Worldwide reports also released
CNG vehicle market in Latin America to reach 6.8 million units by 2015
TechNavio's analysts forecast states that one of the key factors contributing to this growth is the cost advantage of using compressed natural gas. The region has also been witnessing an increasing number of bi-fuel vehicles. Key vendors dominating this market space include Fiat S.p.A., Ford Motor Co., General Motors Co., and Volkswagen AG.
Other vendors mentioned in the report are Honda Motor Co. Ltd., Toyota Motor Corp., Bayerische Motoren Werke AG, Suzuki Motor Corp., Mercedes-Benz, Renault S.A., Capacity of Texas Inc., Cummins Westport Inc., Emissions Solutions Inc., Freightliner, Navistar/International Truck and Engine Corp., Volvo, Weichai Power Co. Ltd., Altech-Eco Corp., BAF Technologies, Baytech Corp., Clean Energy Fuels Corp., Fuel Systems Solutions Inc., GNC Galileo S.A., Kraus Global Inc., Magneti Marelli S.p.A., and Prins Autogassystemen BV.
On the other hand, the CNG vehicle market in Europe would grow at a CAGR of 14.01 percent in terms of units sold over the period 2011-2015. One of the key factors for this expansion is the increasing oil consumption in Europe. This particular region has also been witnessing the rising demand for bi-fuel vehicles that can run on CNG as well as gasoline. Key vendors dominating this market space include Fiat S.p.A., Daimler AG, Adam Opel AG, and Volkswagen AG. Other vendors mentioned in the report: SEAT S.A., Audi AG, Volvo AB, Saab Automobile AB, Industrial Vehicle Corp., MAN Truck and Bus AG, Van Hool NV, and Scania AB.
In contrast, the Asia-Pacific (APAC) region is expected to reach 15 million units by 2015. One of the key factors contributing to this market growth is increasing fuel prices. Key vendors dominating this market space include Fiat S.p.A., Ford Motor Co., Suzuki Motors Corp., and Volkswagen AG.
Regarding the global CNG vehicle market, it is expected to reach 19.8 million units by 2015.
Details provided within the respective reports at TechNavio's website.