Market for CNG, NGV has grown but still in infancy: London-based group

A report prepared by a London-based think tank dated January 26 said that despite expansion through the last seven years in 2015 the worldwide market for compressed natural gas was still at its infancy.

“The CNG Passenger Car market is currently characterized by a high level of concentration in a small number of countries, low penetration in the major automotive markets and limited supply of models,” the report said.

It described the market as one with “significant potential” expected to continue expanding. High initial costs for the aftermarket conversion of gasoline vehicles will continue to be a problem.

Visiongain, which has a team of London based in-house analysts offering consulting, said the price advantage of natural gas over other fuels is expected to continue until at least 2025.

Markets of China, India and Iran, Latin America and within Europe those of Italy and Germany show the greatest potential, according to Visiongain’s projections.