Sales of natural gas-powered vehicles were mixed in the December to February timeframe, according to the latest Alternative Fuels Quarterly by ACT Research. December activity lagged its year-ago level by 47%, with January falling behind by an even greater margin (-57% y/y). February saw a reversal, with y/y sales gaining 40%.
“In the near term, results were similarly fickle, with December ticking up 1% m/m, January plummeting 49% compared to the previous month, and February recapturing 33% of the prior month decline,” said Steve Tam, Vice President at ACT Research. He continued, “Combined, sales in the three-month period ceded their ytd November gain, finishing 2022 up 3.2% compared to 2021.”
Tam added, “So far in 2023, sales are down 29% ytd February, compared to the same period in 2022. Quantifying activity, natural gas sales totaled 3,837 units in 2022. Through the first two months of 2023, reporting OEMs have sold 403 NG-powered Class 8 units.”
Alternative Fuels Quarterly Report Overview
The ACT Alternative Fuels Quarterly provides insight, analysis, and trends about alternative fuel/power adoption for the US 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.
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ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.
Additional Resources
Sales of natural gas (NG)-powered vehicles were mixed in the September to November time period, as published in the Q4'22 edition of Alternative Fuels Quarterly by ACT Research.
September activity surpassed its year-ago level by 29%, but both October and November lagged last year’s comparisons by 9%.
“In the near term, results were even more volatile, with September gaining 12% m/m, October dropping 39% compared to the previous month, and November surging 45% sequentially,” said Steve Tam, Vice President at ACT Research. He continued, “Quantifying activity, NG sales totaled 3,719 units in 2021 (+10% from 2020). Through the first 11 months of 2022, OEMs have sold 3,497 NG-powered Class 8 units.”
Regarding fueling and charging infrastructure, Tam commented, “There were 751 public compressed natural gas (CNG) stations open in the US in mid-December 2022, the vast majority of which can accommodate a heavy-duty (HD) vehicle. The liquid NG (LNG) station count at the same period was 51, with all able to serve Class 8 vehicles.” He added, “This translates to 71 fewer public CNG station and 3 fewer public LNG station since mid-September 2022.”
Tam concluded with, “Given the existing station count’s downward trajectory, it isn’t a surprise that planned CNG stations are also contracting. That said, number of stations is one measure. What we don’t know is the increase or decrease in the amount of fuel being pumped at each station.”
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