NGVAmerica releases 2014 NGV Production/Sales Report
NGVAmerica has released it’s 2014 NGV Production/Sales Report after completing the organization’s annual survey of OEMs and approved aftermarket suppliers. The report provides natural gas vehicle (NGV) production/sales totals for the 2014 calendar year and analysis of market trends for light-, medium-, and heavy-duty vehicles.
The report’s major findings:
- In 2014, NGV production/sales totaled just over 18,000 vehicles
- The heavy-duty market segment grew at a healthy pace, up 30 percent over 2013
- The medium-duty market segment also grew steadily, up 24 percent over 2013
- The light-duty segment fell 34 percent from 2013, mostly related to a drop in orders from the gas and oil exploration and production (E&P) sector
- Overall NGV production/sales fell by 6.5 percent in 2014
- Production and sales are expected to hold steady or improve in 2015
The report shows overall sales for the year fell slightly as a result of the dramatic drop in the price of oil that occurred in the second half of the year and the impact this had largely on sales of light-duty NGVs to oil and gas exploration companies. However, significant growth occurred in both the medium- and heavy-duty market segments as a result of the still favorable economics these higher-fuel use applications generate.
The report notes that as the price of oil rebounds, NGVs’ economic value proposition will improve further, and when combined with the other advantages of natural gas—stable fuel prices, reliable technology and reduced emissions—sales growth will once again accelerate.
“The 2014 NGV Production/Sales Report shows significant growth in key market segments and a healthy overall NGV marketplace given the headwinds of low oil prices we faced last year,” said NGVAmerica President Matthew Godlewski, also a member of NGV Global’s Board. “The data we collected continue to show that clean-burning natural gas has a strong future as an advanced transportation fuel.”
A full copy of the report is available on the NGVAmerica website.