Dallas, Texas (PRWEB) October 17, 2014
One key trend in the market is the increased demand for bi-fuel vehicles that can run on CNG and gasoline. In recent years, users of vehicles that run on gasoline have started converting them into CNG vehicles. Such conversions are done by installing CNG components. These components act as the primary fuel source in these vehicles, and gasoline acts as the backup fuel.
Analysts forecast the Global CNG Vehicles market to grow at a CAGR of 7.71 percent over the period 2013-2018. According to the report, one of the main drivers of this market is the increasing demand for vehicles, which directly influences the demand for NGVs, thereby positively influencing the demand for CNG vehicles.
This report covers the present scenario and the growth prospects of the Global CNG Vehicles market for the period 2014-2018. The report includes the entire range of CNG vehicles available in the market.
The Global CNG Vehicles Market 2014-2018 has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the APAC region, Europe, Latin America, MEA, and North America; it also covers the Global CNG Vehicles market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
The report recognizes the following companies as the key players in the Global Compressed Natural Gas (CNG) Vehicles Market: Fiat SpA, Ford Motor Co., General Motors Co. (GM), Honda Motor Co. Ltd., Hyundai Motor Co., Suzuki Motor Corp., Toyota Motor Corp. and Volkswagen AG.
Other Prominent Vendors in the market are: Chrysler, Daimler, Mercedes-Benz, Nissan Motors, Renault and Volvo.
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Further, the report states that one of the main challenges in this market is the lack of proper infrastructure, which is affecting the sales of CNG vehicles. The shortage of CNG fueling stations is a serious concern in the Global CNG Vehicles market.
The number of bi-fuel vehicles that can run on CNG and gasoline has increased in recent times. There is an increase in the number of bi-fuel vehicles because these vehicles provide the advantage of an adequate fuel reserve between stopovers at stations, and rids the consumer of complete dependence on natural gas.
Analysts forecast the CNG Vehicles market in Europe to grow at a CAGR of 5.51 percent over the period 2013-2018. According to the report, one of the major drivers of the market is the economic advantages related to the use of CNG vehicles over gasoline/diesel-fueled vehicles.
CNG is a natural gas used in automobiles as an alternative to gasoline and diesel. Natural gas is a mixture of hydrocarbons that is found deep within the earth, and primarily consists of methane. In a CNG vehicle, natural gas is compressed and put into the vehicle through a gas dispenser. This gas then runs through high-pressure cylinders and enters the engine of the vehicle, which helps the vehicle start functioning. Although CNG is not the most pollution-free form of energy, vehicles that run on CNG produce relatively less harmful gases compared to vehicles that run on gasoline or diesel.
In terms of vehicle type, the CNG Vehicles market in Europe can be segmented into four: Light-duty (LD) Vehicles, Trucks, Buses, and Others (Three Wheelers, Forklifts, Tractors, and Locomotives).
The CNG Vehicles Market in Europe 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers Europe; it also covers the landscape of the CNG Vehicles market in Europe and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Order a copy of this report at (Prices start at US $2500 for a single user PDF) http://www.reportsnreports.com/purchase.aspx?name=311208.
The report recognizes the following companies as the key players in the Compressed Natural Gas (CNG) Vehicles Market in Europe: Daimler AG, Fiat SpA, General Motors Co., Peugeot Citroën SA and Volkswagen AG.
Other Prominent Vendors in the market are: Adam Opel, Industrial Vehicle, MAN Truck & Bus, Saab Automobile, SEAT, and Volvo.
Further, the report states that CNG vehicles cost more than other vehicle types, which remains a key challenge for market vendors. The high cost of CNG vehicles can be mainly attributed to several additional components needed to make the vehicles CNG-compatible.
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