LD Natural Gas Vehicles to Reach 4.2 Million in Sales by 2023
According to the latest findings from Navigant Research, worldwide sales of light-duty NGVs will grow from 2.5 million annually in 2014 to 4.2 million in 2023.
In some countries, such as India, China, Thailand, and Brazil, a robust market for natural gas vehicles (NGVs) already exists. In others, such as the United States and Germany, NGVs are a relatively small niche.
During the last few years, however, a number of major automakers have refocused their efforts in the NGV market, and growth in this category is expected to be strong across all regions in the coming years. “
Growth in the market for natural gas vehicles is being driven by increasing supplies of low-cost, readily available natural gas, along with expanding refueling infrastructure and increasingly strict vehicle emission requirements,” says John Gartner, research director with Navigant Research.
“As a result, the total number of NGVs on roads worldwide will reach nearly 40 million in the next 10 years,” he added.
Category: General Update
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