Sales of Natural Gas Vehicles to Reach 4 Million Annually by 2024
A new report examining the global market for natural gas vehicles (NGVs), including global market forecasts for vehicle sales, vehicles on the road, refueling stations, natural gas consumption, and compressed natural gas cylinders, finds that the sales of natural gas vehicles will reach approximately 4 million annually by 2024.
Driving the trend is increasingly stringent fuel economy and tailpipe emissions standards in major automotive markets, which in turn is fueling automakers to provide alternatives to traditional gasoline- and diesel-fueled internal combustion engines.
For many customers, particularly high-mileage fleet operators and consumers in regions with high retail prices for liquid fuels, natural gas vehicles offer a strong option for reducing both operating costs and CO2 emissions.
Source: Navigant Research
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