Market will more than double in the next 10 years, report concludes.
February 24, 2014
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Increasing supplies of low-cost, readily available natural gas, along with expanding refueling infrastructure and increasingly strict vehicle emission requirements, are driving strong growth in the market for light duty natural gas vehicles (NGVs). This growth is occurring in countries where a robust market for NGVs already exists, such as India, China, Thailand, and Brazil, and in countries where NGVs are a relatively small niche, such as the United States and Germany. Click to tweet: According to a new report fromNavigant Research, the total number of light-duty NGVs on roads worldwide will grow from 17.5 million in 2013 to 39.8 million in 2023.
“A number of major automakers are refocusing their efforts in the NGV market, particularly in regions where interest in these vehicles is strong,” says Dave Hurst, principal research analyst with Navigant Research. “Overall, the number of NGVs on the world’s roadways will roughly double by 2023, at which time NGVs will account for 2.6 percent of all vehicles on the roads.”
The market for light-duty NGVs is not homogenous around the world or even within regions, according to the report. In North America, the market is heavily focused on fleet purchasers, while in parts of Western Europe, Latin America, and Asia Pacific, the consumer market plays a much bigger role. Whether a particular market is focused on fleets or private consumers has a significant impact on the NGVs available. In North America, the fleet market for NGVs remains relatively small, so automakers are content to rely on vehicle conversions by companies that complete the conversion prior to customer delivery.
The report, “
Light Duty Natural Gas Vehicles”, analyzes the global market for natural gas passenger cars and light duty trucks, including pickup trucks, SUVs, minivans, and vans. It provides an analysis of the market issues and drivers associated with light-duty NGVs, including refueling availability, gas storage cylinders, total cost of ownership, vehicle availability, and government influence. Global market forecasts for vehicle sales, vehicles on the road, and fuel used, broken out by region, segment, and drivetrain, extend through 2023. The report also examines the key technologies related to natural gas storage on vehicles, as well as the major players within the market. An Executive