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NGVs to hit 40 million worldwide by 2023

Hydrocarbon Engineering,


Growth in the light duty NGV market is being driven by increasing supplies of low cost, readily available natural gas, an expanding refuelling infrastructure and increasingly strict vehicle emission requirements. Growth is occurring in countries where a robust NGV market already exists, such as India, China, Thailand and Brazil, as well as countries where NGVs are relatively niche, such as the US and Germany. According to the latest report from Navigant 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.

The market for light duty NGVs is not homogenous around the world or even within regions, according to Navigant. The North American 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’ analyses the global market for natural gas passenger cars and light duty trucks, including pickups, SUVs, minivans and vans. The report provides an analysis of the market issues and drivers associated with light duty NGVs, including refuelling availability, gas storage cylinders, total cost of ownership, vehicle availability, and government influence. The global market forecasts for vehicle sales, vehicles on the road, and fuel used is broken in to region, segment and drivetrain and extends through 2023.

Comments

Dave Hurst, principal research analyst, Navigant Research said, ‘a number of major automakers are refocusing their efforts in the NGV market, particularly in regions where interest in these vehicles is strong. Overall, the number of NGVs on the world’s roadways will roughly double by 2023, at which time NGVs will account for 2.6% of all vehicles on the roads.’

Adapted from a press release by Claira Lloyd.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/25022014/ngvs_on_the_road_2023_196/


 

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