Pike Research Predicts Natural Gas Vehicle Sales to Grow 25.4 Percent During Next 6 Years
BOULDER, CO - Market research and consulting firm Pike Research predicts natural gas vehicle (NGV) sales, which include light-duty, medium-duty and heavy-duty vehicles, to reach 32,619 units in the U.S. marketplace in 2016, according to a new report. This represents a compound annual growth rate (CAGR) between 2010 and 2016 of 25.4 percent. The firm said one of the primary drivers of this growth in the U.S. will be new emissions regulations and the potential passage of some form of the NAT GAS Act in 2011.
“Corporate and government fleets are the strongest adopters of natural gas vehicles,” says senior analyst Dave Hurst. “Not only will this trend continue, but in fact fleet sales will increase as a percentage of all NGV sales, representing two-thirds of the total market by 2013. More and more fleet managers are attracted to the lower fuel costs of natural gas, in addition to the opportunity to reduce their vehicles’ carbon footprint.”
In the U.S., the number of fueling stations will rise to 1,972 by 2016 (90 vehicles per station), Pike stated. Currently there are 1,327 natural gas fueling stations, though of that number, only 60 are liquefied natural gas vs. compressed natural gas.
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