DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global CNG and LPG Vehicle Market Size, Share, Development, Growth and Demand Forecast to 2022" report to their offering.
The major reasons for the growth of global CNG and LPG vehicle market includes federal and state government policies fostering the development of CNG and LPG fuel as a transportation fuel. Government policies will continue to shape the future development of the natural gas vehicle (NGV) over the coming years.
Further, the cost of fueling with CNG and LPG is substantially cheaper than petroleum-based fuels, even when necessary costs are included, both buying relatively more expensive NGVs and developing fueling infrastructure, fleet operators have a potential opportunity to capitalize on a major cost-saving. Expansion of LPG and CNG fueling network is also expected to drive the CNG and LPG vehicle market in future.
The developing economies such as India and China are expected to create major opportunity for CNG and LPG vehicles manufacturers owing to the increasing demand for commercial vehicles and passenger cars, accompanied by the uncertainty in oil prices and stringent regulations for low emission. The strict emission standard set by European Union (EU) has forced OEMs to comply with set standards, which in turn is driving the market of CNG and LPG vehicles in Europe.
Trends In The Global CNG And LPG Vehicle Market
- Increasing Trend Toward Adoption Of Clean Energy
Opportunities In The Global CNG And LPG Vehicle Market
- Increasing Awareness Regarding Air Quality
Factors Driving Growth Of The Market And Its Impact On Market Forecast
- Stringent Emission Control Norms
- Significant Low Running Cost Of CNG And LPG Vehicles Compared To Gasoline Vehicles
- Increasing Government Incentives To Promote CNG And LPG Vehicles
- Growing Popularity Of Natural Gas Fueled Buses
- Impact Analysis Of Drivers On Market Forecast
Factors Hindering Growth Of The Market And Its Impact On Market Forecast
- High Initial Cost Associated With CNG And LPG Vehicles
- Increasing Competition From Alternative Fuel Vehicles
- Impact Analysis Of Restraints On Market Forecast
Key Company Profiles
- Ford Motor Company
- Suzuki Motor Corporation
- Fiat Chrysler Automobiles N.V.
- Honda Motor Co., Ltd.
- General Motors Company
- Groupe Renault
- Daimler Ag
- Ab Volvo
- Toyota Motor Corporation
- Mitsubishi Motors Corporation
For more information about this report visit http://www.researchandmarkets.com/research/v8x5n8/global_cng_and