North America Will Trail the Rest of the World in Sales of Natural Gas Vehicles Over the Next 7 Years, According to Pike Research
BOULDER, Colo.--(BUSINESS WIRE)-- The global market for light-duty natural gas vehicles (NGVs), which produce fewer greenhouse gas emissions than conventional gasoline engines and which run on fuel that is much cheaper than gasoline, varies significantly depending on the region and country. While many markets in Europe and Latin America continue to struggle with growing refueling infrastructure fast enough to meet the needs of both consumers and fleets, the adoption of NGVs is still growing rapidly. According to a recent report from Pike Research, a part of Navigant's Energy Practice, the Asia Pacific region is rapidly becoming the world's largest market for NGVs, thanks to strong growth in markets such as Thailand, India, and China.
North America, however, continues to lag in this sector. Although sales of NGVs in the region will grow at a healthy 10.2 percent compound annual growth rate from 2012 to 2019, the study finds, annual sales will still reach only 37,000 by 2019 - just over one percent of the world market, which is expected to reach 3.2 million in annual sales in that year, the study concludes.
"Sales of NGVs will grow strongly in the next several years in North America, but the market is starting from a very small base of about 16,000 vehicles a year," says senior research analyst Dave Hurst. "The lack of widely available refueling stations, the absence of government incentives for purchasers, and low consumer awareness of NGVs will keep the North American market to just a fraction of the total world market."
As in Europe and parts of Asia Pacific, the growing infrastructure for NGVs in North America remains focused on servicing fleet customers. This will likely limit the growth of NGV passenger cars both in North America and other markets, according to the report.
The report, "Light Duty Natural Gas Vehicles", analyzes the global market opportunity for NGVs in the passenger car and light duty truck 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 NGVs for the consumer and fleet markets. Key industry players are profiled in depth, and forecasts for worldwide NGV sales, vehicle segment sales, and cumulative refueling station availability are included through 2019. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant's global Energy Practice on July 1, 2012, provides in-depth analysis of 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 Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Light Duty Natural Gas Vehicles," is a summary and reflects Pike 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 Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
KEYWORDS: United States North America Colorado
The article North America Will Trail the Rest of the World in Sales of Natural Gas Vehicles Over the Next 7 Years, According to Pike Research originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.