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.
Browse 144 market data Figures and Tables spread through 220 Pages and an in-depth TOC on “Global Automotive CNG & LPG Kits Market”
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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