Wednesday November 21, 2012 0 comments
BOULDER - North America is expected to trail the rest of the world in sales of natural gas vehicles over the next seven years, according to a report by Pike Research.
Although sales of NGVs in North America are projected to increase at a healthy 10.2 percent compound annual growth rate between 2012 and 2019, the Pike study predicts annual sales will reach only 37,000 by 2019 - just over one percent of the world market.
"Sales of NGVs will grow strongly in the next several years in North America, but the market is starting from a very small base of about 16,000 vehicles per year," said Dave Hurst, Pike's senior research analyst.
"The lack of widely available refueling stations, the absence of government incentives for purchasers and low consumer awareness of NGVs will keep the North American market to just a fraction of the total world market."
The report finds the adoption of NGVs growing more rapidly in other parts of the world, particularly in China, India and Thailand.
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 also provides a comprehensive assessment of the current market, fuel availability, demand drivers, policy factors and technology issues associated with the growth of NGVs in the consumer and fleet markets.
Click here for a free downloadable executive summary report at www.pikeresearch.com.