Monday, February 7, 2011

United States market to show the strongest growth in natural gas vehicle sales

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January 25, 2011. According to a new report from Pike Research, United States market will show the strongest growth in natural gas vehicle (NGV) sales, 25.4% compound annual growth rate (CAGR) between 2010 and 2016, resulting in 32.619 vehicles sold in 2016. The potential for new emissions regulations on both light duty and medium and heavy duty vehicles and the passage of some form of the NAT GAS Act early in 2011 are expected to contribute to the U.S. growth.

Pike expects the worldwide NGV sales will increase at a healthy pace over the next several years, rising from 1.9 million vehicles per year in 2010 to more than 3.2 million units annually by 2016.

Overall, Pike projects the current 12.6 million unit global NGV market which they forecast will expand at a compound annual growth rate (CAGR) of 7.9% to reach 19.9 million vehicles by 2016. Natural gas refueling station development is not expected to achieve the same growth rate, but will reach nearly 26.000 stations worldwide by 2016.
The growth in vehicles will lead to growth in usage of natural gas for transportation fuel, which Pike expects to reach 19.123 million cubic meters of gas globally (6.7% CAGR between 2010 and 2016).

Pike expects India to overtake Iran for the lean in NGV sales in 2014, and targets that market at 612.389 NGVs in 2016 (12.0% CAGR). Iran and Pakistan are expected to rank second and third, respectively.

China will see strong growth (20.8% CAGR) as NGVs spread in the fleet and consumer markets; overall, however, NGVs will remain a small percentage of the market as China’s government is expected to continue to focus on electrification.

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