Automotive Natural Gas Vehicle Market Analysis for Commercial Vehicles by Fuel Type (CNG & LNG), by Vehicle Type (Medium Duty & Heavy Duty) & by Geography [Asia-Oceania, Europe, Americas, ROW (Rest of the World)] - Industry Trends & Forecast to 2019
Due to stringent emissions regulations rolled out by governments in an effort to improve air quality, public as well as transit and logistic agencies have turned to alternative fuels. In addition to the obvious environmental benefits, reduced operating costs and government incentives have spurred the increased use of alternative fuels in the transit industry. CNG and LNG are amongst the most popular and feasible alternative energy fuelled vehicles, with CNG being more popular and older than any alternative fuel. However, LNG is also witnessing an increase in adoption in heavy duty trucks and buses owing to its higher energy density which is desirable for long distance transportation. Government operated fleets for transportation is one of the early adopters of natural gas as the emissions are lower than conventionally fueled vehicles. The adoption rate among private fleets is also increasing in spite of the higher upfront costs and loss of luggage space, as the lower fuel cost helps in recovering incremental cost of the vehicle. Another important factor fueling the growth of natural gas commercial vehicles is their high mileage which plays a pivotal role in recovering their higher initial cost in comparatively less time. However, lack of a well-developed infrastructure is currently a major hindrance for the development of this market. The government is playing a major role in the development of the natural gas market by easing the competitive pressure from conventional fuels by regulating the price of fuels. This helps to achieve energy independence and lower pollution levels owing to lower emissions from natural gas. The CNG & LNG trucks and buses market is analyzed in terms of OE sales (units) and cumulative vehicles (units) by vehicle type, by fuel type, and by region in major countries. The market segmentation has been done as seen below:
By Region:
- Asia-Oceania - Europe - Americas - RoW
By Vehicle Type:
- Medium Duty Trucks and Buses - Heavy Duty Trucks and Buses
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