“A research report on Automotive CNG & LPG Kits Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.
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Global automotive CNG & LPG market is projected to grow at more than CAGR of more than 11%, 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.
Global automotive CNG & LPG kit market can be segmented based on vehicle type, demand category, fuel type and region. Based on vehicle type, the global automotive CNG & LPG kit 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 demand for passenger cars, globally, which is propelling demand for passenger car automotive CNG & LPG kits in the global automotive CNG & LPG kit market. Based on 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 kit 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.
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