Worldwide Natural Gas Vehicle Sales Are Expected to Total 37.2 Million from 2014 to 2024, According to Navigant Research
By Business Wire News
By Business Wire News
A recent report from Navigant Research examines the global market for natural gas vehicles (NGVs), including global market forecasts for vehicle sales, vehicles on the road, refueling stations, natural gas consumption, and compressed natural gas cylinders through 2024.
Though natural gas has been used in vehicles since the advent of the internal combustion engine (ICE) in 1860, it wasn’t until the 1970s, when oil crises encouraged the development of alternatives to help conserve liquid oil fuel, that today’s NGVs began to emerge. Driven by stricter emissions requirements, increased natural gas extraction through hydraulic fracturing, and a lower total cost of ownership, interest in these vehicles is growing. Click to tweet: According to a recent report from Navigant Research, sales of natural gas vehicles are expected to total 37.2 million from 2014 to 2024.
“A number of regions—particularly China, which is grappling with severe air pollution issues—already have substantial markets for NGVs that are expected to grow significantly over the next decade,” says Sam Abuelsamid, senior research analyst with Navigant Research. “North America’s NGV market is also likely to see substantial growth, due to the large land mass and comparatively low filling station density, plus a price differential between gas and liquid fuels that is likely to bring down the total cost of ownership compared to ICE vehicles.”
Like their ICE counterparts, today’s NGVs are undergoing technical changes with the aim of reducing cost and improving overall efficiency, according to the report. A number of component suppliers are developing direct injection systems that will enable more commonality with the latest generation of gasoline and diesel engines. Similarly, new compressed natural gas (CNG) storage systems should help to improve system packaging in future light duty NGVs.
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 for vehicle sales, vehicles on the road, refueling stations, NG consumption, and CNG cylinders, broken down by vehicle segment and region, extend 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. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Natural Gas Vehicles,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.