“Corporate and government fleets are the strongest adopters of natural gas vehicles,” says senior analyst Dave Hurst. “Not only will this trend continue, but in fact fleet sales will increase as a percentage of all NGV sales, representing two-thirds of the total market by 2013. More and more fleet managers are attracted to the lower fuel costs of natural gas, in addition to the opportunity to reduce their vehicles’ carbon footprint.”
Hurst adds that refuelling infrastructure remains a key challenge for the NGV market, and the ratio of vehicles to stations is still too high, which is particularly a hurdle for the consumer NGV market. While the number of CNG stations will increase in the coming years, the market research and consulting firm forecasts that the expanding infrastructure will not keep pace with the growth of the vehicle market. It is expected that fuelling stations will increase from approximately 18,000 in 2010 to just fewer than 26,000 in 2016, a 5.9% compound annual growth rate (CAGR). This compares to a 7.9% CAGR in natural gas vehicles on the road during the same period.
Source: Pike Research