Automotive CNG & LPG Kits Market to Witness 11% CAGR through 2025
Rising demand for environment-friendly fuel coupled with
growing awareness on air pollution is expected to propel demand for automotive
CNG & LPG kits
According to TechSci Research
report, “Global Automotive
CNG & LPG Kits Market By Vehicle Type, By Demand Category, By Fuel
Type, By Region, Competition, Forecast & Opportunities, 2025”, the global
automotive CNG & LPG kits market is projected to grow at a CAGR of over 11%
during 2021 - 2025, owing to growing demand for environment friendly and
economical fuel compared to conventional fuels coupled with growing concerns
regarding air pollution across the globe.
Additionally, increasingly stringent rules and
regulations enacted by governments across various countries regarding reduction of vehicular emissions are also backing
the growth of automotive CNG & LPG kits market, globally.
Global automotive CNG &
LPG kits market can be segmented based on by vehicle type, by demand category,
by fuel type and by region. In terms of
vehicle segmentation, passenger car automotive CNG & LPG Kit segment is the
dominant segment in the global automotive CNG & LPG kits market due to rapidly
increasing passenger car fleet size and growing passenger car sales. Moreover,
increasing consumer preference for personal vehicle, better mileage, and
comfortable riding experience, etc., are few of the other major factors fueling
the demand for CNG & LPG fitted passenger cars across the globe.
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In terms of demand
category, the market can be segmented into OEM and Aftermarket segments. The OEM
automotive CNG & LPG kits segment accounted for the largest market share in
volume terms in 2020 due to growing consumer preference towards the purchase of
LPG and CNG vehicles factory fitted with LPG/CNG kits. Moreover, a CNG and LPG
fuel-based vehicle emits almost 10%-20% and 6%-11% less greenhouse gases in
comparison to petrol or diesel-based vehicles. Due to the above-mentioned
factors automakers are also focussing into the production of gas-based vehicles
which is driving the demand for automotive CNG & LPG kits, globally.
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In terms of fuel type, the
market can be segmented into CNG and LPG. The CNG automotive kit segment accounted
for the largest market share in volume terms in 2019 due to increasing demand
for compressed natural gas, rapidly growing fleet of CNG powered vehicles and due
to other factors such as CNG not containing lead, reactivity to metals being negligible
and doesn't dilute or contaminate oil, and therefore requires less maintenance.
Majorly, the use of natural gas (with average octane value over 120 Octane)
reduces tailpipe emissions (up to 95% less), reduces 20-30% greenhouse gas
emissions and hence, the governments of different countries across the globe
are in favor of natural gas-based transportation.
Some of the major players operating in the global automotive CNG and LPG kits market include Tomasetto Achille
Spa, Landi Renzo S.p.A., Atiker MetaI Inc., AC Spółka Akcyjna, M.T.M. S.R.L.
(BRC), Lovato Gas S.p.A., Nikki Co. Ltd., Cummins Westport Inc., Ford Motor
Company, Toyota Motor Corporation, Honda Motor Co. Ltd., Fiat Chrysler
Automobiles N.V., Hyundai Motor Company, Suzuki Motor Corporation, Volkswagen
Group, General Motor Company, Renault SA, Volvo AB, Tata Motors Limited, and
KION Group AG. “On
account of continuously increasing demand for environment friendly and economic
fuel alternatives compared to conventional fuels for the purpose of reducing vehicular emissions, the industry players are
increasingly focusing on capitalizing growth opportunities in the global
automotive CNG and LPG kits market. Consequently, the global automotive CNG and
LPG kits market is anticipated to witness consistent growth over the course of
next five years.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Automotive CNG & LPG Kits Market By Vehicle Type, By Demand
Category, By Fuel Type, By Region, Competition, Forecast & Opportunities,
2025” has evaluated the future growth
potential of global automotive CNG & LPG kits market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide latest market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global automotive CNG & LPG kits market.
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