Monday July 1, 2013 0 commentsBOULDER - A new report from Navigant Research projects 34.9 million natural gas vehicles on the road worldwide by 2020 - up from 18.2 million currently.
The report says a combination of low-cost natural gas and sustained higher prices for gasoline and diesel is driving the increase in NGVs.
"NGVs experienced a brief surge of popularity in the 1970s and early 1980s as a result of the 1973 oil embargo and the price shocks that followed," said Dave Hurst, Navigant's principal research analyst.
"Today, growth in the market is being fueled less by negative external events and more by positive industry developments, such as increased vehicle availability, a stronger focus on the largest users of fuel in new regions, and a greater openness to alternative fuel vehicles on the part of motorists and fleet operators."
The Navigant report, "Market Data: Natural Gas Vehicles," provides global market data and forecasts for passenger cars, light-duty trucks, and medium and heavy-duty trucks and buses. The report also examines key factors influencing growth in the NGV market.
An executive summary of the report is available for free download at www.navigant.com.