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. 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, the company says. 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.