DUBLIN--July 8, 2012: Research and Markets (Research and Markets) has announced the addition of the "Global Compressed Natural Gas Vehicle Market 2011-2015" report to their offering.
“Global Compressed Natural Gas Vehicle Market 2011-2015”
One of the key factors contributing to this market growth is the cost benefits of using compressed natural gas. The Global Compressed Natural Vehicle market has also been witnessing increasing number of bi-fuel vehicles. However, insufficient compressed natural gas fueling stations poses the biggest challenge in the Global Compressed Natural Vehicle market.
Key vendors dominating this market space include Fiat S.p.A., Ford Motor Co., Suzuki Motor Corp., and Volkswagen AG. Other vendors mentioned in the report are Honda Motor Co. Ltd., Toyota Motor Corp., Bayerische Motoren Werke AG and General Motors Co.
Commenting on the report, an analyst from TechNavio's Automotive team said; ''The Global Compressed Natural Gas (CNG) Vehicle market will witness the emergence of infrastructure companies in the near future. The infrastructure for CNG Vehicle is uncertain in almost all countries. This is a major challenge because most authorities find it hard to manage the demand and supply of CNG. However, there has been a rising trend of large enterprises entering the Infrastructure market to overcome these hurdles. Moving forward, companies such as Clean Energy Fuels, Valero Energy, Fuel Systems Solution, Chesapeake Energy and Questar Corp. are setting up CNG fueling stations to solve the CNG infrastructure problem.''
According to the report, cost benefits associated with the use of CNG are one of the major drivers of the Global CNG Vehicle market. Moreover, various countries in the European Union (EU) are offering tax benefits for CNG vehicles. Tax incentives for the buyers of CNG vehicles may help to compensate for their higher prices.
Further, the report also discusses that the lack of a widespread network of fuelling stations is one of the reasons why many consumers do not buy CNG vehicles.
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