NGV Sales to Reach Nearly 4M by 2024
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Sales of natural gas vehicles (NGVs) are expected to reach 3.9 million in 2024 from the 2.3 million sold in 2014, according to a report from Navigant Research.
The report, "Natural Gas Vehicles," examines the global market for NGVs, including global market forecasts for vehicle sales, vehicles on the road, refueling stations, natural gas consumption, and compressed natural gas cylinders through 2024.
With a large land mass and comparatively low filling station density, as well as a price differential between gas and liquid fuels, North America's NGV market is likely to see substantial growth over the next decade, according to the report.
However, NGVs are expected to remain a small niche of the region's total market, with fleet and commercial operators using dedicated private filling stations and making up the primary customer base.
An executive summary of the report is available for free download on the Navigant Research website.