for comfort and in-vehicle safety features. The market generated a revenue of $466.9 million in 2017, and it is predicted to reach $1.0 billion by 2023, witnessing a CAGR of 14.1% during the forecast period 2018–2023, according to P&S Intelligence. Automotive HMI includes multiple system that permits drivers to interact with their vehicles. It works with the human touch, voice commands, and body language. Benefits associated with multimodal HMI, such as better recognition and faster interaction, are expected to increase their penetration in passenger cars. Further based on end-use, the Indian automotive HMI market is categorized into economy, medium, and premium cars. Due to the rising HMI deployment in medium car category, these cars held the largest sales volume share in the market and is forecasted to
Read more