Market Size of South America 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 | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America CNG & LPG Vehicle Market Analysis
The South America CNG and LPG Vehicle Market is projected to grow with a CAGR of more than 3 % during the forecast period.
- Owing to the decreasing in air quality because of the rising air pollution, along with the high fluctuations in the crude oil prices in the international markets, alternative fuels vehicles demands are rising all over the world.
- The market is primarily driven by the factors such as with the use of CNG and LPG fuel vehicles the carbon emission in the environment can be controlled as compared to conventional fuels like Diesel and Petrol, the promotion of CNG and LPG vehicles by the governments in the region by providing financial aids for the conversion of conventional fuel vehicles to auto gas vehicles, also the increase in spending for infrastructure like auto gas stations is attracting demand for CNG and LPG vehicles in the region.
- However, the rise of flexi fuel cars, like ethanol fuel-based vehicle in the region is affecting the growth of CNG and LPV fuel-based vehicles in the South American region. For instance, in 2019 Brazil's consumption of ethanol reached 32.8 billion liters (8.6 billion gallons), a 10.5% year-on-year increase
