2014-01-30 04:49:03 - CNG Vehicle Market in Europe 2012-2016 - a new market research report on companiesandmarkets.com
The Europe CNG Vehicle market is to grow at a CAGR of 16.84 percent over the period 2012-2016. One of the key factors contributing to this market growth is the cost benefits associated with the use of CNG. The CNG Vehicle market in Europe has also been witnessing technological advancements from original equipment manufacturers (OEM) and conversion of CNG vehicles. However, competitive pressure from alternative fuel vehicles could pose a challenge to the growth of this market.
One of the main trends witnessed in the CNG Vehicles market in Europe is the increasing number of bi-fuel vehicles. In recent years, consumers have begun to convert their gasoline vehicles into CNG vehicles. The conversion is done by installing CNG components in a
gasoline vehicle. The CNG acts as the primary fuel source of the vehicle and the gasoline acts as a back-up. On the dashboard of the vehicle, a fuel selection switch is installed that allows consumers to select the kind of fuel they prefer to run their vehicles. Bi-fuel vehicles are gaining momentum as these vehicles guarantee that there is an adequate fuel reserve between visits to CNG fuelling stations, and thus consumers do not have to depend totally on natural gas.
One of the main factors driving the market is the cost benefits of using CNG. The financial advantages of running a vehicle using CNG compared to gasoline/diesel are considerable. This is mainly due to public incentives and reduced tax rates as well as the lower cost of CNG compared to oil.
One of the main challenges is the high cost of CNG vehicles. CNG vehicles are significantly costlier than traditional gasoline or diesel vehicles. The initial purchase price of an unsubsidized CNG heavy-duty truck is between extremely high compared to an equivalent commercial diesel-fuelled truck.
The key vendors dominating this space include Daimler AG, Fiat S.p.A., General Motors Co., Peugeot CitroÃ«n S.A., and Volkswagen AG.
The other vendors mentioned are Adam Opel AG, SEAT S.A., Volvo AB, Saab Automobile AB, Industrial Vehicle Corp., and MAN Truck & Bus AG.
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