Boulder, Colorado – The natural gas vehicle (NGV) sector is poised for a new period of growth, with 17 million vehicles expected worldwide by 2015, according to a new forecast by Pike Research. The research firm said that there were 9.7 million NGVs on the road in 2008, and in 2015, NGV sales will surpass three million vehicles for the first time.
“Governments, fleet managers, and consumers are increasingly recognizing the environmental benefits of lower emissions from natural gas vehicles,” said industry analyst Dave Hurst. “However, lack of refuelling station infrastructure has inhibited NGV demand in many countries. In regions where NGVs have strong market performance, adoption is largely due to a combination of inexpensive natural gas, a large number of existing refuelling stations, and government subsidies of vehicles, fuel and infrastructure.”
Currently, the top five markets for NGVs are Pakistan, Argentina, Brazil, Iran and India, but Hurst said that over the next five years, Canada, India and the U.S. are forecast to be the fastest-growing markets. In the U.S., growth will be driven by greater adoption of NGVs within government and corporate fleets.