Published Date : Feb 06, 2017
ALBANY, NY, Feb 06, 2017: The new report studying the factors affecting the global light and heavy duty natural gas vehicle market. Besides covering the growth drivers and restraints having evident impact, the report also identifies the opportunities prevalent for the players in the global light and heavy duty natural gas vehicle market. It is titled “Global Light And Heavy Duty Natural Gas Vehicle Market 2017-2021,” and is available for sale on the company website.
The report forecasts the market to exhibit a CAGR of above 5% between 2017 and 2021. Fuel prices reportedly account for nearly 30% if the overall acquisition cost of commercial vehicles. Given the scenario, fleet owners are induced into preferring commercial vehicles with high fuel efficiency and reasonable horsepower. However fluctuating fuel prices create difficulty for them to forecast operational costs. This will lead to the increased adoption of natural gas vehicles since they incur lower cost per mile.
The launch of multi-fuel engines will therefore be a major factor helping the market gain traction in the forthcoming years. To overcome common challenges in fuel run vehicles, original equipment manufacturers (OEMs) are increasingly focusing on the development of engines compatible with different types of fuel. This trend is expected to give significant impetus to the global light and heavy duty natural gas vehicle market.
Regionally, the market is expected to witness highly lucrative opportunities in APAC, which is also going to emerge as the major revenue contributor in the forecast period. The increasing disposable income of buyers in India, South Korea, and China, coupled with rise in their living standards, has significantly contributed to the economic growth of the region. This has subsequently fuelled the demand for light and heavy duty natural gas vehicle from APAC. Besides this, the market is also expected to gain from the increasing demand for fuel-efficient commercial vehicles and logistics services in the region.
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The market in general exhibits a highly fragmented vendor landscape. Currently, enterprises with extensive product portfolio enjoy a higher geographic footprint and thus dominance in the global light and heavy duty natural gas vehicle market. For instance, Daimler Trucks is one of the key manufacturers holding a strong foothold across the market in Asia, Europe, and the Americas. It manufactures trucks under the brand names of Western Star, FUSO, Mercedes-Benz, BharatBenz, and Thomas Built Buses. It also customizes solutions for the medium and heavy duty truck segment, which helped it emerge as one of the leading school bus manufacturers.
Other prominent vendor operating in the global light and heavy duty natural gas vehicle market are MAN Truck & Bus, CNH Industrial, General Motors, Daimler Trucks, and Volvo Trucks.
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