Global automotive biofuels market to reach $195 billion by 2023

ResearchAndMarkets.com
October 26, 2018
Written by ResearchAndMarkets.com
Oct. 26, 2018 – The "Global Automotive Biofuels Market - by Type, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017-2023)" report has been added to ResearchAndMarkets.com's offering.

The global automotive biofuels market was USD 118.63 billion in 2017 and will reach USD 195.33 billion by 2023 at a CAGR of 8.67 per cent during the forecast period.

Increasing fossil fuel prices and air pollution associated with them is driving the demand for biofuels market. Stringent government regulations for keeping a check on vehicular emissions is driving the use of automobile biofuels.

However, lack of awareness about the advantages of biofuels in automobiles and rising consumer concerns that biofuels damage vehicle engines are the factors restraining the market growth.

Europe has largest market share due to stringent regulations from government to run vehicles with minimum bioethanol. Americas will show significant growth rate due to increasing applications in dual-fuel vehicles. Asia-Pacific will be fastest growing region due to increasing demand for biofuels in automobiles in India and China.

Algae fuel, a low cost, high-energy renewable feedstock for third generation biofuel is an emerging trend.

For more information about this report click here.

Add comment


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

Most Popular

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.