CNG and LNG Vehicle Market Summary
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.
According to the new market research report "Global CNG and LNG Vehicle Market Report 2023-2029", published by QYResearch, the global CNG and LNG Vehicle market size is projected to grow from USD 13,475.90 million in 2023 to USD 23,546.86 million by 2029, at a CAGR of 9.75% during the forecast period.
- Global CNG and LNG Vehicle MarketSize(US$ Million), 2018-2029
Based on or includes research from QYResearch: Global CNG and LNG Vehicle Market Report 2023-2029.
Market Drivers:
- Environmental pressure and emission reduction requirements: CNG and LNG vehicles have lower exhaust emissions. Compared with traditional gasoline and diesel vehicles, they emit less carbon oxides, nitrogen oxides and particulate matter, so they are favored by government environmental protection policies.
- Technological progress and increased maturity: CNG and LNG technology are constantly being improved and improved in storage, refueling, engine adaptation, etc., which has improved the performance, reliability and driving experience of such vehicles, promoting the growth of market demand.
- Government support and incentive policies: Many governments have formulated a series of incentive policies for the promotion of CNG and LNG vehicles, including car purchase subsidies, tax incentives, usage rights, etc., to encourage consumers and businesses to adopt these clean energy vehicles.
- Social Cognition and Environmental Awareness: As people’s awareness of environmental protection increases, more and more individuals and companies are beginning to pay attention to the exhaust emission problem and actively look for clean energy alternatives. CNG and LNG vehicles are due to their lower exhaust emissions. and receive more attention and favor.
Restraint:
- 1. Insufficient infrastructure: CNG and LNG vehicles require corresponding gas stations or refueling stations to provide fuel, but in some areas, these infrastructures are insufficient. The lack of gas filling stations will limit the willingness of car owners to purchase CNG and LNG vehicles.
- Cost issue: Although CNG and LNG fuel prices are relatively stable, the cost of purchasing such vehicles is usually higher, and the cost of gas station construction and vehicle maintenance is also higher. These cost factors may influence consumers' purchasing decisions for this type of vehicle.
- Safety Issues: CNG and LNG fuels carry certain explosion and fire risks, especially in the event of an accident. Although these vehicles undergo rigorous safety testing and certification, safety issues may still be a consideration for consumers when purchasing such vehicles.
- Global CNG and LNG Vehicle Top6Players Ranking and Market Share（Continually updated）
Based on or includes research from QYResearch: Global CNG and LNG Vehicle Market Report 2023-2029.
This report profiles key players of CNG and LNG Vehicle such as Maruti Suzuki, Iran Khodro, Volkswagen, Hyundai Motor, Stellantis, FAW Group, etc.
In 2023, the global top five CNG and LNG Vehicle players account for 42.99% of market share in terms of revenue. Above figure shows the key players ranked by revenue in CNG and LNG Vehicle.
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