Environmental Concerns to Drive Adoption of Natural Gas Vehicles, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Natural Gas Vehicles (NGV) markets. Global population of Natural Gas Vehicles (NGVs) is projected to reach nearly 36 million units by 2018, driven by rapid adoption in developing nations of Asia, Middle East, and Latin America. Natural Gas is the fastest growing fossil fuel in the world, and is an important source of energy in North America, Western Europe, and Eastern Europe, as well as in industrialized markets of Asia. Availability and environmental friendliness make Natural Gas the primary energy resource and a major raw material in the chemical and petrochemical industries, especially in industrialized parts of the world.
San Jose, CA (PRWEB) September 25, 2012
Follow us on LinkedIn — Demand for passenger cars closely correlates with the spending power of consumers, which in turn is influenced by trends in GDP growth and employment rates. In other words, there exists a strong correlation between national income in a given economy and automobile ownership rates. Robust growth in vehicle ownership is therefore forecasted in the medium to long term, given that in economies where per capita GDP (GDP/person) averages to over US$4,500, auto ownership tend to double at a rate faster than the rate of growth in per capita income. With GDP per capita in several Asian countries, including China and India breaching the US$4,000 mark, it is opportunities galore in the passenger cars industry. Demand in developed economies in North America and Western Europe, is forecast to continue slowing down as a result of saturating ownership rates, but will be compensated by opportunities offered by mass motorization in developing countries.
Despite being the largest markets in terms of vehicle population, China and the US accounted for a mere 6.6% and 0.8% share of NGV population, respectively, in 2011, reflecting the existence of major untapped vehicle population. The number of NGVs per refueling stations in both the countries is comparatively less than other major NGV markets in the world, displaying the infancy of NGV infrastructural investments in the region. Besides these factors, the need to minimize the dependency on foreign oil also triggered Government initiatives in both the regions. The US Government proposed initiatives to provide tax incentives for converting truck and bus fleets to NGVs, and to fuel NGV infrastructural investments. Meanwhile, in China, the Beijing Municipal Government entered into an agreement with CNPC to start LNG powered bus route. Moreover, China and the US´ advantage of being the leading countries with largest quantity of shale gas reserves is expected to reinforce Governments in both the regions to initiate new regulations to boost NGV uptake.
Demand for natural gas vehicles is anticipated to increase in the face of rising environmental concerns. Natural gas is a major revenue resource and income generator in developing countries as it attracts foreign investments and enhances balance of payments. Some major changes in international trade are taking place in the natural gas market. Gas, a local business hitherto, has now become an international commodity. Natural gas holds an edge in the transportation sector due to its ability to reduce emission levels. Worsening environmental pollution caused by vehicle exhausts is driving Governments across the globe to promote the use of natural gas as a clean burning fuel that causes less pollution. With the implementation of new legislations and stringent regulations on emissions for the transportation industry, demand for natural gas vehicles is expected to rise. In the transportation industry, natural gas finds indirect applications in electricity-driven cars as well as direct applications as liquefied natural gas in heavy trucks or compressed natural gas in internal combustion engines.
As stated by the new market research report on Natural Gas Vehicles, NGV population is projected to witness high growth even in oil rich regions such as Iran, owing to constraints in refined fuel supply in the region. The Middle East region is forecast to witness the fastest growth in NGV population, followed by Asia-Pacific, and Europe. Asia-Pacific accounts for the largest population of NGVs worldwide.
Major players in the global marketplace include AB Volvo, Bayerische Motoren Werke G.m.b.H., Caterpillar, Inc., Chrysler Group LLC, Cummins, Inc., Daimler AG, Fiat S.p.A., Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Company, Isuzu Motors Ltd., Mazda Motor Corporation, Mitsubishi Motors Corporation, Nissan Motor Co., Ltd., PSA Peugeot Citroën S.A., Renault SA, Suzuki Motor Corporation, Toyota Motor Corporation, and Volkswagen AG.
The research report titled “Natural Gas Vehicles: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections by NGV population (in Units) for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, Russia, Sweden, Ukraine, Bulgaria, Armenia, and Rest of Europe), Asia-Pacific (China, India, South Korea, Malaysia, Pakistan, Bangladesh, Thailand, Myanmar (Burma), Uzbekistan, and Rest of Asia-Pacific), Middle East & Africa (Iran, Egypt, and Rest of Middle East & Africa), and Latin America (Argentina, Brazil, Mexico, Peru, Venezuela, Bolivia, Colombia, and Rest of Latin America).
For more details about this comprehensive market research report, please visit —
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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