The global CNG and LPG market was valued at 45,952.4 thousand units in 2015, and it is expected to grow at a CAGR of 10.1% during 2016 – 2022. Increasing population and urbanization, growing demand for passenger and commercial vehicles mainly in developing economies, and stringent emission control norms across the globe are expected to drive the demand for CNG and LPG vehicles over the forecast period. The global demand for CNG and LPG vehicle is fueled by the unstable conventional fuel prices, which is driving the interest of people towards using CNG and LPG vehicles, as the overall price of CNG and LPG when compared to the cost of either gasoline or refined diesel fuels is low. Increase in the development of the infrastructure network for CNG and LPG fueling stations is expected to drive the demand for CNG and LPG vehicles in the coming years.
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Rapid transit vehicles are gaining popularity due to their rapid mobility and high seating capacity. Increasing number of CNG/LPG powered transit buses during the forecast period drives the growth of the CNG and LPG vehicle market. Moreover, increasing use of waste collection vehicles, including garbage truck, dustcart, dustbin lorry, bin lorry or bin van, runs on CNG and LPG and is thus supporting the growth of the CNG and LPG vehicle market in developed regions. Wider use of natural gas in both short-haul fleets and long distance trucking is being facilitated by the development of CNG, LPG and LNG fueling networks. Technological innovation is producing more affordable light-duty, medium-duty, and heavy-duty natural gas truck options, as well as natural gas fueled passenger vehicles. These factors are driving the growth of the CNG and LPG vehicle market in the developed economies.
Some of the major players operating in the global CNG and LPG vehicle market include Ford Motor Company, Suzuki Motor Corporation, Fiat Chrysler Automobiles NV, Honda Motor Company, Volkswagen Group, Hyundai Motor Group, General Motors Company, Groupe Renault, Kia Motors Corporation, Mercedes-Benz, The Volvo Group, Isuzu Motors Ltd. and Toyota Motor Corporation and Mitsubishi Motors Corporation.