Global Auto Gas Market to Reach US$ 66.96 Billion by 2028, Stimulated by Increasing Awareness about Environmental Issues

October 10, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “Auto Gas Market Report by Type (Propane, Butane, and Others), Vehicle Type (Passenger cars, Commercial vehicles), and Region 2023-2028,” the global auto gas market size reached US$ 49.46 Billion in 2022. Auto gas, also known as automotive liquefied petroleum gas (LPG), is a clean and efficient alternative fuel gaining significant traction in the automotive industry. Comprising mainly of propane and butane, auto gas is an eco-friendly option that reduces harmful emissions compared to traditional gasoline or diesel. Its widespread adoption is driven by its affordability, as it typically offers substantial cost savings for vehicle owners. Furthermore, it is readily available through an extensive network of refueling stations, making it a convenient choice for consumers. With technological advancements, modern vehicles can seamlessly switch between gasoline and auto gas, offering flexibility to drivers. As the world focuses on reducing carbon footprints and combating air pollution, it emerges as a sustainable solution, contributing to a greener and more sustainable future for transportation.

Global Auto Gas Market Trends:

The global market is majorly driven by a growing awareness of pressing environmental issues, including concerns over air pollution and climate change. Auto gas is gaining prominence as a more environmentally friendly fuel option than gasoline and diesel, emitting fewer greenhouse gases, particulate matter, and harmful pollutants. Governments and environmental organizations actively endorse it to curb vehicle emissions and enhance air quality. Moreover, the generally lower price of it in comparison to conventional fuels like gasoline and diesel, combined with reduced maintenance costs for auto gas-powered vehicles, makes it an enticing choice for vehicle owners. Accessibility and availability of the product refueling infrastructure are pivotal in shaping market growth, with ongoing efforts to expand refueling stations and establish a robust distribution network. This expansion is supported by both governmental and private sector investments, ensuring convenient refueling options for auto gas users. Additionally, the advancement of vehicle conversion technology and the ready availability of conversion kits and skilled technicians simplifies the transition to auto gas without significant vehicle modifications. These factors collectively contribute to positive growth for the market in the foreseeable future. Looking forward, the market value is projected to reach US$ 66.96 Billion by 2028, expanding at a CAGR of 4.90% during 2023-2028.

Market Summary:

Based on the type, the market has been segmented as propane, butane, and others. Currently, propane dominates the market, holding the largest share.
On the basis of the vehicle type, passenger cars represent the largest segment, followed by commercial vehicles.
Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Europe is the leading market, accounting for the majority of the global share.
The competitive landscape of the market has also been examined, with some of the key players being Aygaz A.S., BP plc, China Petroleum & Chemical Corporation (China Petrochemical Corporation), Flogas Britain Limited (DCC plc), Lange Gas, Likitgaz Dagitum ve Endustri Anonim Sirketi, Shell Plc, SHV Energy N.V., Total Energies SE, and Westfalen.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Vehicle Type Region
Types Covered	Propane, Butane, Others
Vehicle Types Covered	Passenger cars, Commercial vehicles
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Aygaz A.S., BP plc, China Petroleum & Chemical Corporation (China Petrochemical Corporation), Flogas Britain Limited (DCC plc), Lange Gas, Likitgaz Dagitum ve Endustri Anonim Sirketi, Shell Plc, SHV Energy N.V., Total Energies SE, Westfalen, etc.
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Global Auto Gas Market to Reach US$ 66.96 Billion by 2028, Stimulated by Increasing Awareness about Environmental Issues

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