NEW YORK, July 6, 2015 /PRNewswire/ — In 2015 the market for compressed natural gas vehicles is still in its infancy despite a growth in sales, especially through 2009 to 2014. The CNG Passenger Car market is currently characterised by a high level of concentration in a small number of countries, low penetration in the major automotive markets and limited supply of models by OEMs. The latter is mainly due to the significant upfront purchase cost in comparison with petroleum-fuelled vehicles, and due to the relatively high cost of aftermarket conversion.
However, the market represents significant potential and is expected to record robust growth in the forecast period. Investment in new CNG stations will help overcome the lack of a sufficient refuelling infrastructure, the biggest restraint the market faces. Additionally, the introduction of a greater breadth of CNG models by OEMs will enable both reduction in the conversion cost and greater NGV ownership as the price advantage of Natural Gas over other fuels will continue throughout 2015-2025. This price advantage, though hampered by the slump in oil prices in late 2014 and early 2015, will stabilise over the near-term and ultimately facilitate a greater level of CNG Passenger Car adoption.
The markets of China, India and Iran are expected by visiongain to continue their strong growth, as gas infrastructure develops and refuelling stations are constructed to develop a CNG fuelling network with greater coverage. Latin America is another market forecast to grow steadfastly, and within Europe the national markets of Italy and Germany show considerable potential.
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Read More: http://www.marketwatch.com/story/automotive-compressed-natural-gas-vehicles-ngv-market-2015-2025-growth-prospects-for-cng-passenger-cars-2015-07-06