CNG & LPG Vehicle Market by Vehicle Type (Passenger Cars & Light Commercial Vehicles), Fuel Type (CNG & LPG), and by Geography (Asia-Pacific, Europe, Americas & ROW) - Industry Trends & Global Forecasts to 2020
CNG and LPG vehicles are an
integral part of automobiles and play a key role in fuel efficiency, safety,
comfort, and emission control. The growing of automotive CNG and LPG can be accredited
to increasing use of substitute fuel in the automotive industry for cost
effectiveness, fuel efficiency, and release control. CNG and LPG vehicles
market is estimated to grow at a CAGR of 10.55% from 2015 to 2020. Asia-Pacific
is estimated to be the largest market for CNG and LPG vehicles market. The
region comprises countries such as China, India, and Thailand, which together
account for two-thirds of the global population.
A large chunk of the
population in the region establishes urban-based working youth with high
disposable income. This is driving demand for such vehicles in the region.
Europe is also a growing market for CNG and LPG vehicle, given the stringent
Euro norms. The market is estimated to account for a share of ~48% by value of
the global CNG and LPG vehicle market in 2015 and is projected to grow at a CAGR
of 6.82% during the forecast period. Germany and Italy are the key
contributors to the European market.
Browse 93
tables and 88 figures spread through 191 Pages and in-depth TOC on "CNG
& LPG Vehicle Market by Vehicle Type (Passenger Cars & Light Commercial
Vehicles), Fuel Type (CNG & LPG), and Geography (Asia-Pacific, Europe,
Americas & ROW) - Industry Trends & Forecasts to 2020"
Key
drivers for the automotive CNG and LPG vehicle market include cost
effectiveness, fuel efficiency, and stringent emission standards. However,
factors such as demand for diesel, petrol vehicles due to low infrastructure of
alternative fuel may limit the growth of the market. The forklift manufacturing
industry relies on demand from the construction, manufacturing, and
freight-handling industries. Consequently, the past few years have been a
roller coaster for the industrial truck industry due to recession and currency
fluctuations
Key
players in CNG and LPG industrial truck are Toyota Industries (Japan), Crown
Equipment Company (USA), Jungheinrich (Germany), Komatsu Limited (Japan),
Nissan Motor Company (Japan), Manitou (France) and others. Major players of
global automotive CNG and LPG vehicle market are Fiat Chrysler Automobiles NV
(Italy), Ford Motors (U.S.), Suzuki Motor Corporation (Japan), Volkswagen
(Germany), General Motors Company (U.S.), Honda Motor Company (Japan)
Target Audience
- Governments and
non-governmental agencies
- CNG and LPG fuel distributors
- OEMs
- Fuel exploration and processing
industries
- CNG and LPG kit manufacturers
- Fleet operators
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