BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research analyzes the market for natural gas vehicles (NGVs), including global forecasts, broken down by vehicle segment, alternative drivetrain, and region, through 2025.
The NGV market is taking off in some regions, although growth has been slower than previously projected. While drops in oil prices and gains in battery cost reduction and capacity are hindering some of the advantages of NGVs, the market is still expected to experience growth. Click to tweet: According to Navigant Research, global annual NGV sales are expected to grow from 2.4 million vehicles in 2015 to 3.9 million in 2025.
“A significant portion of the cost advantage of natural gas has evaporated in the past 12 months as a result of the collapse of world oil prices,” says Sam Abuelsamid, senior research analyst with Navigant Research. “However, various regional factors also affect the markets for NGVs, including ongoing political tensions, the availability of refueling infrastructure, tightening tailpipe emissions requirements, and total cost of ownership.”
The collapse in global oil prices that began in late 2014 is now anticipated to continue through the rest of this decade, according to the report. While there continues to be an abundance of natural gas production in North America, new production has slowed dramatically, which is expected to result in only modest regional growth, with a focus on fleet markets, particularly for local applications such as refuse trucks, delivery vehicles, and transit buses operating out of centralized depots.
The report, Natural Gas Vehicles, examines the global market for NGVs, with a focus on passenger cars, light duty trucks and vans, medium/heavy duty trucks and buses, and commercial vehicles. The study provides an analysis of the key factors expected to influence demand for NGVs, including fuel prices, infrastructure availability, regulations, and technical issues. Global market forecasts, broken down by vehicle segment, alternative drivetrain, and region, extend through 2025. The study also analyzes how market and technology issues will affect automobile and truck manufacturers; suppliers of natural gas (NG) engines, fuel storage, and delivery hardware; and the companies that convert liquid-fueled vehicles to NG. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about 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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Natural Gas Vehicles, is a summary and reflects Navigant 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 Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.