40 million NGVs expected by 2025

A recent report from Navigant Research analyzes the market for natural gas vehicles, including global forecasts, broken down by vehicle segment, alternative drive train, and region, through 2025. According to the report, nearly 40 million light duty NGVs are expected to be on roads in 2025.

In the past decade, increased hydraulic fracturing extraction and improvements in infrastructure and technology have increased the supply and decreased the cost of natural gas. The market for NGVs hit an obstacle due to global gasoline prices, but is still expected to grow gradually through 2025.

“Various regional factors such as availability of refueling infrastructure, tailpipe emissions requirements, and the cost of natural gas affect the markets for light duty NGVs,” said Sam Abuelsamid, senior research analyst with Navigant Research. “In Western Europe and Asia Pacific, NGV growth is expected to continue, just at a lower rate than previously projected.”

According to the report, increased scrutiny of real-world emissions and fuel consumption from internal combustion engine (ICE) vehicles, including NGVs, will put additional pressure on manufacturers. 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.

https://www.ngvjournal.com/40-million-ngvs-expected-by-2025/