ACT: Class 8 Natural Gas Truck Retail Sales Up 29% YTD Through February 2020
APR 23, 2020 - 6:30 am
U.S. and Canadian Class 8 Natural Gas truck retail sales for the first two months of 2020 gained 29% year-to-date over 2019, as published in the ACT Research Alternative Fuels Quarterly report.
“Sales of natural gas-powered vehicles as reported by the six major truck OEMs, who account for approximately 60% of the heavy-duty natural gas market, were mixed in the December 2019 through February 2020 time period,” said Steve Tam, vice president at ACT Research. “Through the first two months of 2020, reporting manufacturers of natural gas-powered Class 8 units rose 29% year-to-date compared to the first two months of sales in 2019. For comparison, total U.S. Class 8 sales were down 23% for the same period.”
“Previously, the 2020 natural gas market was expected to decrease on a unit basis but increase penetration due to a shrinking Class 8 market,” Tam added. “However, COVID-19 is wreaking havoc on both the economy and the commercial vehicle market, leading ACT to cut not only the total Class 8 forecast, but also the Class 8 natural gas unit sales, as well.”
The ACT Alternative Fuels Quarterly provides insight, analysis and trends about alternative fuel/power adoption for the U.S. heavy and medium duty commercial vehicle markets. It is designed to give quick insights to anyone with an interest in the evolution of power and alternative fuel use for heavy vehicles.
The AFQ details such adoption considerations as fuel prices, fuel/charging infrastructure development, equipment prices/products/technological developments, and regulatory changes. NG truck sales data and a forecast for new natural gas adoption are included.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
Joe Nachbin’s passion for equipment finance was so strong, he remained dedicated to his work until two hours before he passed away in July 2022, according to his wife, Ruby Nachbin. Attorney and investment banker, Paul Bent, senior managing director... read more
Believing in the leadership motto, “Learn more, inspire more, do more,” Ricardo E. (Ricky) Rios, chief operating officer of Commercial Equipment Finance, also models his life after it. Following his passion for self-development, Rios has taken Commercial Equipment Finance to... read more