USD 46.6 billion
Autogas Market Size, Share, Growth Analysis, By Type(Propane and Butane), By Application(LDV, HDV, others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10C2010 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
61
|Figures:
75
Autogas Market Insights
Global Autogas Market size was valued at USD 49.67 billion in 2022 and is poised to grow from USD 51.90 billion in 2023 to USD 73.81 billion by 2031, growing at a CAGR of 4.5% 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solution
Fastest Growth
Solution
Growth Rate
4.8% CAGR
Global Autogas Market ($ Bn)
Country Share for Europe Region (%)
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Autogas Market Segmental Analysis
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.
Global Autogas Market Size By Type
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Autogas Market Regional Insights
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.
Global Autogas Market Size By Geography
- Largest
- Fastest
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Autogas Market Dynamics
Autogas Market Drivers
Cost-Effectiveness
- 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.
Environmental Regulations
- Environmental regulations are another significant driver in the Autogas market. Governments all over the world are enforcing stricter regulations on vehicle emissions, which is increasing demand for cleaner, more sustainable transportation options. Autogas emits fewer emissions than traditional gasoline or diesel fuels, making it an appealing option for environmentally conscious consumers.
Infrastructure Development
- Infrastructure Development requires a different fueling infrastructure than traditional gasoline or diesel fuels, and the availability of Autogas fueling stations can influence consumer adoption. Governments and private companies are investing in Autogas infrastructure, that is increasing the availability of Autogas fueling stations.
Autogas Market Restraints
Accessibility and Availability
- The availability and accessibility of Autogas fueling stations is one of the primary restraints in the Autogas market. The infrastructure for Autogas is not well developed in many regions, which can limit the adoption of Autogas vehicles. Furthermore, the availability of Autogas fueling stations varies by region, making it difficult for customers to obtain Autogas fuel.
Vehicle Models are Limited
- Another significant impediment in the Autogas market is the lack of supply of Autogas vehicle models. Many automakers do not offer Autogas vehicles as an option, restricting consumer choices. Moreover, converting existing vehicles to Autogas can be prohibitively expensive, restricting adoption.
Policies of Government
- In the Autogas market, government policies can also be a limitation. Governments in some regions could provide subsidies or incentives for the use of alternative fuels, such as EVs, which may limit the use of Autogas. Changes in government policies regarding emissions regulations might additionally have an impact on demand for Autogas.
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Autogas Market Competitive Landscape
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
- 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
Autogas Market Recent Developments
- In July April, JGC Holdings Corporation announced the signing of an agreement for an ammonia manufacturing process with KBR Inc. JGC Group will be able to use KBR's ammonia manufacturing plant engineering, procurement, and construction (EPC) projects beginning with the conceptual stage under the terms of the agreement.
- In September 2021, Total Oil India Private Ltd. (a subsidiary of Total SE) has introduced a new LPG cutting gas product designed specifically for the metal-cutting industry. Total's LPG facilities in Bangalore, Namakkal, and Maduranthakam will produce the product. The company's product portfolio has grown as a result of this product launch.
Autogas Key Market Trends
- 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.
- Autogas engine system technological advancements: 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.
- Government support for Autogas: Several governments are offering tax credits, subsidies, and exemptions to encourage the use of Autogas vehicles. This assistance is assisting in the growth of the Autogas market.
Autogas Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 49.67 billion |
| Market size value in 2031 | USD 73.81 billion |
| Growth Rate | 4.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Autogas Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Autogas Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Autogas Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Autogas Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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