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The CNG and LPG vehicle market is set to register sales of 102.3 million units by 2030. The major factors accountable for the growth of this industry are the increasing acceptance of eco-friendly vehicles and the ability of LPG and CNG vehicles to replace traditional vehicles. Such vehicles are value for money in the long run. 

The CNG category is expected to hold a larger market share by 2030 and is projected to progress with a higher CAGR throughout the forecast period. The adoption of CNG vehicles for mobility, especially in developing countries of APAC is the prime factor that drives the growth of the CNG and LPG vehicle industry.

The passenger cars category is expected to hold the largest market share in the coming years. The major reason for the growth of the industry is the increasing acceptance of LPG-and-CNG-based passenger cars, and several government guidelines to reduce air pollution.

On the basis of volume, APAC had the largest share in the LPG and CNG vehicle market. This can be accounted to the massive growth in the automotive sector in countries including India, China, South Korea, and Japan. China is the biggest market for LPG and CNG vehicles globally. 

Vehicles that run on CNG and LPG are more economical than the ones running on fossil fuels, like diesel and gasoline. In the European countries, CNG cost around $1.5 to $2.8 per gallon, which is almost 40–75% cheaper, than gasoline and diesel. 

Industries using trucks that run on CNG regularly see payback on the conversion cost in only 2-3 years. The usage of LPG has several benefits like LPG refuelling method usually costs less in installation and as compared to CNG fuel tanks, LPG fuel tanks are compact, which helps in the reduction of loss of loads. 

Therefore, CNG and LPG vehicles are way more cost-efficient which is propelling the demand for these fuels globally.

The e-commerce industry held a significant share of all retail sales in the past, and is projected to grow more in the years to come. Therefore, as the e-commerce sector is growing, the requirement for eco-friendly vehicles is projected to surge. 

Therefore, many businesses are depending more on cost-efficient and greener transportation methods to become more responsible toward the environment. Such reasons will contribute to the growth of this industry in the coming years.

Hence, the expansion of the e-commerce industry, the growing need for eco-friendly vehicles, and low cost as compared to the conventional vehicles will drive the demand for CNG and LPG in the coming years. 

Source: P&S Intelligence

Key Highlights

• The European electric scooters and motorcycles market generated a value of USD 562.6 million in 2023, and it will increase to USD 3,200.7 million, with more than 28% CAGR, by 2030.

• The industry is positively impacted by the increasing sales of e-two-wheelers via e-commerce platforms.

• Online purchasing and sales activities have shown very suitable for both sellers and buyers of electric scooters and motorcycles.

• Online mediums, in Europe, have also enabled the sales of e-scooters and e-motorcycles by original equipment manufacturers based outside Europe.

• These mediums have shown rather effective in assisting businesses in performing their commercial procedures and reaching a bigger pool of consumers.

• This has also allowed customers to gain access to many alternative brands to pick from and make informed buying decisions.

• The rising need for high-powered electric motorcycles is a major trend being observed in this industry. The need for high-powered e-motorcycles is surging in this region.

• Key manufacturers are providing e-motorcycles with motor power of over 30 kW and have also declared their strategies to introduce models of greater motor power.

• Different manufacturers of conventional petrol-powered automobiles have declared their future plan of introducing high-powered e-motorcycles in the years to come.

Market Analysis

The scooter category was the largest contributor to the industry in 2023, with approximately 50% share, primarily because of low cost as well as weight.

This is also because of the increasing government support in terms of tax incentives and implementing heavy taxes on traditional fuel-driven automobiles, across Europe.

These vehicles offer a good user experience with extra advantages like the non-requirement of insurance, driving license, parking permits, and inspections.

In the years to come, the industry is likely to advance at the fastest CAGR in the electric scooters and motorcycles using battery voltage of 72 V, in terms of volume. This is because of the increasing customer need for high-speed automobiles, coupled with robust bodies and better aesthetics.

Electric scooters and motorcycles armed with Li-ion batteries led the industry in 2023, with approximately 75% sales volume.

All-electric scooters and motorcycles in this region are likely to run using Li-ion batteries till 2025, primarily because of the increasing need for long-range high-driven two-wheelers, and the steadily decreasing costs of Li-ion batteries.

Li-ion batteries possess a high-power density, long lifespans, lightweight, fast charging time, customizable technology, and low self-discharge.

France was the largest contributor to the industry in 2023, with approximately 35% volume share.

Spain, in terms of value, is likely to be the largest contributor to the industry in the years to come. This will be because the introduction of the scooter-sharing business is gaining popularity in key cities of this nation.

The European electric scooters and motorcycles industry is consolidated, with the major four companies accounting for a substantial share of the industry in 2023. The count of operators in this regional industry has been increasing. Over 100 firms operate in this industry.

Players in the industry are also concentrating on product introductions and geographical expansion to enhance their sales across various regions and nations.

Source: P&S Intelligence

The global benzalkonium chloride market generated a revenue of $525.0 million in 2019, and it is predicted to progress at a CAGR of 9.6% between 2020 and 2030. Furthermore, the market will reach a value of $1,301.1 million by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the booming oil & gas and pharmaceutical sectors across the world.

The compound is heavily used in the pharmaceutical sector, due to its ability to serve as a disinfectant, antiseptic, antimicrobial preservative, wetting agent, and solubilizing agent. As a result, the surge in the pharmaceutical sector, because of the soaring disposable income of people, huge investments being made by the governments of several countries, and the increasing affordability of healthcare services, is boosting the demand for benzalkonium chloride across the world.

Besides, the expansion of the oil & gas industry is also propelling the demand for the compound. According to the International Association of Oil & Gas Producers (IOGP), the demand for oil and gas has risen massively over the last ten years. Moreover, the worldwide consumption of petroleum and various other associated liquids increased from 100.4 million barrels per day in 2018 to 101.2 million barrels per day in 2019, as per the U.S. Energy Information Administration (EIA).

On the basis of application, the benzalkonium chloride market is categorized into hand sanitizers; eye, ear, and nasal drops; shampoos; spermicidal creams; aquaculture chemicals; water treatment chemicals; coatings; and timber protection chemicals. Out of these, the disinfectants category is predicted to dominate the market in the forthcoming years. This is credited to the fact that the compound has a broad biocidal activity and can easily remove unwanted fungi, bacteria, viruses, and algae from surfaces.

When type is taken into consideration, the market is also classified into benzalkonium chloride 80% and benzalkonium chloride 50% categories. Between these, the benzalkonium chloride 50% category is predicted to hold the larger share in the market in the upcoming years. This is ascribed to the fact that the compound is extensively used in numerous personal care and pharmaceutical applications, owing to its less toxic nature than benzalkonium chloride 80%.

Globally, the benzalkonium chloride market is predicted to exhibit the highest growth rate in Asia-Pacific (APAC) in the forthcoming years. This will be because of the rapid expansion of the chemical industry in India and China. In addition to this, the soaring requirement for disinfectant products, because of the COVID-19 pandemic, and the increasing implementation of various strategic initiatives by several companies operating in the specialty chemicals industry are also driving the expansion of the market in this region.

Hence, it is safe to say that the market will grow substantially in the coming years, primarily due to the surging usage of benzalkonium chloride in water treatment facilities, disinfectants, and personal care products and also in the pharmaceutical and oil & gas sectors across the world.

Source: P&S Intelligence