BOULDER, Colo.--(BUSINESS WIRE)-- As many governments and businesses seek ways to reduce the fuel costs and emissions of their fleets of trucks and buses, diesel and natural gas have become increasingly appealing options for these commercial vehicles. Natural gas vehicles can help fleet operators reduce fuel costs and lower emissions while, at the same time, developing natural gas refueling infrastructure that will serve the consumer market as well as other fleets. A new report from Pike Research, a part of Navigant’s Energy Practice, forecasts steady growth in the market for natural gas trucks and buses: annual worldwide sales of these vehicles will more than double over the next seven years, growing from less than 70,000 in 2012 to more than 180,000 in 2019.
Almost one million of these vehicles will be sold from 2012 to 2019, the study concludes.
“Even if current low prices for natural gas rise, fleet operators remain keenly interested in protecting themselves from the high cost of diesel fuel,” says senior research analyst Dave Hurst. “This market is being driven by several key sectors, in particular refuse trucks, utilities, transit, and, to a lesser degree, construction. As those sectors grow, the fortunes of natural gas trucks and buses will follow suit.”
Growth in natural gas trucks and buses will be strongest in the Asia Pacific region, which according to the report, is expected to outpace global growth. China’s market for compressed natural gas (CNG) trucks will be strong, and China will lead the liquid natural gas (LNG) truck segment with 94 percent of the market. While LNG trucks in the United States are expected to grow faster than any other natural gas vehicle segment, in the natural gas bus segment, fewer than 3,000 such vehicles will be sold in the United States by 2019, the report finds. Natural gas bus sales in China will surpass 50,000 in 2019.
The report, “Natural Gas Trucks and Buses”, analyzes the global market opportunity for natural gas vehicles in the medium and heavy duty truck and bus markets. The report provides a comprehensive assessment of the current market, fuel availability, demand drivers, policy factors, and technology issues associated with the growth of these vehicles. Key industry players are profiled in depth, and worldwide natural gas vehicle sales, vehicle segment sales, and cumulative refueling station availability are forecast through 2019. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant’s global Energy Practice on July 1, 2012, provides in-depth analysis of 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 Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYSE: NCI) is a specialized, global expert 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 combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Natural Gas Trucks and Buses,” is a summary and reflects Pike 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 Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.