A new report from Navigant Research examines the global NGV market, including forecasts for vehicle sales and on the road, refueling stations, natural gas consumption, and CNG cylinders through 2024. According to the analysis, sales of NGVs are expected to grow from 2.3 million annually in 2014 to 3.9 million in 2024.
Increasingly stringent fuel economy and tailpipe emissions standards in major automotive markets are driving automakers to provide alternatives to traditional gasoline- and diesel-fueled internal combustion engines. For many customers, particularly high-mileage fleet operators and consumers in regions with high retail prices for liquid fuels, NGVs offer an excellent option for reducing both operating costs and CO2 emissions.
“NGV markets in a number of regions are expected to grow significantly over the next decade, particularly China, which is grappling with serious air pollution issues that are affecting quality of life in major urban areas,” says Sam Abuelsamid, senior research analyst with Navigant Research.
The report “Natural Gas Vehicles” examines the global market for NGVs, with a focus on passenger cars, light duty trucks, medium/heavy duty trucks and buses, and commercial vehicles. The study provides an analysis of the key factors expected to influence demand for NGVs, including economic growth, fuel prices, infrastructure availability, acquisition costs, regulations, and technical issues. Global market forecasts are broken down by vehicle segment and region, extended through 2024. The study also analyzes how the market and technology issues will affect automobile and truck manufacturers, suppliers of NG engines, fuel storage, and delivery hardware, and the companies that convert liquid-fueled vehicles to NG.
Source: Navigant Research.