LPG Vehicle Market Trends & Forecasts

CNG and LPG vehicles are amongst the most popular alternative energy fuelled vehicles with LPG being more popular and older than any alternative fuel. However, the trend is expected to change in the future and CNG is expected to be much more popular than LPG.As the governments mandate stricter emissions regulations in an effort to improve air quality, many transit agencies as well as personal users have turned to alternative fuels.In addition to the obvious environmental benefits, reduced operating costs, and government incentives have spurred the increased use of alternative fuels in the transit industry.

CNG and LPG bi-fuel option is mostly used in passenger cars. Light Commercial Vehicle fleet ownershave shown eagerness to adopt these vehiclesaround the world even after the higher upfront costs and loss of luggage space,as they operate within the city limits at a low speed. These light commercial vehicles are unable to run in the cities at optimum speed.Hence, the incomplete combustion by these bigger engine releases huge amounts of carbon-monoxide into the air, apart from other harmful emissions.

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Convincing governments to offer a generous incentive scheme to ease competitive pressure on alternate fuels, irrespective of the technology(Electric/Hybrid/Hydrogen), will be imperative for the market advancement of CNG and LPG vehicles in medium to long term.

The CNG and LPG market is analyzed in terms of volume (thousand units) and value ($million) by vehicle types, fuel types, and by region and respective major countries. The market segmentation has been done in the following,