ACT Research: Class 8 Natural Gas Truck Retail Sales Rose 29% YTD 2020 through February, but Amid COVID-19 Impact NG Forecasts Are Being Cut
US 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 quarterly report (AFQ: Alternative Fuels Quarterly) just released by ACT Research.
The ACT Alternative Fuels Quarterly (AFQ) 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.
“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. He continued, “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.”
Tamadded, “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.”
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 also 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.
ACT’s 63rd seminar is scheduled for August 11–13, 2020, and will feature dealer, alternative power, and economic panels, as well as discussions on near-term demand of North American commercial vehicle markets and the pending impact of alternative power on the market in the near future. Both in-person and livestream options are available for those who wish to participate. Click here for seminar information.
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