According to a recent report from Navigant Research, the expansion of the market for medium- and heavy-duty NGVs is the result of new drilling techniques and pipelines that make natural gas a significantly more competitive vehicle fuel than it was a decade ago. Besides, fleet operators are increasingly looking for alternative fuels to fulfill their needs at lower costs and with reduced emissions.
The total number of natural gas trucks and buses on roads worldwide will grow from 1.5 million in 2014 to 3.7 million by 2022. “NGV sales are largely being driven by four key forces. These include the economic benefits, the increased availability of vehicles, the environmental benefits, and the growth of refueling infrastructure,” said Dave Hurst, principal research analyst with Navigant Research.
Although the NGV market is somewhat tied to the growth of the overall economy and specific industries, makers of trucks and buses powered by natural gas have found some niches that have proven stronger than the overall market, according to the report, particularly the refuse truck, day cab truck, and transit bus markets. These are markets in which vehicles use a lot of fuel, and the payback periods on incremental vehicle costs can be relatively short.
The report, “Natural Gas Trucks and Buses”, analyzes the 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.
Source: Navigant Research
