Total number of natural gas trucks and buses will reach 3.7 million by 2022 thanks to new drilling techniques and pipelines that have made natural gas more competitive than it was a decade ago, says a new report from Navigant Research.
Further the expansion of refueling infrastructure will also drive the market.
The research also predicts growth of the market for medium- and heavy-duty trucks and buses that run on natural gas.
“Natural gas vehicle sales are largely being driven by four key forces,” says Dave Hurst, principal research analyst with Navigant Research. “These include the economic benefits, the increased availability of vehicles, the environmental benefits, and the growth of refueling infrastructure.”
Although the NG vehicle market is somewhat tied to the growth of the overall economy and specific industries, makers of NG trucks and buses have found some niches that have proven stronger than the overall market – particularly the refuse truck, day cab truck, and transit bus markets, the report said.
These are markets in which vehicles use a lot of fuel, and the payback periods on incremental vehicle costs can be relatively short, Navigant said.