TechNavio recognizes the following companies as the key players in the CNG Vehicles market in Europe: Daimler AG, Fiat S.p.A., General Motors Co., Peugeot Citroën S.A., and Volkswagen AG.
Commenting on the report, an analyst from TechNavio’s team said: “One of the main trends witnessed in the CNG Vehicles market in Europe is the increasing number of bi-fuel vehicles. In recent years, consumers have begun to convert their gasoline vehicles into CNG vehicles. The conversion is done by installing CNG components in a gasoline vehicle. The CNG acts as the primary fuel source of the vehicle and the gasoline acts as a back-up. On the dashboard of the vehicle, a fuel selection switch is installed that allows consumers to select the kind of fuel they prefer to run their vehicles. Bi-fuel vehicles are gaining momentum as these vehicles guarantee that there is an adequate fuel reserve between visits to CNG fuelling stations, and thus consumers do not have to depend totally on natural gas.”
According to the report, one of the main factors driving the market is the cost benefits of using CNG. The financial advantages of running a vehicle using CNG compared to gasoline/diesel are considerable. This is mainly due to public incentives and reduced tax rates as well as the lower cost of CNG compared to oil.
Further, the report states that one of the main challenges is the high cost of CNG vehicles. CNG vehicles are significantly costlier than traditional gasoline or diesel vehicles. The initial purchase price of an unsubsidized CNG heavy-duty truck is between extremely high compared to an equivalent commercial diesel-fuelled truck.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are Audi AG, Adam Opel AG, Industrial Vehicle Corp., MAN Truck & Bus AG, SEAT S.A., Saab Automobile AB, Scania AB, Van Hool NV, Volkswagen AG, GNC Galileo S.A., Landi Renzo S.p.A., Magneti Marelli S.p.A., Prins Autogassystemen BV, and Stefanelli Group srl
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/cng-vehicle-market-europe-2012-2016
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/automotive-and-aerospace
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TechNavio Announces the Publication of its Research Report -CNG Vehicles Market in Europe 2012-2016
