Growth in the world natural gas vehicles (NGVs) market stems from rising concern for the environment, public health, sky rocketing fossil fuel prices and the need to attain national self-sufficiency in meeting energy requirements, according to a new report from Global Industry Analysts, Inc. With several countries encouraging migration from conventional vehicles to alternative fueled vehicles, there exists ample opportunities for growth in this market.
The number of NGVs actually plying on the roads is the highest in Latin America. Technology developments and engineering breakthroughs in clean fuel vehicles are together helping NGVs gain deeper market penetration and widespread market acceptance. As NGVs move up the technology lifecycle, prices and costs are expected to soften, making them more affordable over diesel vehicles.
By the year 2010, NGVs are expected to competitively compete with their diesel counterparts. The establishment of chain refueling stations, and development of refueling infrastructure in most markets additionally strengthens the business case for NGVs by allowing for easy accessibility to refueling stations, according to the report. Developing countries are expected to offer business opportunities on a platter, given their acute need to gain more energy independence, and reduce expensive imports of natural gas supplies, and improve trade balances.
Natural Gas Vehicles: A Global Strategic Business Report
As stated by the recent report, world natural gas vehicles market is dominated by Latin America, and Asia-Pacific, with a combined share for over 76.3 percent in the year 2008. In addition to these two large markets, growth is expected to stem from Japan, with projected CAGR in excess of 16 percent over the period 2001 through 2010. Natural gas vehicle population in Japan is expected to reach 50,597 units by 2012. In Europe, Italy ranks as the single largest market, collaring over 36 percent of the market in the year 2008, while Germany, Spain, and Russia are expected to post strong growth patterns with CAGRs ranging between 23 percent to 34 percent over the aforementioned analysis period.
In Latin America, Brazil is the fastest growing, with overall natural gas vehicle population projected to reach 2,344 thousand units by the year 2012. In Asia-Pacific, Pakistan, and India are the two dominant markets, with combined NGV population projected to rise by 15.7 percent between the period 2008 to 2012.
Leading global, and regional players operating in the industry include Caterpillar Incorporated, Cummins Inc, Daimler AG, Ford Motor Company, General Motors Corporation, Honda Motor Co, Hyundai Motor Company, Mitsubishi Motors Corporation, Nissan Motor Co Ltd, PSA Peugeot Citroën S.A, Alternative Fuel Systems Incorporated, and Bayerische Motoren Werke AG, among others.
The report, Natural Gas Vehicles: A Global Strategic Business Report, published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, issues and challenges. For more details about this research report, visit http://www.strategyr.com/Natural_Gas_Vehicles_Market_Report.asp.
