USD 147.25 Billion
Report ID: SQMIG10C2004 | Region: Global | Published Date: March, 2023 | Pages: 157 | Tables: 61 | Figures: 81
Autogas Market size was valued at around USD 147.25 Billion in 2021 and is expected to reach a value of USD 271.6 Billion by 2030, at a CAGR of 7.95 % over the forecast period (2022–2030).
The Autogas market is a rapidly growing alternative fuel sector that offers an environmentally friendly alternative fuel for vehicles. Autogas is derived from natural gas and petroleum refining, emits very few harmful pollutants, and can be used in a variety of vehicle types. Residential and commercial sectors play a significant role in increasing global demand for auto gas.
The growing demand for cleaner, more sustainable transportation options, coupled with government incentives and regulations, is propelling the Autogas market forward. As a result, many car manufacturers are developing Autogas-compatible vehicles, and more gas stations are offering Autogas as a fuel option. The market is expected to grow exponentially in the coming years as demand for alternative fuels rises, as does demand from the transportation sector to reduce carbon emissions. Overall, the Autogas market is expected to expand substantially in the years to come, providing a promising opportunity both for businesses and consumers.
As a result, many transportation companies are shifting their preference to auto gas in order to reduce rising carbon levels in the atmosphere. This is due to the fact that auto gas is an excellent replacement for hydrofluorocarbons and chlorofluorocarbons, both of which contribute to ozone depletion. As a result, all of these factors will contribute to the growth of the global auto gas market during the forecast period.
US Autogas Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 147.25 Billion
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Global Autogas Market is segmented based on Type, Application, End User and region. Based on Type the Autogas Market is segmented into Propane, Butane. Based on Application the Autogas Market is segmented into LDV, HDV, others. Based on region the global Autogas Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Autogas Market Analysis by Type
The market is divided into two segments: Propane, Butane. Propane dominated the global Autogas market owing to its wide availability and less expensive than other types of Autogas. Furthermore, propane Autogas emits fewer greenhouse gases than traditional gasoline and diesel fuels, making it an environmentally friendly alternative to traditional gasoline and diesel fuels.
Butane Autogas, on the other hand, is a cleaner fuel than gasoline and diesel, making it an excellent choice for vehicles that operate in hotter climates.
Autogas Market Analysis by Application
The passenger car segment drives the LDV Autogas market, taking account for the lion's share. Autogas is growing increasingly popular as a passenger car fuel due to its lower cost, higher octane rating, and lower emissions when compared to gasoline. The rising demand for cleaner and more sustainable transportation options, particularly in urban areas, is expected to propel the LDV Autogas segment forward. Furthermore, Autogas is a viable alternative to taxis, ride-hailing, and other shared mobility services, that will drive further growth in this market. The HDV Autogas segment mainly consists of commercial vehicles such as buses, trucks, and other heavy-duty vehicles. Due to increased government initiatives and regulations to promote cleaner and more sustainable transportation options, the HDV Autogas segment is expected to grow significantly in the coming years. Autogas is an excellent alternative for commercial vehicles because it produces more torque and power, leading to better fuel efficiency and lower emissions. Moreover, Autogas is a low-cost fuel for fleet operators, which makes it a tempting option for HDV applications.
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Europe is one of the largest Autogas markets, due to rising demand for cleaner, more sustainable transportation options. Many European countries provide incentives and subsidies to encourage the use of Autogas as a transportation fuel. Moreover, in Europe, Autogas has a well-established infrastructure and supply chain, making it a convenient and cost-effective option for consumers. The LDV segment dominates the European Autogas market, while the HDV segment is expected to grow significantly in the coming years.
Asia Pacific is another key market for Autogas, led by countries such as India, South Korea, and China. Rising transportation demand, combined with growing concerns about air pollution, is driving the adoption of Autogas as a cleaner alternative to traditional gasoline and diesel fuels. Furthermore, Autogas is a cost-effective option for Asian consumers, making it an appealing alternative to traditional fuels. The LDV segment dominates the Asia Pacific Autogas market, while the HDV segment is expected to grow significantly in the coming years.
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Autogas Market Drivers
Autogas Market Restraints
Accessibility and Availability
Vehicle Models are Limited
Policies of Government
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Companies in the Autogas market are continually evolving and investing in new product development to gain a competitive advantage. Some companies, for instance, are working on next-generation Autogas engine technology to improve fuel efficiency and reduce emissions. Others are expanding their Autogas fueling infrastructure in order to make Autogas fuel more widely available to consumers. Furthermore, collaborations and partnerships between Autogas companies, automakers, and other industry participants are becoming more common. Such collaborations aim to increase the adoption of Autogas vehicles as well as the availability and accessibility of Autogas fueling infrastructure.
Autogas Market Top Player’s Company Profiles
Autogas Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Autogas market analysis, we found that growing demand for cleaner, more sustainable transportation options, coupled with government incentives and regulations, is propelling the Autogas market forward. As a result, many car manufacturers are developing Autogas-compatible vehicles, and more gas stations are offering Autogas as a fuel option. The market is expected to grow exponentially in the coming years as demand for alternative fuels rises, as does demand from the transportation sector to reduce carbon emissions. Autogas engine technology is rapidly evolving, resulting in more efficient and cost-effective Autogas vehicles. As consumers and fleet owners seek alternatives to traditional gasoline and diesel engines, the Autogas market is growing.
|Market size value in 2021||USD 147.25 Billion|
|Market size value in 2030||USD 271.6 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Autogas Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Autogas Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Autogas Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQMIG10C2004