That’s the projection of Boulder-based Pike Research. They cite current high costs of gasoline and diesel fuel, along with the substantial and growing supplies of low-cost natural gas in many countries, are driving renewed interest from both consumers and fleets in natural gas vehicles (NGVs).
What’s more, NGVs produce lower greenhouse gas (GHG) emissions, particulate matter, and nitrogen oxide than gasoline or diesel-powered vehicles, giving governments looking to reduce GHGs a tool to meet those objectives. According to a new report from Pike Research, the worldwide market for light duty NGVs will grow steadily over the next 7 years, reaching 3.2 million vehicles sold in 2019. This will result in a cumulative total of 25.4 million light duty NGVs on the road by 2019, the market intelligence practice forecasts.
“While the sparse variety of available vehicle models and the slow spread of NGV refueling infrastructure remain key concerns in many countries, it’s clear that the low cost of natural gas, combined with geopolitical forces, will expand the market for these vehicles,” says senior research analyst Dave Hurst.
“Many governments have promoted the growth of NGVs, either by offering reduced taxes on the vehicles or by increasing investment in refueling infrastructure.”