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Natural gas vehicle sales to more than double by 2022

Hydrocarbon Engineering,

According to a new report from Navigant Research, the worldwide sales of natural gas trucks and buses will more than double, growing from 170 200 annually in 2013 to 398 400 by 2022.

“Demand for natural gas trucks and buses remains uneven on a regional basis,” explained Dave Hurst, principal research analyst with Navigant Research. “In North America, where natural gas costs remain low, the number of vehicles is outstripping the development of refueling stations. In Asia Pacific, China and other developing markets are looking to natural gas to help address environmental woes in large cities. As a result, the total number of natural gas trucks and buses on the road by 2022 is anticipated to reach nearly 4 million.”

The report, Natural Gas Trucks and Buses, claims that on average, the price of compressed natural gas (CNG) is approximately 42% that of diesel. Liquefied natural gas (LNG) tends to be slightly higher, however sees significantly more variability than CNG. Given the difference, the payback period for heavy-duty trucks can be as short as a year and a half. Incremental costs are largely driven by storage tanks for the CNG or LNG, which account for between 53-76% of the total incremental costs.

The report analyses the global market for trucks and buses in the medium- to heavy-duty gross vehicle weight classes. The study provides an analysis of related market issues and drivers, including:

  • Refuelling availability
  • Competing alternative drive technology
  • Total cost of ownership
  • Vehicle availability
  • Government influence.

Global market forecasts for vehicle sales, vehicles on the road and fuel used are divided by segment, fuel type and region, and extend through 2022. The report also examines the key technologies related to natural gas storage on vehicles, as well as the competitive landscape.

An Executive Summary of the report is available for free download on the Navigant Research website.

Adapted from press release by Katie Woodward

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