New Study: Clean Diesel Cars Gaining in Popularity in the US; could hit 17.8 percent of market by 2023
New Fuels Institute study forecasts less than 1 percent penetration of natural gas, propane and electric vehicles
FREDERICK, Md., Nov. 19, 2013 /PRNewswire-USNewswire/ -- A new study of fuels and vehicles of the future predicts that diesel and gasoline will remain the predominant transportation fuels, and diesel cars could gain significant market share in the next ten years.
The growth of vehicles running on alternative fuels such as E85 and electricity will accelerate over the next decade, but diesel fuel- and gasoline-powered vehicles will continue to dominate market share. These are among the conclusions of "Tomorrow's Vehicles: What Will We Drive in 2023?" a new report released by the Fuels Institute.
Diesel Fuel Will Gain LDV Share and Maintain Medium and Heavy-Duty Share
Diesel-powered vehicles are expected to see strong growth in the LDV market, growing from 2.0% of all LDVs in 2012 to 3.7% to 6.7% of the LDV fleet in 2023. This surge in market share will be led by the sales of new vehicles hitting the market. Diesel-powered LDV sales are expected to comprise between 7.2% to 17.8% of new LDV sales in 2023.
"This new study affirms what we've been seeing consistently over the last two years, which is increasing consumer excitement and sales of this new generation of clean diesel cars. For many efficiency-savvy consumers, clean diesel is and will be a superior and proven choice compared to alternative energy choices such as natural gas, electricity and propane," said Allen Schaeffer, Executive Director of the non-profit organization the Diesel Technology Forum.
The new study also notes that for medium- and heavy-duty vehicles (commercial vehicles like trucks and buses) diesel-powered vehicles will prevail, representing at least 94% of the vehicle fleet in 2023.
The Fuels Institute, founded by NACS, is a non-profit, research-oriented think-tank dedicated to evaluating the market issues related to consumer vehicles and the fuels that power them. It commissioned Navigant Research to provide a forecast of the vehicles market through 2023 that captures approximately two generations of vehicle development, providing a reliable look into the future but not reaching so far into the future as to be rendered unreliable.
The Diesel Technology Forum is an Association Partner of the Fuels Institute. More information on the Fuels Institute is available at www.fuelsinstitute.org.
ABOUT THE DIESEL TECHNOLOGY FORUM
The Diesel Technology Forum is a non-profit national organization dedicated to raising awareness about the importance of diesel engines, fuel and technology, and working with policymakers and other stakeholders on common solutions. Forum members are leaders in clean diesel technology and represent the three key elements of the modern clean-diesel system: advanced engines, vehicles and equipment, cleaner diesel fuel and emissions-control systems.
SOURCE Diesel Technology Forum