The Global Automotive CNG & LPG Market is projected to grow at more than CAGR of more than 11% during 2021-2025, on the back of growing demand for environment friendly and economical fuel alternatives coupled with growing concerns regarding air pollution.
Moreover, government policies and regulations of different countries across the globe for the reduction of vehicle air pollution are boosting the adoption of eco-friendly CNG & LPG vehicles, which is expected to positively influence the market for automotive CNG and LPG kits, globally, during the forecast period.
Based on vehicle type, the Global Automotive CNG & LPG Kits Market can be segmented into Passenger Car, LCV, M&HCV & 3W. Passenger car was the largest segment in volume terms in 2019 and is expected to dominate during the forecast period due to rapidly increasing passenger car fleet size, growing passenger car production and sales.
Moreover, increasing consumer preference for personal vehicle, better mileage, and comfortable riding experience, etc., are fueling the demand for passenger cars, globally, which is propelling the demand for passenger car automotive CNG & LPG kits in the Global Automotive CNG & LPG Kits Market.
Based on the demand category, the market can be segmented into OEM and Aftermarket segments.
OEM automotive CNG & LPG kit segment accounted for the largest market share in the Global Automotive CNG & LPG Kits Market in 2019 and is expected to maintain its dominance during the forecast period also on the back of rising government regulations.
Growing consumer preference towards the purchase of LPG and CNG vehicles factory fitted with LPG/CNG kits coupled with rising production of gas based engines by different automakers.
Based on fuel type, the market can be segmented into CNG and LPG segments.
In 2019, CNG automotive kit segment grabbed the largest market share in volume terms in the Global Automotive CNG & LPG Kits Market and the segment is expected to maintain its dominance during the forecast also on the back of increasing demand for compressed natural gas and rapidly growing fleet of CNG powered vehicles.
In terms of regional analysis, the market has been segmented into Asia-Pacific, Europe, North America, South America, and Middle East & Africa. Although due to outbreak of COVID-19 pandemic, the demand for automotive CNG & LPG kits in Asia Pacific automotive CNG & LPG kit market is expected to decline by over 30%.
The region would continue to account for the largest share in the Global Automotive CNG & LPG Kits Market, primarily due to higher population, higher vehicle sales and larger vehicle fleet.
Some of the major players operating in the Global Automotive CNG & LPG Kits Market include Tomasetto Achille Spa, Landi Renzo S.p.A., Atiker MetaI Inc., AC Spka 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.
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