Transparency Market Research presents a research report on the global Natural Gas vehicles market for the 2015-2023 period. The report, titled “Natural Gas Vehicles Market – Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2015 – 2023,” analyzes the various facets of sustainability of natural gas vehicular fuels in the long run. The report presents development trends and technological advancements that will have a bearing on this market during the forecast period.
That dependence on fossil fuels and crude oil for energy needs is not environmentally sustainable is well recognized. As such, the need to use clean, inexpensive, and natural fuels available in abundance is the need of the times. Natural gas is a clean substitute for conventional fuels such as diesel or gasoline and is also eco-friendly and low in cost. Compressed natural gas (CNG) or liquefied natural gas (LNG) are produced from natural gas and offer several economic, environmental, and policy benefits over other fossil fuels.
Vehicles that run on natural gas fuels are environmentally and economically sustainable. Government incentives and unparalleled industry investments for natural gas vehicles have spurred the demand for natural gas and available services. This is because emissions from natural gas vehicles are less polluting as compared to those released from gasoline and diesel vehicles. For instance, the U.S. environmental protection agency (EPA) has recognized the Honda Civic to be the cleanest commercially available vehicle in terms of emissions.
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On the other hand, natural gas vehicles are more expensive than conventional-fuel-powered vehicles. These vehicles are equipped with high-pressure insulated fuel tanks that can store LNG or CNG, the high cost of the tanks are the reasons for the high price of these vehicles.
Nevertheless, fuel savings make for significant savings over the vehicle’s lifespan. In particular, this results in huge savings for heavy-duty and high-mileage fleets in as little as 1-1.5 years, owing to the large quantity of fuels that these vehicles consume. With the decreasing cost of natural gas fuel tanks, light-duty passenger natural gas vehicles will cost less and will also enjoy a shorter payback period.
Due to these benefits, the trend of converting a conventional fuel vehicle into a natural gas vehicle is on the rise; this provides a huge opportunity for cutting fuel costs and recompensing for the conversion in a relatively short time.
Top players in the global natural gas vehicles market are Honda Motor Company Ltd., AB Volvo, Volkswagen AG, Renault SA, General Motors Company, Isuzu Motors Ltd., Caterpillar Inc., Ford Motor Company, Suzuki Motor Corporation Ltd., and Toyota Motor Corporation, among others.
Research Report:http://www.transparencymarketresearch.com/natural-gas-vehicles-market.html
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Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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