BURNABY, Canada, March 31, 2016 /PRNewswire/ --
Rising levels of air pollution and growing focus on use of alternative fuels in transportation systems to drive global automotive CNG & LPG kits market
Over the last five years, CNG and LPG have emerged as environment-friendly and clean fuels for use in automotive industry. Vehicle owners across major global markets such as Europe, APAC and the Americas are gradually moving towards CNG and LPG fueled vehicles. Major factors that are driving adoption of CNG and LPG as a fuel for automobiles include significantly lower carbon emissions and cost-effectiveness of CNG & LPG compared to traditional fuels such as petrol, diesel and gasoline.
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According to TechSci Research report, "Global Automotive CNG & LPG Kits Market By Vehicle Type, By Demand Category, By CNG Vs LPG, Competition Forecast and Opportunities, 2011-2021'’, global automotive CNG & LPG kits market is forecast to grow at over 8% CAGR through 2021 driven by rising pollution concerns, cost-effectiveness of alternative fuels, and government initiatives in the form of subsides that are encouraging people to switch to natural gas or auto gas from traditional fuels in various countries.
The global CNG and LPG kits market has been growing over the last few years, especially on account of various developing countries such as China, India, Pakistan, Iran, Turkey, Italy, Poland, South Korea, Russia and Argentina witnessed increasing deployment of CNG and LPG kits in vehicles. India and China are the leading markets for automotive CNG & LPG kits markets across the globe. With production of around 29 million passenger cars, light commercial vehicles and medium & heavy commercial vehicles, India and China are the leading demand generators for automotive CNG & LPG kits from the OEM segment. Few of the leading companies operating in global automotive CNG & LPG kits market include Ford, Toyota, Fiat, Honda, Hyundai, Suzuki, Volkswagen, Renault, GM, Volvo, Landi Renzo, Cummins, Atikar, Tomasetto Achille, AC Spolka, BRC, Lovato, Kion, Nikki, etc.
"Increasing urbanization and robustly growing automotive industry, especially over the last decade across various major countries, have contributed to rising CO2 emissions, globally. Vehicles with traditional fuel systems are among the leading contributors of pollution, worldwide. In order to counter this issue, governments across various countries are taking initiatives and provide subsides to encourage consumer to switch from conventional fuels to CNG and auto gas, thereby driving demand for new automotive CNG & LPG kits, globally.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Automotive CNG & LPG Kits Market By Vehicle Type, By Demand Category, By CNG Vs LPG, Competition Forecast and Opportunities, 2011-2021'’ has evaluated the future growth potential of automotive CNG & LPG kits in the global market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global automotive CNG & LPG kits market.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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