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

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.