Natural Gas Vehicles Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2015 - 2023

With depleting reserves of crude oil and our dependence on foreign countries for import of crude oil is increasing. It is important to start using clean, inexpensive and abundantly available natural gas as a fuel in vehicles. Natural gas vehicles are good for our environment as well as for our economy. Government incentives and unprecedented industry investment spurred the demand of natural gas and available services. Natural gas is a clean alternative fuel that is low cost and environmental friendly than conventional fuels such as gasoline or diesel. Liquefied natural gas (LNG) or compressed natural gas (CNG) is produced from natural gas that offers various environmental, economic and policy benefits.

Natural gas vehicles generally cost more than petrol or diesel vehicles. This is mainly due to the cost of high-pressure insulated fuel tank which is required to store LNG or CNG. Savings in the fuel costs can make significant savings over the life of a vehicle, depends on the number of miles driven and fuel efficiency. Huge amount of savings are currently seen in heavy-duty and high mileage fleets. These types of vehicles consume large quantity of fuel for owners and operators to see a pay back in as little as 1-1.5 years. As cost of the fuel tanks decreases, light-duty passenger vehicles will be less costly and also enjoys a shorter payback period.

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Exhaust emissions arising from natural gas vehicles are lower in comparison to gasoline and diesel vehicles. Honda Civic has been recognized by the U.S. environmental protection agency (EPA) as the cleanest and commercially available vehicle. Exhaust emissions accounts for a significant portion of the emissions associated with operations in conventional fuel driven vehicles. Natural gas vehicles on the other hand produce negligible emissions during fueling and use.

As per the analysis of Argonne...