Autogas Market Research Report 2024
Autogas Market Global Industry Analysis and Forecast (2024-2032) By Type (Propane, Butane), Vehicle Type (Passenger Cars, Commercial Vehicle), Application (LDV, HDV), And Region
Autogas Market Synopsis
Autogas Market Size Was Valued at USD 52469 Million in 2023 and is Projected to Reach USD 78987.05 Million by 2032, Growing at a CAGR of 4.65% From 2024-2032.
Autogas, commonly utilized in vehicles such as cars and motorcycles, is a type of gas fuel. Autogas is a combination of propane and butane gases held in pressurized tanks and converted to vapor during use.Autogas is an affordable, eco-friendly, convenient, and versatile fuel choice for vehicles that is more affordable than gasoline or diesel, releases fewer greenhouse gases, and can be easily refilled at Autogas stations.
Autogas is suitable for a variety of vehicles and aids in lessening reliance on fossil fuels. Autogas-powered vehicles offer improved fuel efficiency, reduced emissions, quieter functioning, and decreased maintenance needs.
It is an enduring energy source that can be generated from natural gas, propane, and butane. Autogas provides car owners with a cheaper and eco-friendlier option for transportation, along with the advantages of better fuel economy, decreased emissions, and reduced maintenance needs.
Top Active Players Involved Are:
ExxonMobil Corporation (United States), Royal Dutch Shell plc (Netherlands), Total SE (France), China Petroleum & Chemical Corporation (China), BP plc (United Kingdom), Chevron Corporation (United States), Indian Oil Corporation Ltd. (India), ConocoPhillips Company (United States), Petronas Dagangan Berhad (Malaysia), Engie SA (France), Flogas Group Ltd. (United Kingdom), UGI Corporation (United States), National Gas Company SAOG (Oman), Repsol SA (Spain), NGL Energy Partners LP (United States), SHV Energy Private Limited (Netherlands), Marathon Petroleum Corporation (United States), Suburban Propane Partners LP (United States), AmeriGas Partners LP (United States), Ferrellgas Partners LP (United States), Aygaz A.S. (Turkey), Lange Gas (Germany), Likitgaz Dagitum ve Endustri Anonim Sirketi (Turkey), Shell Plc (Netherlands), Total Energies SE (France), and Other Active Players.
Autogas Market Trend Analysis
Growing Demand for Sustainable Transportation Options
- The transportation industry runs on gasoline and diesel which has a major impact on the production of greenhouse gases. Autogas offers a more environmentally friendly choice with reduced emissions.
- Numerous governments are supporting the use of alternative fuels such as autogas by providing different incentives, which is fueling the market's growth. Autogas vehicles offer a budget-friendly option for consumers looking for sustainable transportation, with reduced fuel expenses and maintenance.
- Advancements in autogas technology have enhanced its efficiency and effectiveness, leading to improved combustion efficiency and performance. As consumers become more aware of the environment, autogas are becoming a more popular eco-friendly fuel choice.
- Even with the rise of electric vehicles, autogas vehicles are considered as a feasible option because they offer a greater driving range and more convenient charging options for those who are not ready to completely transition to electric vehicles.
Opportunity
Increase in Supportive Governmental Policies
- Governments have the ability to encourage the use of autogas vehicles through a variety of tactics. Tax benefits, like credits or exemptions, can assist in balancing out the increased initial expenses.
- Investing in facilities such as refueling stations can increase the convenience of using autogas vehicles. Government assistance in emissions regulations and financial incentives for technology can promote the adoption of autogas vehicles.
- Raising awareness among the population regarding the advantages of autogas vehicles has the potential to boost demand and decrease related risks. Subsidies can help to reduce the cost of autogas vehicles, making them more accessible for buyers or lessees.
- Investing in research and development can enhance the effectiveness and reduction of emissions of autogas vehicles. Enacting trade policies that promote the importation of autogas vehicles and fuel can enhance competition and reduce costs.
Autogas Market Segment Analysis:
The Autogas market is segmented on the basis of Type, Vehicle Type, and Application.
By Type, Propane Segment Is Expected to Dominate the Market During the Forecast Period
There are two segments by type such as propane and butane. Among these, the propane segment is expected to dominate the market during the forecast period.
- Propane's higher energy density compared to butane allows autogas vehicles to cover the same driving distance as gasoline or diesel vehicles, making it more efficient.
- It is more affordable, making it a cost-efficient option for consumers, widely found in North America and Europe. The infrastructure for butane is less developed compared to propane autogas, causing difficulties in locating fueling stations.
- This propane autogas releases fewer greenhouse gases and pollutants, thus being an eco-friendlier choice. Propane is a preferred option for customers searching for a trustworthy, cost-effective, and eco-friendly fuel source for their vehicles.
By Application, LDV Segment Held the Largest Share In 2023
There are two segments by application such as LDV, and HDV. Among these, the LDV segment held the largest share in 2023.
- LDVs are flexible vehicles that have multiple uses such as personal transport, taxi services, and corporate fleets. They offer a cost-effective option to HDVs, releasing fewer emissions and being eco-friendlier.
