“The OEM sales of CNG cars shall grow at a CAGR of 31% while aftermarket CNG kits for passenger cars shall grow at a CAGR of 25% during the FY 2013 to FY 2018.”, RNCOS Study.
Noida, UP -- (SBWIRE) -- 08/01/2014 -- The CNG passenger car market in India is growing at a rapid pace. There is huge potential for the market to take off. Analyzing the population of on road CNG cars dusting past 5 years, there is impressive growth in various cities where CNG infrastructure is being laid down. RNCOS latest research titled “India CNG Passenger Car Market Outlook 2018”, predicts the OEM sales of CNG cars to grow at a CAGR of 31% while aftermarket CNG kits for passenger cars to grow at a CAGR of 25% during the FY 2013 to FY 2018.
OEMs are focusing on providing CNG models to the customers looking for low cost of ownership. The aftermarket fitment of CNG kits too has witnessed good growth in major cities such as Mumbai, Delhi, Noida, Pune, Surat etc. Ever rising prices of petrol and diesel have given way to CNG which has emerged as a popular fuel for private car owners and commercial fleet owners. Due to low running cost and eco friendly advantage, the number of CNG cars has surged at a rapid pace in the cities with CNG stations.
Research Analysis & Highlights
The latest RNCOS study titled “India CNG Passenger Car Market Outlook 2018”, describes the CNG car market performance in India. Current and future landscape of OEM sales of CNG cars and aftermarket fitment of CNG kits in passenger cars have been presented for key states with CNG infrastructure including Delhi-NCR, Maharashtra, Gujarat, Andhra Pradesh and Uttar Pradesh. Besides, detailed description of current and future outlook of CNG stations and pipeline network shall help strategists chalk out the right plans for expansion/entry into the potential markets. The research report presents a clear picture of the industry providing market trends, challenges, profiling of OEMs, their existing and upcoming CNG models and latest developments in the industry.
Some of the key findings of the report are:
- Ever Growing Prices of Petrol & Diesel Shift the Demand Curve to CNG
- Consumers Prefer After Market Fitment of CNG Kits
- OEMs Push Dual Fuel Models to Accelerate Sales
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