Commercial, Energy Procurement, Industrial, Power Prices - September 2, 2016
Report: Use of natural gas vehicles rising
Despite the obstacle to natural gas vehicle adoption created by low gasoline prices, a new report from Navigant Research indicates penetration of the alternative fuel vehicles will continue to steadily increase through 2025.
The recently released report analyze analyzes the market for natural gas vehicles, or NGVs, including global forecasts, broken down by vehicle segment, alternative drivetrain, and region, through 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, Navigant said in a news release announcing its new study.
"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,” says 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 vehicles, including NGVs, will put additional pressure on manufacturers. Those factors, in addition to low gas prices and minimal infrastructure, are expected to result in more modest NGV growth than previously forecast.
An executive summary of the report is available for free on Navigant Research's website.
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