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Sales of alternative fuel vehicles to rise

LNG Industry,

Medium and heavy duty vehicles (MHDVs) represent less than 5% of the total vehicle market today, and the vast majority of these use conventional internal combustion engines (ICE) powered by either gasoline or diesel. That is changing as less expensive alternatives to petroleum-based fuels, such as natural gas, LPG and electricity make inroads in the market.

According to a new report from Navigant Research, worldwide sales of alternative fuel vehicles will reach 14% of total sales of medium and heavy duty vehicles by 2035.

“Attractive business cases for medium and heavy duty alternative fuel vehicles are emerging across varying segments of the market,” says Scott Shepard, research analyst with Navigant Research. “Natural gas has a significant advantage over most alternative fuels, in that low fuel costs and advances in infrastructure for both LNG and fast-fill CNG make the fuel competitive in all market segments, including heavy duty long-haul trucking.”

The report concludes that the total number of MHDVs in use worldwide will nearly double between 2014 and 2035. Unlike light duty vehicles, the majority of today’s MHDVs are fuelled by diesel. While diesel will remain the primary fuel choice of MHDVs throughout the forecast period, the percentage of MHDVs powered by diesel is expected to fall from more than 79% in 2014 to 76% in 2035.

The report, ‘Transportation Forecast: Medium and Heavy Duty Vehicles’, analyses the global MHDV market in seven segments: conventional ICE vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, battery electric vehicles, natural gas vehicles, propane autogas vehicles, and fuel cell vehicles.

Forecasts for two segments fuelled primarily by petroleum derivatives (ICE and hybrid electric vehicles) are broken out by region and by fuel: gasoline or diesel. Global market forecasts for sales and conversions and the number of vehicles in use, segmented by country, drivetrain, and primary fuel, extend through 2035.

Adapted from press release by Ted Monroe

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