India CNG and LPG Vehicles Market was valued US$ XX Mn in 2018 and is expected to reach US$ XX Mn by 2026, at a 10% CAGR of around during a forecast period.
The increasing importance of clean economy and balance of the ecosystem is accompanied by governmental protocols and is driving India’s CNG and LPG vehicles market. Along with environmental concerns, the cost-saving factor compares to conventional fuel will also subsidize the CNG and LPG vehicle market. According to the estimates, there are 7 lakh natural gas vehicles in the country. This is expected to increase to 58 lakh by 2026.
The key trend observed in the Indian market for CNG and LPG vehicles is the adoption of clean energy across the globe. Natural gas is the cleanest fossil fuel and consequently has emissions benefit over diesel and gasoline. Because of the low emission properties of CNG and LPG, the environmental protection agency (EPA) has been able to set stricter emission mandates that forced expensive diesel emission technology to be as environment-friendly as natural gas. Both CNG and LPG provide environmental benefits that are essential for vehicles to be certified to new demanding emission limits.
CNG vehicles dominated the market. India could have 10 million CNG vehicles on roads by 2026. Running cost per kilometer of CNG is Rs 2.15, which is the lowest among all the fuel. The LPG vehicle segment exhibits a constant growth of 3.5 %. 23 lakh vehicles are running on LPG gas. On average 10,000-15,000 vehicles are converted into LPG vehicles monthly. Growth is attributed to declining as a result of the hike in crude oil prices.
Passenger cars are the leading segment in the India CNG and LPG vehicles market. India’s leading carmaker is more excited about natural gas than electric vehicles. Domestic LPG and mandate all government vehicles and commercial vehicles into gaseous fuels. Demand for passenger cars is growing triggered by an increase in per capita income and demand for luxury.
The objective of the report is to present comprehensive analysis of India CNG and LPG Vehicles Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding India CNG and LPG Vehicles Market dynamics, structure by analyzing the market segments, and project the India CNG and LPG Vehicles Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the India CNG and LPG Vehicles Market make the report investor’s guide.
The scope of the India CNG and LPG Vehicles Market
India CNG and LPG Vehicles Market by Fuel Type:
India CNG and LPG Vehicles Market By Vehicle:
• Passenger cars
• Light Commercial Vehicle
Key Player analyzed in India CNG and LPG Vehicles Market:
• Ford Motor Company
• General Motors
• Honda Motor Co. Ltd.
• Hyundai Motor Group
• Suzuki Motor Corporation
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