The market for electric cars will see the market for natural gas vehicles rise to 1% in 2030, the head of France’s gas transport company, Commerzbank, said in an interview.
It was important to have a very healthy market for gas vehicles, he said.
Gas cars accounted for 4% of total cars sold in Europe in the first quarter of this year, down from 5% in the same period last year, he told a conference in Paris.
The market for gasoline cars and trucks has been shrinking since the end of the recession.
However, the market is now expected to grow by about 2% in 2019, he added.
“There are signs that natural gas will grow significantly in the next few years.
It will be the case that natural [gas] prices will increase and natural gas consumption will increase in the future,” he said, adding that the market will remain robust.”
In the next five years, we expect to see a 20% growth in natural gas,” Commerza said.
In his remarks, Comperes noted that the gas market had been undergoing significant change in recent years.
Gas was used in the production of about 20% of the gas used in European vehicles, it said, pointing out that naturalgas accounted for about 40% of its use in Europe.
The main drivers for the decline in the natural gas market are the development of renewable energy sources and the impact of the climate change crisis, it added.
The impact of climate change on the growth of the natural-gas market is being felt more acutely in Europe than in the US, the Commerzboe said.
“We expect a big jump in demand for natural-gases in the coming years.
That means the growth in the market in the near term is likely to be smaller,” Comrese said.
The Commerboe added that the growth prospects for the market were also in doubt, especially given the difficulties of achieving emission reductions, as well as the financial cost of developing renewables.