Market Size of MEA And India CNG and LPG Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.58 % |
| Fastest Growing Market | Africa |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA & India CNG and LPG Vehicle Market Analysis
The total market of CNG and LPG vehicles in Middle-East, Africa, and India is estimated to grow at a rate of 6.58% over the forecast period.
Factors driving the market growth are environmental and cost benefits associated with the use of natural gas vehicles (NGVs). NGVs are less polluting in comparison to petrol or diesel. They are also cheaper in comparison to the aforementioned fuels. But advancements in engine technology are bringing about cleaner petrol and diesel vehicles, which might hamper new NGV sales. Furthermore, the market's paradigm toward electric mobility, especially in India, is also expected to deter market growth.
Middle-East is the largest market due to the sheer number of vehicles present in prominent markets, like Iran and Turkey. India is also a considerable market in comparison. The passenger cars segment occupy the largest share in terms of both value and volume. It is also the fastest growing segment. Furthermore, CNG vehicles are more in number than LPG ones.
The market is neither fragmented nor consolidated with considerable number of global as well as local players (especially in-case of India) being present.
