World Natural Gas Vehicles Market to Reach 19.14 Million Units by 2012, According to New Report by Global Industry Analysts
Driven by growing concerns over environmental pollution, and the unrelenting hikes in fossil fuel prices, world natural gas vehicle population is projected to reach 19.14 million units by the year 2012. Evolving breakthroughs in innovative technologies for alternative fuels, and the stringent environmental regulations on vehicle emissions, are expected to emerge into the two major factors driving the market's growth in the medium to long run.
San Jose, CA (PRWEB) October 27, 2008
Growth in the world natural gas vehicles (NGVs) market (http://www. strategyr. com/Natural_Gas_Vehicles_Market_Report. asp) 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. 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. 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.
As stated by the recent report published by Global Industry Analysts, Inc., world natural gas vehicles market is dominated by Latin America, and Asia-Pacific, with a combined share for over 76.3 % 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% 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% of the market in the year 2008, while Germany, Spain, and Russia are expected to post strong growth patterns with CAGRs ranging between 23% to 34% 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% 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 titled "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. Richly annotated with authoritative, and unbiased commentaries, and hard-to-find statistical facts, the report provides unequivocal views on future potential while throwing light on the prevailing climate in key regional markets. Latent demand patterns for Natural Gas Vehicles are quantified across major geographic market verticals including the United States, Canada, Japan, France, Germany, United Kingdom, Italy, Spain, Russia, Pakistan, India, China, New Zealand, Bangladesh, Malaysia, Indonesia, Australia, Argentina, Brazil, Venezuela, Colombia, Chile, and Mexico, among others. Also provided in the report is an enumeration of recent mergers, acquisitions, and other strategic industry activities.
For more details about this research report, please visit http://www. strategyr. com/Natural_Gas_Vehicles_Market_Report. asp (http://www. strategyr. com/Natural_Gas_Vehicles_Market_Report. asp)
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (http://www. strategyr. com/) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
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