Global Autogas Market

Autogas Market Size, Share, Growth Analysis, By Type(Propane and Butane), By Application(LDV, HDV) - Industry Forecast 2024-2031

Report ID: SQMIG10C2010 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 61 | Figures: 75

Autogas Market Insights

Global Autogas Market size was valued at USD 46.6 billion in 2019 and is poised to grow from USD 48.9 billion in 2023 to USD 76.3 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

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.

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Autogas Market size was valued at USD 46.6 billion in 2019 and is poised to grow from USD 48.9 billion in 2023 to USD 76.3 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

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. 'ExxonMobil Corporation', 'Royal Dutch Shell plc', 'Total SE', 'China Petroleum & Chemical Corporation (Sinopec)', 'BP plc', 'Chevron Corporation', 'Indian Oil Corporation Ltd.', 'ConocoPhillips Company', 'Petronas Dagangan Berhad', 'Engie SA', 'Flogas Group Ltd.', 'UGI Corporation', 'National Gas Company SAOG', 'Repsol SA', 'NGL Energy Partners LP', 'SHV Energy Private Limited', 'Marathon Petroleum Corporation', 'Suburban Propane Partners LP', 'AmeriGas Partners LP', 'Ferrellgas Partners LP'

Cost-effectiveness is a driving factor for the Autogas market. Autogas is less costly than conventional fuels such as gasoline and diesel, which makes it a tempting option for consumers. Moreover, Autogas conversion systems are relatively inexpensive, and Autogas vehicle maintenance costs are lower than traditional gasoline or diesel vehicles.

Increasing demand for clean fuels: As governments around the world set ambitious targets for reducing greenhouse gas emissions, demand for clean fuels like Autogas is increasing. Autogas is a low-emission fuel that can help reduce transportation's environmental impact.

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.

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Global Autogas Market

Product ID: SQMIG10C2010