IMARC Group has recently released a new research study titled “CNG and LPG Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global CNG and LPG vehicle market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.23% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) vehicles are alternative fuel vehicles that use natural gas or propane instead of gasoline or diesel. CNG is compressed to high pressures and stored in a tank, while LPG is a mixture of propane and butane that is stored as a liquid in a tank. These vehicles offer several advantages over traditional gasoline or diesel vehicles, including lower emissions, reduced fuel costs, and improved fuel efficiency. CNG and LPG vehicles are particularly popular in regions where natural gas and propane are abundant and cost-effective, and where there are incentives for using alternative fuels.
CNG and LPG Vehicle Market Trends and Drivers:
The increasing demand for cleaner and more fuel-efficient vehicles represents a significant factor driving the market growth across the globe. In line with this, CNG and LPG vehicles emit fewer harmful pollutants and greenhouse (GHG) gases than traditional gasoline or diesel vehicles, making them an attractive option for environmentally conscious consumers and businesses, thus driving the market toward growth. In addition to this, government incentives and regulations promoting the utilization of alternative fuels are contributing to the growth of the market. Other factors, such as an enhanced focus on sustainable development, along with steadily expanding automotive industry, are creating a positive outlook for the market.
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The report has segmented the market into the following categories:
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Key Highlights of the Report:
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