DUBLIN--August 8, 2012: Research and Markets (Research and Markets CNG) has announced the addition of the "Compressed Natural Gas Vehicle Market in the APAC Region 2011-2015" report to their offering.
“Compressed Natural Gas Vehicle Market in the APAC Region 2011-2015”
One of the key factors contributing to this market growth is increasing fuel prices. The Compressed Natural Vehicle market in the APAC region has also been witnessing increasing number of bi-fuel vehicles. However, gas supply and refuelling infrastructure poses the biggest challenge in the Compressed Natural Vehicle Market in APAC.
Key vendors dominating this market space include Fiat S.p.A., Ford Motor Co., Suzuki Motors Corp., and Volkswagen AG. Other vendors mentioned in the report are Honda Motor Co. Ltd., Toyota Motor Corp., Bayerische Motoren Werke AG, Suzuki Motor Corp., Mercedes-Benz, Renault S.A., Capacity of Texas Inc., Cummins Westport Inc., Freightliner, Volvo, Weichai Power Co. Ltd., Altech-Eco Corp., Fuel Systems Solutions Inc., GNC Galileo S.A., Kraus Global Inc., Magneti Marelli S.p.A., and Bosch Group.
Commenting on the report, an analyst from TechNavio's Automotive team said; The Compressed Natural Gas (CNG) Vehicle market in the APAC region is expected to witness an increase in conversions of normal gasoline vehicles to CNG in the near future, which will drive the demand for CNG-powered vehicles. For instance, authorities from various cities in India mandate the replacement of old vehicles or vehicles that are not eco-friendly.
According to the report, the very volatile Oil and Gas industry has been a major growth driver for the CNG Vehicle market in the APAC region. The increasing prices of gasoline and diesel have affected economies across the APAC region, forcing countries to develop other solutions. CNG provides a solution to the increasing prices and the falling reserves of oil and gas. With the recent turmoil in the Middle East and the post-economic recession recovery period, countries across the APAC region have overcome the oil and gas crisis by purchasing CNG vehicles. The majority of developing countries such as Thailand, Indonesia, Pakistan, India, and the Philippines have benefited because these countries have significant supplies of natural gas.
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