Natural gas vehicle sales expected to soar in the coming years

Pike Research released a new report forecasting steady growth in the natural gas market over the next few years. Predictions call for annual sales of natural gas vehicles to more than double worldwide over the next seven years.

Natural gas has become a very popular option for governments and businesses looking to reduce fuel costs and harmful emissions. Gas stations across the United States are building natural gas refueling stations into their infrastructure to serve the needs of the growing commercial and consumer vehicle markets.

“Even if current low prices for natural gas rise, fleet operators remain keenly interested in protecting themselves from the high cost of diesel fuel,” said Dave Hurst, senior research analyst at Pike Research. “This market is being driven by several key sectors, in particular refuse trucks, utilities, transit, and, to a lesser degree, construction. As those sectors grow, the fortunes of natural gas trucks and buses will follow suit.”

Pike Research predicts a 14 percent compound annual growth rate for natural gas trucks over the next few years. In 2012, less than 70,000 natural gas vehicles were sold, but 2019 figures predict the sale of more than 180,000 vehicles, according to the report.

Natural gas vehicle sales expected to soar in the coming years

Thursday, September 13th, 2012