2014-01-30 05:03:01 - Global CNG Vehicles Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Compressed Natural Gas (CNG) Vehicles market is to grow at a CAGR of 10.64 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for automobiles. The Global CNG Vehicles market has also been witnessing the increasing demand for bi-fuel vehicles. However, lack of proper infrastructure could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global CNG Vehicles market is the increase in vehicle conversions. For instance, the authorities in various cities in India mandate the replacement of old vehicles or vehicles that are not eco-friendly. In addition, in Kolkata all auto rickshaws running on two-stroke engines had to be converted
One of the main factors driving the market is benefits of using CNG vehicles. The financial advantages of using a vehicle that runs on CNG compared to one that runs on gasoline are considerable.
One of the main challenges is the high cost of CNG vehicles. A vehicle that runs on CNG costs more than a vehicle that runs on gasoline. This is mainly due to several additional components that need to be fitted to a CNG vehicle so that it can store and run on CNG fuel.
The key vendors dominating this space include Fiat S.p.A., Ford Motor Co., Suzuki Motor Corp., and Volkswagen AG.
The other vendors mentioned are General Motors, Honda Motor Co. Ltd., Hyundai Motor Co., Mercedes-Benz, Renault S.A., and Toyota Motor Corp.
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