According to a new report from Pike Research, the Natural gas vehicles(NGV) sector is poised for a new period of growth. The cleantech market intelligence firm forecasts that the number of NGVs on the road worldwide will grow to 17 million vehicles by 2015, up from 9.7 million in 2008.
In 2015, NGV sales will surpass 3 million vehicles for the first time.
"Governments, fleet managers, and consumers are increasingly recognizing the environmental benefits of lower emissions from natural gas vehicles," says industry analyst Dave Hurst. "However, lack of refueling station infrastructure has inhibited NGV demand in many countries. In regions where NGVs have strong market performance, adoption is largely due to a combination of inexpensive natural gas, a large number of existing refueling stations, and government subsidies of vehicles, fuel and infrastructure."
Hurst adds that the top five markets for NGVs are currently Pakistan, Argentina, Brazil, Iran, and India. Over the next five years, he forecasts that Canada, India, and the U.S. will be the fastest growing markets. In the U.S., the growth will be driven by greater adoption of NGVs within government and corporate fleets.