The report, which includes global market for trucks and buses that are in the medium duty (10,000 to 26,000 pounds) and heavy duty (26,000 pounds or more) gross vehicle weight classes, forecasts that the total number of NGVs on the road across the world will reach nearly 1.9 million trucks and a similar 1.8 million buses by 2022.
Overall, the markets for medium and heavy duty natural gas vehicles are expected to grow at a compound annual growth rate of 12.6 percent and 6.4 percent, respectively, between 2013 and 2022.
Moreover, nearly 400,000 trucks and buses will be sold in 2022 with Asia Pacific consuming 76.2 percent of the global market, according to the report. In turn, North America is forecast to buy 12.7 percent and Eastern Europe 8.6 percent of the natural gas medium duty and heavy duty trucks and buses market.
Source: Navigant Research