Research and Markets added “Concise Analysis of the CNG Vehicle Market in Europe” to its offerings.

One of the main trends in the CNG vehicle market in Europe is the increasing number of bi-fuel vehicles. In recent years, consumers have begun to convert their gasoline vehicles into CNG vehicles. The conversion is done by installing CNG components in a gasoline vehicle. The CNG acts as the primary fuel source of the vehicle and the gasoline acts as a back-up. On the dashboard of the vehicle, a fuel selection switch is installed that allows consumers to select the kind of fuel they prefer to run their vehicles.

Bi-fuel vehicles are gaining momentum as these vehicles guarantee that there is an adequate fuel reserve between visits to CNG fuelling stations, and thus consumers do not have to depend totally on natural gas.

According to the report, one of the main factors driving the market is the cost benefit of using CNG. The financial advantages of running a vehicle using CNG compared to gasoline/diesel are considerable. This is mainly due to public incentives and reduced tax rates as well as the lower cost of CNG compared to oil.

Further, the report states that one of the main challenges is the high cost of CNG vehicles. CNG vehicles are significantly costlier than traditional gasoline or diesel vehicles. The initial purchase price of an unsubsidized CNG heavy-duty truck is between extremely high compared to an equivalent commercial diesel-fueled truck.