A recent report shows that the low cost of conversion and emission reduction will boost the alternate fuel vehicle market in North America and Europe.
This plan to become reality needs legislation and the development of refueling infrastructure. The Executive Analysis of the European and North American LPG and CNG Original Equipment Market shows that the alternate fuel vehicle market is expected to reach 900, 000 unit sales in Europe and 250, 000 in North America by 2018.
“The demand for low-cost emission reduction technologies has given a significant boost to the alternate fuel market, ” notes Frost & Sullivan Research Analyst Priyank Aggarwal. “A noticeable trend among upcoming OEMs models is that of chassis architectures and engines being designed to ensure alternate fuel compatibility. This will support easy transition, even as alternate fuel infrastructure improves across Europe and North America.”
The alternate fuel vehicle industry has already witnessed a boom in the European market, Italy and France trading more than 300,000 cars annually. Alternate fuels will also give OEMs he opportunity to drive the overall market, seeking to reduce running costs and fleet emissions.