Strong Consumer Demand for Environment Friendly Vehicles Drives the Natural Gas Vehicles Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) April 29, 2014 -- Follow us on LinkedIn - The automotive industry has undergone a massive transformation over the last few decades. Several new developments in vehicle design, architecture and features have been achieved. Vehicle ownership worldwide has also been increasing supported by strong economic growth, and increased disposable incomes. Growing vehicle parc is resulting in a parallel rise in vehicular emissions thus brining air quality concerns to the spotlight. Against this backdrop, vehicles that run on alternative fuel are growing in popularity. Natural Gas Vehicles (NGVs) running on cleaner and less expensive alternative fuel such as compressed natural gas (CNG) or liquefied natural gas (LNG), are especially witnessing strong demand as consumer preferences shift away from fossil fuel guzzling, highly polluting gasoline and diesel vehicles.
Growing air pollution concerns have over the years prompted governments across the globe to impose stringent regulations on automotive manufacturers to reduce vehicular emissions. NGVs produce lower CO2 and have a negligible carbon to hydrogen ratio as compared to other carbon-based fossil fuels. Consumption of natural gas as fuel for motor vehicles provides a wide range of environmental benefits. Natural gas vehicles have lower tail pipe emissions. Being lighter than air, natural gas easily dissipates into the air, thereby eliminating the threat of ground water pollution in the event of fuel spill. While the cost of natural gas vehicles is higher than gasoline and diesel cars, high annual fuel cost savings is expected to aid its adoption among consumers. Technology developments are additionally helping lower the price of natural gas engines, while also increasing vehicle mileage thereby significantly reducing fuel costs on an annual basis.
Gradual increase in the number of natural gas refilling stations across the globe augurs well for the future of NGV market. Pakistan, China, Argentina, Iran, Brazil, the United States and India are among the major countries investing significantly in improving natural gas refilling infrastructure. Although Pakistan currently has the maximum number of natural gas refueling stations, China is expected to emerge as a leading player over the next few years. However, the number of refilling stations for natural gas vehicles is still considered inadequate for the growing number of vehicles on road. The concept of home refueling stations is forecast to take centre stage in the coming years as it enables consumers to directly refuel at home through existing natural gas lines, thereby saving money on a gallon-equivalent basis.
As stated by the new market research report on Natural Gas Vehicles, Asia Pacific represents the largest and the fastest growing market surging at a CAGR of 13.7% over the analysis period. Growth in the region is led by strong automobile production, stringent environment regulations and increased natural gas production.
Key players covered in the report include AB Volvo, Bayerische Motoren Werke G.m.b.H. , Daimler AG, Daimler Trucks North America LLC, Fiat S.p.A., Chrysler Group LLC, Ford Motor Company, General Motors Company, Honda Motor Co. Ltd. , Hyundai Motor Company, Isuzu Motors Ltd., Mazda Motor Corporation, Mitsubishi Motors Corporation, Nissan Motor Co. Ltd., PSA Peugeot Citroën S.A., Renault SA, Suzuki Motor Corporation, Toyota Motor Corporation, Volkswagen AG, Altech-Eco Corp., BRC Gas Equipment Co., Cummins Inc., Fuel Systems Solutions Inc., IMPCO Technologies Inc., Landi Renzo S.p.A, NatGasCar Company, Robert Bosch GmbH, Westport Innovations, and Venchurs Vehicle Systems.
The research report titled “Natural Gas Vehicles: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the market, industry overview, trends, growth drivers, issues, and recent industry activity. The report provides market estimates and projections for Natural Gas Vehicles in units for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, Malaysia, Pakistan, Bangladesh, Thailand, Myanmar, Uzbekistan and Rest of Asia Pacific) Middle East & Africa (Iran, Egypt and Rest of Middle East & Africa) and Latin America (Argentina, Brazil, Mexico, Peru, Venezuela, Bolivia, Colombia, Rest of Latin America). Key market segments analyzed at the global level include Light Duty Vehicles, Medium Duty & Heavy Duty Trucks and Medium Duty & Heavy Duty Buses.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Natural_Gas_Vehicles_NGVs_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/
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Raghu Gopal, Global Industry Analysts Inc, +1 408-528-9966, [email protected]
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