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Westford, USA,, April 19, 2023 (GLOBE NEWSWIRE) -- The global autogas market size is expected to reach USD 271.6 billion by 2030 and exhibit a CAGR of 7.95% in the forecast period (2022−2030) according to Skyquest latest research report. With an increasing number of fuel vehicles converting to LPG, the need for clean energy has grown in the past few years. In addition, LPG gas has been a popular fuel source to meet daily needs in the residential segment. Globally, the market demand is also influenced due to the government policies, subsidies offered on using clean energy and an overall transition with coal-based fuel to clean energy fuel in the common end-user segment.
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Government Subsidies and Incentives to Promote the use of Autogas
The Government of India introduced several schemes for benefit of LPG consumers. With more than 15 crore active LPG users, the annual gas consumption is likely to upsurge in the coming years. To suffice this demand, the Government has taken several steps to enhance the infrastructure and distribution of Autogas in India. Therefore, there are several schemes for common users, such as CSR scheme, PAHAL scheme, and Pradhan Mantri Ujjawala Yojna are some of the widely known schemes offered by the Government to encourage the use of clean energy throughout the country.
At a global scale, several countries are adopting clean energy policies to reduce carbon emissions by 2030 mainly due to environment concerns. The steady shift from gasoline and diesel to LPG is highly witnessed in several western countries. Therefore, the market growth is high in these countries owing to the competitiveness between diesel, gasoline, and LPG. However, low awareness and misconceptions regarding the use of LPG is expected to weaken the demand despite favorable taxation policies.
Propane demand to grow substantially in the forecast period
Propane dominated the global market owing to its popularity, easy access, and better distribution. It is also one of the environment friendly gases making it a popular choice in the common users. In addition, it is low pollutant gas which can be preferred in vehicles. Local authorities and governments have also started offering tax benefits and other subsidies to LPG vehicle owners.
Passenger car is the leading application segment
In terms of application, the passenger car segment is the leading segment for its cost-effective nature. The growing demand for robust transportation options in the urban areas has led to developing an overall better infrastructure for gas distribution. For vehicles, Autogas offers better power and torque, and optimizing fuel efficiency. In fact, many commercial fleet owners are now shifting to LPG to meet corporate disclosures on annual basis.
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Europe and Asia-Pacific are the leading market for using clean energy
Region-wise, Europe is one of the largest growing markets with a huge emphasis on clean energy and effective distribution of natural gases. Ukraine and Turkey have been the major regional markets in terms of worldwide production. According to a survey, the overall market for Autogas for transportation is around 10% in Bulgaria and Poland,
Asia-Pacific is one of the second leading markets owing to increase in concerns for air pollution and deteriorating air quality. The adoption of Autogas as an alternative fuel has gained a huge momentum due to public awareness and shift from traditional fuels to alternative fuels. According to research, the OEM vehicles constitute to two-thirds of LPG vehicles in India, Korea, and Japan. This is mainly due to the prominence of LDVs (Light Duty Vehicles) that come with factory-fitted dual-fuel systems.
Autogas Market Report Suggests:
The global market size is projected to grow by 270 million by 2030 owing to environmental concerns and popularity of clean energy fuel sources In terms of application, passenger car segment dominates due to high end-use in the urban areas for passenger transport In terms of type, the propane gas segment is projected to gain more popularity due to its low carbon emission and environment friendly properties Europe and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due to the shift from traditional gas to alternative fuel segment
Autogas Market Segmentation:
The global Autogas market report is segmented based on type, application, and region.
Germany France UK Spain RoE
China India Japan South Korea Rest of Asia-Pacific
South Africa GCC Countries Rest of MEA
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Autogas Market Major Company Profiles:
BP PLC Chevron PLC Exxon Mobil Marathon Petroleum Corp PJSC Gazprom Neft Hindustan Petroleum Corp Ltd Total SE Repsol Royal Dutch Shell Plc
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