BOULDER, CO – According to a new report from Pike Research, a part of Navigant’s Energy Practice, the worldwide market for light-duty natural gas vehicles (NGVs) will grow steadily over the next 7 years, reaching 3.2 million vehicles sold in 2019. This will result in a cumulative total of 25.4 million light duty NGVs on the road by 2019, the market intelligence practice forecasts. The current high costs of gasoline and diesel fuel, along with the substantial and growing supplies of low-cost natural gas in many countries, are leading to renewed interest from both consumers and fleets in natural gas vehicles (NGVs), according to Pike Research. What’s more, NGVs produce lower greenhouse gas (GHG) emissions, particulate matter, and nitrogen oxide than gasoline or diesel-powered vehicles, giving governments looking to reduce GHGs a tool to meet those objectives.
Light-duty natural gas trucks, such as small commercial vehicles, are expected to outsell passenger cars in most regions, because consumer demand for NGVs continues to lag. However, Latin America and the Middle East are the exceptions, where strong consumer markets and taxi usage in Argentina, Brazil, Iran, and Egypt are accelerating passenger car sales. The largest regional market for NGVs by the end of this decade will be Asia Pacific, thanks largely to Pakistan, which had 2.7 million NGVs on the road at the end of 2012, as well as strong growth in countries like Thailand, India, and China. Sales of NGVs will also grow at a healthy pace in North America, with a compound annual growth rate of 10.2 percent from 2012 to 2019.
The report, “Light Duty Natural Gas Vehicles”, analyzes the global market opportunity for NGVs in the passenger car and light duty truck markets. The report provides a comprehensive assessment of the current market, fuel availability, demand drivers, policy factors, and technology issues associated with the growth of NGVs for the consumer and fleet markets. Key industry players are profiled in depth, and forecasts for worldwide NGV sales, vehicle segment sales, and cumulative refueling station availability are included through 2019.
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