Annual Sales of Natural Gas Vehicles Are Expected to Reach Nearly Four Million by 2025, According to Navigant Research
The decline in world oil prices is expected to continue through
the decade, report finds
A new report from Navigant
Research analyzes the market for natural gas vehicles (NGVs),
including global forecasts, broken down by vehicle segment, alternative
drivetrain, and region, through 2025.
The NGV market is taking off in some regions, although growth has been
slower than previously projected. While drops in oil prices and gains in
battery cost reduction and capacity are hindering some of the advantages
of NGVs, the market is still expected to experience growth. Click
to tweet: According to Navigant Research, global annual NGV sales
are expected to grow from 2.4 million vehicles in 2015 to 3.9 million in
2025.
“A significant portion of the cost advantage of natural gas has
evaporated in the past 12 months as a result of the collapse of world
oil prices,” says Sam Abuelsamid, senior research analyst with Navigant
Research. “However, various regional factors also affect the markets for
NGVs, including ongoing political tensions, the availability of
refueling infrastructure, tightening tailpipe emissions requirements,
and total cost of ownership.”
The collapse in global oil prices that began in late 2014 is now
anticipated to continue through the rest of this decade, according to
the report. While there continues to be an abundance of natural gas
production in North America, new production has slowed dramatically,
which is expected to result in only modest regional growth, with a focus
on fleet markets, particularly for local applications such as refuse
trucks, delivery vehicles, and transit buses operating out of
centralized depots.
The report, Natural
Gas Vehicles, examines the global market for NGVs, with a focus
on passenger cars, light duty trucks and vans, medium/heavy duty trucks
and buses, and commercial vehicles. The study provides an analysis of
the key factors expected to influence demand for NGVs, including fuel
prices, infrastructure availability, regulations, and technical issues.
Global market forecasts, broken down by vehicle segment, alternative
drivetrain, and region, extend through 2025. The study also analyzes how
market and technology issues will affect automobile and truck
manufacturers; suppliers of natural gas (NG) engines, fuel storage, and
delivery hardware; and the companies that convert liquid-fueled vehicles
to NG. An Executive Summary of the report is available for free download
on the Navigant
Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about 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
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is an independent specialized, global
professional services firm that combines deep industry knowledge with
technical expertise to enable companies to defend, protect and create
value. With a focus on industries and clients facing transformational
change and significant regulatory and legal issues, the Firm serves
clients primarily in the healthcare, energy and financial services
sectors which represent highly complex market and regulatory
environments. Professional service offerings include strategic,
financial, operational, technology, risk management, compliance,
investigative solutions, dispute resolutions services and business
process management services. The Firm provides services to companies,
legal counsel and governmental agencies. The business is organized in
four reporting segments – Disputes, Investigations & Economics;
Financial, Risk & Compliance; Healthcare; and Energy. More information
about Navigant can be found at navigant.com.
* The information contained in this press release concerning the
report, Natural Gas Vehicles, is a summary and reflects Navigant
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 Navigant Research
nor Navigant undertakes any obligation to update any of the information
contained in this press release or the report.
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