COLUMBUS, Ind. – Class 8 natural gas truck sales are expected to nosedive, after a strong start to 2020, according to ACT Research’s Alternative Fuels Quarterly report.
Retail sales were up 29% year to date through February, but ACT Research is cutting its forecast, due to implications of the Covid-19 pandemic.
“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 US Class 8 sales were down 23% for the same period.”
Tam added, “Previously, the 2020 natural gas market was expected to decrease on a unit basis, but increase penetration due to a shrinking Class 8 market. 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.”
Credit: Source link
