DUBLIN--(BUSINESS WIRE)--The "Global CNG And LPG Vehicle Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The market is expected to record a CAGR of 8.74% during the forecast period.
Currently, global warming has become a major issue around the world and the public has begun to realize its ramifications. This has led to a sentiment against the use of gasoline and diesel. The emission norms in some regions have become so strict that huge amounts of investment are required to make the vehicles compliant. This has put a lot of financial pressure, especially on the diesel vehicle manufacturers. The factor has become a major driver for the CNG vehicle market.
Improving Safety Standards to Drive the Market
In the past years, the aftermarket kits, especially in the emerging markets, mainly drove the liquefied petroleum vehicles. Lack of LPG-equipped models contributed to the high share of the aftermarket. But certain manufacturers, like Maruti Suzuki in India, have started coming out with LPG-equipped models and this has given a major boost to the sales. The major issue with models was safety, which has been resolved by this trend.
The commercial vehicle segment is expected to be the fastest-growing segment in the CNG & LPG market over the forecast period. Low running cost is of the greatest importance for commercial vehicles and a higher number of commercial vehicle purchases are anticipated for CNG and LPG vehicles over the coming five years. Regulations in certain regions have forced commercial vehicles to adopt such systems.
Key Topics Covered:
2. Executive Summary
3. Market Overview and Trends
4. Market Dynamics
5. Global CNG and LPG Vehicle Market, Segmented by Fuel Type
6. Global CNG and LPG Vehicle Market, Segmented by Vehicle Type
7. Global CNG and LPG Vehicle Market, Segmented by Geography
8. Competitive Landscape
9. Key Vendor Analysis (Overview, Products & Services, Strategies)
10. Future of the Market
- General Motors
For more information about this report visit https://www.researchandmarkets.com/research/dfxpgz/global_cng_and?w=4