- LDVs are easily accessible and widely available, thanks to their ability to be used with current autogas infrastructure. Governments provide perks and tax advantages to individuals who buy LDVs, increasing their appeal as choices.
- LDVs are favored by customers due to their ease of use, and convenient parking, making them ideal for daily commutes and short trips. In general, LDVs provide a flexible, affordable, environmentally friendly, and convenient transport option for customers.
Autogas Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period
- The quick development of industries in the Asia Pacific region, especially in countries like China, India, and Indonesia. This resulted in a significant increase in the number of vehicles on the streets, leading to an increase in the need for alternative fuels like autogas, which is encouraged by governments for its eco-friendly benefits.
- Countries such as Australia, China, and Indonesia have enough natural gas reserves to fulfill the need for autogas. As people in China and India earn more money, they are choosing to use autogas because it is more cost-effective.
- Major car companies are making investments in autogas refueling infrastructure to meet the increasing demand. It is anticipated that the rising environmental issues in the area will fuel the demand for greener energy options such as autogas.
- As concerns about climate change and air pollution grow, the demand for cleaner forms of energy is expected to increase in the Asia Pacific region.
Autogas Market Active Players
- ExxonMobil Corporation (United States)
- Royal Dutch Shell plc (Netherlands)
- Total SE (France)
- China Petroleum & Chemical Corporation (China)
- BP plc (United Kingdom)
- Chevron Corporation (United States)
- Indian Oil Corporation Ltd. (India)
- ConocoPhillips Company (United States)
- Petronas Dagangan Berhad (Malaysia)
- Engie SA (France)
- Flogas Group Ltd. (United Kingdom)
- UGI Corporation (United States)
- National Gas Company SAOG (Oman)
- Repsol SA (Spain)
- NGL Energy Partners LP (United States)
- SHV Energy Private Limited (Netherlands)
- Marathon Petroleum Corporation (United States)
- Suburban Propane Partners LP (United States)
- AmeriGas Partners LP (United States)
- Ferrellgas Partners LP (United States)
- Aygaz A.S. (Turkey)
- Lange Gas (Germany)
- Likitgaz Dagitum ve Endustri Anonim Sirketi (Turkey)
- Shell Plc (Netherlands)
- Total Energies SE (France), and Other Active Players.
Key Industry Developments in the Autogas Market:
- In November 2023, Mijo Auto Gas launched BS6 approved CNG kits. It is the first company in India to launch this kit. The kits are made using high-quality materials and are designed to provide optimal performance and efficiency. They are also equipped with advanced safety features to ensure maximum safety for the driver and passengers.
- In October 2023, Toyota Motor Corporation launched the “JPN Taxi,” a new Autogas hybrid vehicle, which is now available for order at Toyota dealers all over Japan. The JPN Taxi, assembled at Toyota’s Higashi-Fuji Plant in Japan, features a newly developed LPG hybrid system (THS II), combining an LPG engine with an electric motor.
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Autogas Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 52469 Mn. |
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Forecast Period 2024-32 CAGR: |
4.65 % |
Market Size in 2032: |
USD 78987.05 Mn. |
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Segments Covered: |
By Type |
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By Vehicle Type |
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By Application |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Autogas Market by By Type
4.1 Autogas Market Snapshot and Growth Engine
4.2 Autogas Market Overview
4.3 Propane
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD
Frequently Asked Questions
What would be the forecast period in the Autogas Market research report?
The forecast period in the Autogas Market research report is 2024-2032.
Who are the key players in the Autogas Market?
ExxonMobil Corporation (United States), Royal Dutch Shell plc (Netherlands), Total SE (France), China Petroleum & Chemical Corporation (China), BP plc (United Kingdom), Chevron Corporation (United States), Indian Oil Corporation Ltd. (India), ConocoPhillips Company (United States), Petronas Dagangan Berhad (Malaysia), Engie SA (France), Flogas Group Ltd. (United Kingdom), UGI Corporation (United States), National Gas Company SAOG (Oman), Repsol SA (Spain), NGL Energy Partners LP (United States), SHV Energy Private Limited (Netherlands), Marathon Petroleum Corporation (United States), Suburban Propane Partners LP (United States), AmeriGas Partners LP (United States), Ferrellgas Partners LP (United States), Aygaz A.S. (Turkey), Lange Gas (Germany), Likitgaz Dagitum ve Endustri Anonim Sirketi (Turkey), Shell Plc (Netherlands), Total Energies SE (France), and Other Active Players.
What are the segments of the Autogas Market?
The Autogas Market is segmented into Type, Vehicle Type, Application, and region. By Type, the market is categorized into Propane and butane. By Vehicle Type, the market is categorized into Passenger Cars and Commercial Vehicles. By Application, the market is categorized into LDV, and HDV. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Autogas Market?
Autogas, commonly utilized in vehicles such as cars and motorcycles, is a type of gas fuel. Autogas is a combination of propane and butane gases held in pressurized tanks and converted to vapor during use.
How big is the Autogas Market?
Autogas Market Size Was Valued at USD 52469 Million in 2023, and is Projected to Reach USD 78987.05 Million by 2032, Growing at a CAGR of 4.65% From 2024-2032.
