A natural gas vehicle (NGV) is an alternative fuel vehicle that uses compressed natural gas (CNG) or liquefied natural gas (LNG). Natural gas vehicles should not be confused with autogas vehicles powered by liquefied petroleum gas (LPG), mainly propane, a fuel with a fundamentally different composition.In a natural-gas-powered vehicle, energy is released by the combustion of methane gas (CH4) fuel with oxygen (O2) from the air to form carbon dioxide (CO2) and water vapor (H2O) in an internal combustion engine. Methane is the cleanest burning hydrocarbon, and many contaminants present in natural gas are removed at the source. Existing gasoline-powered vehicles may be converted to run on CNG or LNG and can be dedicated (running only on natural gas) or bi-fuel (running on either gasoline or natural gas). Diesel engines for heavy trucks and buses can also be converted and can be dedicated with the addition of new heads containing spark ignition systems, or can be run on a blend of diesel and natural gas, with the primary fuel being natural gas and a small amount of diesel fuel being used as an ignition source. It is also possible to generate energy in a small gas turbine and couple the gas engine or turbine with a small electric battery to create a hybrid electric motor-driven vehicle.

Researcher's newest research report, the “Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles Industry Forecast” looks at past sales and reviews total world Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles sales in 2022, providing a comprehensive analysis by region and market sector of projected Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles sales for 2023 through 2029. With Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles industry.

This Insight Report provides a comprehensive analysis of the global Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles.

The global Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles market size is projected to grow from US$ 11390 million in 2022 to US$ 21880 million in 2029; it is expected to grow at a CAGR of 21880 from 2023 to 2029.

Global key players of compressed natural gas and liquefied natural gas vehicle include Maruti Suzuki, Iran Khodro, Volkswagen, Hyundai Motor, Stellantis, etc. Global top five manufacturers hold a share over 42%. India is the largest producer of compressed natural gas and liquefied natural gas vehicle, holds a share over 18%. In terms of product, CNG vehicle is the largest segment, with a share over 73%. And in terms of application, the largest application is passenger vehicle, with a share over 75%, followed by commercial vehicle.

This report presents a comprehensive overview, market shares, and growth opportunities of Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type

CNG Vehicle

LNG Vehicle

Segmentation by application

Passenger Vehicle

Commercial Vehicle

This report also splits the market by region:

Americas

United States

Canada

Mexico

Brazil

APAC

China

Japan

Korea

Southeast Asia

India

Australia

Europe

Germany

France

UK

Italy

Russia

Middle East & Africa

Egypt

South Africa

Israel

Turkey

GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.

Maruti Suzuki

Iran Khodro

Volkswagen

Hyundai Motor

Stellantis

FAW Group

Chang'an Automobile

General Motors

Honda

Volvo Truck

IVECO

Scania

Key Questions Addressed in this Report

What is the 10-year outlook for the global Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles market?

What factors are driving Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles market opportunities vary by end market size?

How does Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) Vehicles break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?