The market for compressed natural gas (CNG) vehicles is expected to reach 6.8 million units by 2015, according to a new report.
TechNavio's 'CNG Vehicle Market in Latin America 2011-2015' report revealed that the cost advantage of using CNG is the main factor responsible for the growth in this market.
Though the CNG vehicle market in Latin America has also been observing the rise in vehicle numbers, the high cost of CNG vehicles could be the major challenge in the CNG vehicle market in Latin America.
Key vendors dominating this market space include Fiat, Ford Motor, General Motors, Volkswagen, while the other vendors include Honda Motor, Toyota Motor, Bayerische Motoren Werke, Suzuki Motor, Mercedes-Benz and Renault.