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Evaluation of World Market Potential for LPG and CNG Vehicles and Alternative Fuel Conversion Equipment in the OE and Aftermarket
Frost & Sullivan, April 2007, Pages: 28
This Frost & Sullivan research service titled Evaluation of Global Market Potential for LPG and CNG Vehicles and Alternative Fuel Conversion Equipment in the OE and Aftermarket provides an analysis of the global LPG and CNG markets from 2004 to 2012. The study includes data on the LPG and CNG markets by key countries, by original equipment market/aftermarket and by market share of leading conversion equipment manufacturers globally.
Alternative Fuels Attract Attention as Global Focus on Reducing Vehicle Emissions Increases
Reduction of harmful vehicle emissions such as NOx, PM, and CO2 has become a key priority in the drive to control the worrying phenomenon of global warming. This, along with the rising prices of fossil fuels, has acted as a major catalyst in the development of more environment-friendly and cost-effective options. Alternative fuels such as liquefied petroleum gas (LPG) and compressed natural gas (CNG) are not only less expensive than conventional gasoline or diesel, but also reduce emission of harmful gases from automobiles. 'Worldwide, the global automotive industry is strongly focused on cutting down automobile emissions, and this has led to increase in development of LPG / CNG fuels and their conversion equipment,' notes the analyst of this research service. 'Appropriate infrastructure along with the required support from governments and fuel suppliers will accelerate the acceptance of LPG and CNG as alternative fuels globally.'
Local governments and authorities are helping vehicle manufacturers meet the challenge of emission reduction in various ways. Many governments are actively promoting vehicles that can run on alternative fuels such as LPG, CNG, ethanol, bio fuels and hybrid powertrain. In countries such as India and Pakistan, the government has ensured mandatory conversion to CNG for all public transport in certain states.
Collaborative Efforts of Car Manufacturers, Fuel Suppliers, and Governments Needed to Increase Acceptance Levels
Significant cost savings, emission reduction potential, and tax incentives offered by governments are the key drivers behind the growth of LPG and CNG vehicles, and associated conversion equipment. However, increasing competition from other alternative fuels such as ethanol and bio fuels that are equally eco-friendly could challenge the growth of LPG and CNG as the alternative to fossil fuels. Lack of appropriate infrastructure for distribution and refuelling is hindering the growth of LPG / CNG in new markets, as do the low awareness levels among customers about the benefits of alternative fuels.
'It will require a combined effort by car manufacturers, fuel suppliers, and local governments to address these challenges,' says the analyst. 'Providing the required infrastructure and raising awareness levels by promoting the advantages of alternative fuels will considerably enhance the growth prospects of LPG and CNG vehicles and of its conversion equipment.'
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