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Frost & Sullivan Report Reveals Drivers of European Lpg Autogas Market
Stringent carbon dioxide emission limits, government regulations and ecological standards will be the key drivers for the growth of lpg autogas vehicles in developed countries, particularly in the European Union, says a report by Frost & Sullivan.
The report Executive Analysis Of The Global LPG/CNG Vehicles Market expects lpg autogas vehicles to continue to be a competitive option due to EU incentives resulting from lobbying by oil companies. It also found that India, Italy and Russia were the largest markets for lpg autogas powered cars.
“The Turkish and Polish markets will be significant for lpg autogas growth in the coming years,” said Frost & Sullivan research analyst Hariher Balasubramanian. “Italy is set to remain the largest market for lpg autogas and cng car sales, followed by Iran and India by 2016.”
Cost savings of an average of 50 per cent compared to petrol and diesel vehicles will further drive growth in the global lpg autogas vehicle market. India is poised to be the undisputed leader in growth for lpg autogas car sales, encouraged by strong governmental regulations. “A major challenge for this market is insufficient cng and lpg autogas service stations infrastructure and a poor refuelling station network,” said Hariher. “Fuel companies will be the key participants in the lpg/cng market value chain and their response to reducing GHG emissions will be important.”
International government bodies, original equipment manufacturers, suppliers in the market and fuel companies should work together to develop the refuelling infrastructure, facilitating lpg autogas/cng vehicle sales, he said.
“There is a lack of understanding of the benefits of lpg/cng by the global population,” said industry manager Krishanasami Rajagopalan. “Lpg autogas and cng will greatly help in reducing fleet emissions.”
Contact on Frost & Sullivan on 0207 343 8383 www.frost.com
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