More than 930,000 medium- and heavy-duty natural gas-powered trucks and buses are expected to be sold worldwide by 2019, according to a new report.
Sales of natural-gas trucks are expected to grow at an annual rate of 14% though 2019, according to Pike Research, with bus sales forecast to grow 19% during the same period.
Currently about 75% of natural-gas trucks and buses are being sold in the Asia Pacific region, which Pike expects to continue to be the strongest area for growth.
In Europe and North America, the high cost of diesel fuel and continued emissions restrictions are expected to boost sales of natural gas-fueled heavy-duty vehicles, the report said.
“Compared to diesel engines, natural gas provides a financial benefit. In most cases, the higher incremental cost of a natural gas vehicle is typically recovered, due to lower fuel costs, within two to seven years,” Pike Research analyst Dave Hurst said in a statement.