LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global compressed natural gas (CNG) vehicles market report until 2021. This research report also lists two other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the global compressed natural gas vehicles market for 2017-2021 provides a detailed industry analysis based on applications (passenger cars, three-wheelers, and M&HCVs) and geography (EMEA, APAC, and the Americas).
“The global compressed natural gas vehicles market is projected to reach over 2600 thousand units by 2021, growing at a CAGR of nearly 5% over the forecast period. The impressive improvement in the CNG infrastructure in India is a key factor driving the growth of the market,” says Praveen Kumar, a lead analyst at Technavio for automotive manufacturing research.
Competitive vendor landscape
The global CNG vehicles market is moderately competitive, with a limited number of well-established vendors. Key vendors in the market are currently focusing on increasing their customer base and investments in R&D. The competitive environment in the market is expected to intensify over the forecast period with advances in technology and introduction of new government regulations.
The increasing demand for alternative fuels due to the increase in global emissions of greenhouse gases is adding pressure on the vendors to maintain effective control over the emission levels of cars to pass the scrutiny successfully. Automotive manufacturers are expected to get into long-term collaborations with the vendors, to maintain their unique quality of materials used and design, which are crucial factors in managing cost.
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Top five vendors in the global compressed natural gas vehicles market
Ford Motor manufactures and distributes automobiles worldwide. It provides vehicles under the brand names Ford and Lincoln. Its gaseous-fuel-prepped engines include hardened components such as valves and valve seats, which can withstand the higher operating temperatures and lower lubricity of gaseous fuels.
Volkswagen consists of two divisions: automotive and financial services. The company, through its automotive division, develops, produces, and sells passenger cars, commercial vehicles, trucks, and buses. The financial services division deals with customer service and dealers in the field of financing, leasing, insurance, and fleet business.
General Motors, along with its subsidiaries, designs, manufactures, and markets a wide range of cars, trucks, and automobile parts and components across the world. It also provides automotive financing services through its US-based subsidiary GM Financial.
Honda Motor is involved in the development, manufacturing, and distribution of motorcycles, automobiles, and power products such as generators and farm machinery. The company produces a range of motorcycles varying from engine displacement of 50 cubic centimeter class to the 1,800-cubic centimeter class.
Nissan is involved in the manufacturing, sales, and related business of automotive products and marine equipment. The company's segments include automobile and sales financing. It manufactures vehicles in approximately 20 countries and areas worldwide including Japan.
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Technavio is leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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