Pike Research forecasts NG vehicles to reach 3.2M units in 2019

CNG Fuel Pump

In brief: The global market for light-duty natural gas vehicles will grow to 3.2 million vehicles sold in 2019, says Pike Research.

The word

The research firm is predicting a compound growth rate of 6.2% from 2012 until 2019, putting a total of 25.4 million light-duty natural gas vehicles on the road globally in 2019.

Light-duty natural gas vehicles (cars, trucks, etc.) make up about 97% of the total natural gas market for vehicles, totaling about 2.08 million vehicles of the 2.15 million expected to be sold this year.

Pike believes that Asia Pacific will become the largest market for these methane vehicles, due to strong growth in several Asian markets.

In North America, the truck market leads the natural gas vehicles market because most natural gas vehicles sold are fleet purchases, but this sector is growing rapidly at a pace of about 10.8% annually, says Pike.

And so ...

Consumer markets in natural gas tend to dominate in places like Latin America, Asia, and the Middle East. Europe sees a near-50:50 split in fleet versus consumer NG vehicles. This report identifies four main drivers for LD NGV adoption: economic benefits, environmental benefits, availability of fuel and vehicles, and energy security.

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