Global automotive biofuels market to reach $195 billion by 2023
October 26, 2018
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.
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