North America lagging in natural gas vehicle market
The global market for light-duty natural gas vehicles (NGV), although highly variable among different countries, will see many markets in Europe and Latin America continue to struggle with growing refueling infrastructure fast enough to meet consumer and fleet needs, according to Pike Research.
The research reports that the Asia Pacific region (thanks to Thailand, India and China) is becoming the world's largest market for NGVs, which produce fewer greenhouse gas emissions than conventional gasoline engines and run on fuel that is much cheaper than gasoline.
North America continues to lag and will still have just over one percent of the world market, despite a predicted 10.2 percent compound annual growth rate from 2012 to 2019.
"Sales of NGVs will grow strongly in the next several years in North America, but the market is starting from a very small base of about 16,000 vehicles a year," said Pike senior research analyst Dave Hurst. "The lack of widely available refueling stations, the absence of government incentives for purchasers, and low consumer awareness of NGVs will keep the North American market to just a fraction of the total world market."
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