Natural Gas Vehicles Billion Dollar Industry
New Market Research Report: High Gasoline Prices Drive Market for Natural Gas Vehicles
ROCKVILLE, MD–(Marketwire – Oct 9, 2012) – MarketResearch.com has announced the addition of “Global Markets for Natural Gas Vehicle Components,” to their collection of market reports.
Battered by gasoline and diesel fuel prices in recent years, many consumers, businesses and industries are intrigued by natural gas vehicles(NGVs), the most prevalent on-road alternative fuel vehicles in the world.
CNG filler on the 2013 GM HD pickups.
In the last five years, record numbers of NGVs have been added to the road worldwide, either the conversion of existing diesel and gasoline vehicles or purchases of factory model NGVs.
Natural gas vehicles present consumers and fleet owners with significant vehicle lifetime fuel savings, lower emissions and cleaner burning vehicle operation.
Recent margins between the pump prices for petroleum fuels and compressed (CNG) or liquefied natural gas (LNG) have never been better in many countries, including the United States.
While influenced by diverse factors, fuel markets in Asia, Europe and the Americas all feature a relative discount for natural gas compared to petroleum fuels.
Gasoline and diesel prices globally are being increasingly strained by transportation demand in the developing world.
The future global NGV market is even more auspicious given the potential of shale gas and other unconventional natural gas deposits to boost regional natural gas production around the world.
As a fuel both dynamic in its sourcing (new deposits, reserves, and renewable production), natural gas requires technological keys to unlock the potential of its greater supply through applications in transportation.
NGV components represent a multi-billion dollar global industry as the tools of petroleum fuel displacement with cleaner, cheaper natural gas.
Backed by recent, unprecedented growth in NGV populations worldwide, NGV components outfitted onto factory models or aftermarket converted vehicles represent a leading supply chain market in the alternative vehicle field.
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