The adoption of NGVs in the region is based on the economic growth, the increased spending power, and the rise in demand for automobiles. Worldwide, the use of CNG is encouraged by economic and promotional support extended by governments, volatility in oil prices, technology innovations and focus of the automotive industry on cleaner vehicle concepts.
Additionally, the number of natural gas vehicles will be rising significantly in five years’ time due to the lower carbon future envisaged by most of the countries worldwide, and the stimulus and rescue packages offered to automakers by governments in Japan and Korea, among others, to produce green vehicles.
States, consumers and fleet managers agree about the instrumental role played by NGVs in achieving national self-sufficiency in meeting energy needs.
According to “A global strategic business report”, publicized by Global Industry Analysts Inc , the market’s future growth will also be boosted by technology developments that help NGV engineering design, such as, durability of components and the enhancement in engine performance.
Currently, there are 12 million CNG vehicles.
