The global CNG and LPG vehicle market is projected to reach 4,389 thousand units sales by 2026, from an estimated 2,135 thousand units sales in 2021, at a CAGR of 15.5%. The base year for the report is 2020, and the forecast period is from 2021 to 2026. The rising cost of fossil fuels and government initiatives in increasing usage of low emission vehicles will lead to a growth of the CNG and LPG Vehicle market.
The recent developments in the CNG and LPG vehicle market include improvements in BI fuel vehicle technology, use of IOT in vehicles, 3D printing technology in alternate fuel vehicles, connected vehicles technology, etc. These advancements in charging technologies are expected to increase the demand for alternative fuel vehicles. The lower charging availablity of CNG and LPG fuel and growth of EV’s are some of the most important reasons that users are still a bit hesitant to prefer CNG and LPG vehicles. However, government bodies are working with manufacturers to provide the necessary CNG and LPG infrastructure. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, CNG and LPG vehicle market is considered to be a fast growing industry in the next few decades.
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The CNG and LPG vehicle market is dominated by players such as Suzuki Motor Corporation (Japan), Honda Motor Company (Japan), Hyundai Motor Group (South Korea), Volkswagen AG (Germany) and Ford Motor Company (US). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth CNG and LPG vehicle market.
Suzuki Motor Corporation designs and manufactures four-wheelers, two-wheelers, ATVs, marine engines, wheelchairs, and other small vehicles. It is one of the top producers of CNG and LPG vehicles in the world. The company has over 35 facilities in 23 countries and 133 distributors across 192 countries. It is one of the world’s top automobile manufacturers with many subsidiaries worldwide. The company also produces vehicles that can be driven by alternative fuels like CNG and LPG. In August 2020, Suzuki Motor Corporation launched the 2020 S Cross, the latest version of its SX4 S-Cross model. The vehicle was made considering new emission norms. In September 2019, Suzuki Motor Corporation expanded its production capacity by building its Hadarpur plant in India, which will increase its capacity by 750,000 units per annum. In May 2018, Suzuki Motor Corporation launched its 2nd generation Ertiga, first in Indonesia, then in countries like Brunei, India, the Philippines, South Africa, and Thailand. In India, it was launched after taking care of BS6 norms.
Honda Motor Company is a Japanese MNC manufacturing automobiles, motorcycles, and power equipment. It has subsidiaries like Acura, Atlas Honda, Everus, etc., as well as joint ventures ad partnerships with a variety of automobile-related companies. The company also produces CNG and LPG compatible vehicles for the market. Honda Motor Company has four divisions: Acura, Honda Aircraft Company, Honda Automobiles, and Honda Motorcycles. The company is also known for its wide range of motorcycles. In November 2020, Honda Motor Company showcased the 9th generation Civic model’s prototype, which is expected to be on sale in the 2nd half of 2021. In December 2019, Honda Motor Company launched the 7th generation Honda City, first in Thailand, then in India, Malaysia, and the Philippines. The Vehicle is available in Hatchback and Sedan variants. In October 2019, Honda Motor Company unveiled the 4th generation Jazz in Japan. It is a hybrid vehicle that can be made compatible with CNG.
Hyundai Motor Group, Volkswagen AG, Ford Motor Company, Toyota Motor Corporation, General Motors, Fia Chrysler Automobiles, Tata Motors, Eicher Motors, Bajaj Group, Great wall motors, SAIC Motor Corporation, FAW Group, BAIC Group, Nissan Motor Corporation, Subaru Corporation, Daimler AG, Groupe Renault, AB Volvo, etc. are some of the other players in this market. In December 2020, Ford Motor Company showcased its 4th generation self-driving platform with better sensors, cleaning tech, and batteries and available in a hybrid option with different fuel variants. In September 2020, Hyundai launched a new Tucson model with best in segment features and class-leading capabilities. It is the 4th generation of the Tucson model and is compatible with different types of fuels. A hybrid version is also available. In July 2020, Ford Motor Company launched the Ford Bronco Sport, a rugged small SUV equipped with standard 4x4 configurations for rugged terrains. The vehicle runs on an EcoBoost engine. In March 2020, Volkswagen launched T-Roc, an SUV equipped with its TSI engine, 1.5L EVO (Dual Fuel Engines). Highly fuel-efficient and equipped with six airbags, ABS, ESC, tire pressure monitoring system, and reverse camera, the SUV is certified 5 Star in terms of safety. In March 2020, Fiat Chrysler Automobiles launched its Ram 1500, which features a V8 engine with 428 hp and uses CNG as fuel for Europe’s stringent emission laws. In May 2019, Fiat Chrysler Automobiles launched its Grand Siena CNG in Brazil. The vehicle has 5th generation CNG kits installed and comes with a 520L trunk. In March 2019, Ford Motor Company launched the Ford Figo’s CNG version with a 1.2 L engine and better features, like a 6-speed torque converter, 6.5-inch touchscreen system, etc.
CNG & LPG Vehicle Market by Vehicle Body Type (Passenger Cars, Three-wheelers & Commercial Vehicles) Fuel Type (CNG & LPG), By Kit type (Venturi & Sequential), By Fitting (OE & Aftermarket), by Engine System Type and by Region - Global Forecast to 2026
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