A recent report by Navigant Research predicts that the market for natural gas trucks and buses will see an annual growth of 12.6 percent and 6.4 percent, respectively, by the year 2022.
The report, “Natural Gas Trucks and Buses,” evidences the recent increase in the natural gas vehicle market, which is due to the lower fuel costs and environmental benefits over diesel. According to Navigant, both compressed natural gas (CNG) and liquefied natural gas (LNG) are currently priced well below diesel in most countries, “which means fleets can benefit from a total cost of ownership that is lower than that for comparable diesel vehicles.” The overall reduction in carbon monoxide and particulate matter is also another reason why more fleets are looking to convert to natural gas.
The report analyzed the global market for trucks and buses in the medium duty (10,000 to 26,000 pounds) and heavy duty (26,000 pounds or more) gross vehicle weight classes, and provides an analysis of related market issues and drivers, including refueling availability, competing alternative drive technology, total cost of ownership, vehicle availability, and government influence. For more information, visit the Navigant site.