“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) -- 08/13/2014 -- The ever escalating prices of petrol and diesel have resulted in a shift towards alternative fuels. While car manufacturers have backed on offering dual fuel models to increase the tumbling sales of their cars, car buyers prefer CNG cars to bring down the running cost. 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.
Owing to international demand supply economics, the Indian fuel prices are majorly affected. The past two years have seen rampant increases in petrol and diesel prices. CNG is an eco-friendly and economical fuel for the masses due to which Government authorities incentivize and promote the usage of CNG in public transport vehicles. The private car owners and fleet operator are also encouraged to opt for CNG fuel which is clearly reflected in the growing market of OEM CNG car sales as well as aftermarket retro fitment of CNG kits in cars.
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.
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