Pike Research: 25 million light-duty natural gas vehicles to be on road worldwide by 2019

By: Steve Friday July 20, 2012 0 comments Tags: Dave Hurst, natural gas vehicles, Navigant, Pike Research

Pike Research Boulder ColoradoBOULDER - The worldwide market for light-duty natural gas vehicles will grow steadily over the next seven years, reaching 3.2 million vehicles sold in 2019 and a total of 25.4 million light-duty NGVs on the road worldwide by that year, according to a report by Pike Research.

The report said the high cost of gasoline and diesel, coupled with substantial and growing supplies of low-cost natural gas, is leading to renewed interest from both consumers and fleets in NGVs. In addition, NGVs produce lower greenhouse gas emissions, giving governments looking to reduce greenhouse gases a tool to meet those objectives.

"While the sparse variety of available vehicle models and the slow spread of NGV refueling infrastructure remain key concerns in many counttries, it's clear that the low cost of natural gas - combined with geopolitical forces - will expand the market for these vehicles," said Dave Hurst, Pike's senior research analyst.

"Many governments have promoted the growth of NGVs, either by offering reduced taxes on the vehicles or by increasing investment in refueling infrastructure."

The report says light-duty natural gas trucks - such as small commercial vehicles - will outsell passenger cars in most regions because consumer demand for NGVs continues to lag.

But the report also said that sales of NGVs in North America will grow at a healthy pace with a compound annual growth rate of 10.2 percent from now till 2019.

A free summary of the report is available at www.navigant.com/pikeresearch.

 

 

About the Author: Steve