Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Gasoline Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global gasoline market has grown steadily in recent years. It will grow from $1.39 trillion in 2023 to $1.46 trillion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The expansion observed in the historical period can be ascribed to factors such as worldwide oil prices, regulatory conditions, consumer behavior, infrastructure development, and the automobile industry.
The gasoline market is expected to see steady growth in the next few years. It will grow to $1.71 trillion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The anticipated growth in the forecast period can be credited to factors such as the shift to electric vehicles (EVs), the implementation of renewable energy policies, regulations addressing climate change, and geopolitical considerations. Key trends expected in the forecast period encompass the global economic recovery, the increasing adoption of electric vehicles, technological advancements enhancing fuel efficiency, government policies and regulations, and fluctuations in oil prices.
The anticipated growth in the gasoline market is expected to be fueled by an increase in the demand for automobiles. As an example, as of March 2022, the European Automobile Manufacturers Association reported that U.S. auto manufacturers produced approximately 6.3 million passenger automobiles in 2021, marking a 3.1% increase from the previous year. Additionally, global car production saw a rise of 2.7% to reach 63.2 million units in 2021. According to the Global EV Outlook 2022 report, electric vehicle (EV) sales doubled from the previous year in 2021, reaching a record high of 6.6 million. The sales of electric car vehicles worldwide in 2021 amounted to 6,600,000 units, up from 2,980,000 units. Thus, the surge in automobile demand is a key driver for the growth of the gasoline market.
The anticipated growth in the gasoline market is expected to be driven by an increase in geopolitical tensions. For instance, as of March 2022, data from The Armed Conflict Location & Event Data Project (ACLED), a U.S.-based non-profit organization, revealed an increase in reported events of political violence targeting civilians from 33,331 in 2020 to 37,185 in 2021, marking a 12% rise. Similarly, civilian fatalities increased by 8%, with 35,879 reported fatalities in 2020 compared to 38,658 in 2021. Consequently, the rise in geopolitical tensions is a significant factor driving the growth of the gasoline market.
Product innovations stand out as a prominent trend gaining traction in the gasoline market, with companies in this industry actively embracing new innovations to maintain their market positions. As an example, in March 2022, Renewable Energy Group Inc., a biobased diesel producer based in the United States, unveiled its fuel solutions under the EnDura Fuels brand. This product launch aligns with Renewable Energy Group's ongoing efforts to support the transportation sector by offering cleaner-burning, lower-emission fuels, aiding various industries such as transportation, rail, maritime, aviation, in meeting their sustainability objectives.
Major players in the gasoline market are spearheading the development of innovative technologies, including deposit-eradicating technologies, to secure a competitive advantage. Deposit-eradicating technology involves features or innovations designed to eliminate deposits that may accumulate in specific systems or components. For instance, in May 2023, Equilon Enterprises LLC, a U.S.-based oil refining company, introduced an enhanced formulation of its Shell V-Power NiTRO+ Premium Gasoline. This high-performance fuel incorporates unique deposit-eradicating technology targeting fuel injectors, a critical engine component. It can remove up to 100% of performance-robbing deposits, providing protection against future build-up. Engineered for maximum performance, the new V-Power NiTRO+ aims to deliver a premium fuel experience to customers.
In October 2021, World Fuel Services Corporation, a U.S.-based company specializing in gasoline and associated petroleum products, acquired Lykins Energy Solutions for an undisclosed amount. This acquisition, particularly of Lykins Energy Solutions' bulk fuel division, is anticipated to expand World Fuel Services Corporation's proprietary operating footprint in Ohio and add 25,000 more customers in the commercial, industrial, and residential markets. Lykins Energy Solutions is a U.S.-based oil and energy company.
North America was the largest region in the gasoline market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global gasoline market report during the forecast period. The regions covered in the gasoline market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gasoline market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Type: Regular Gasoline; Special Gasoline
2) By Application: Transportation; Small Aircrafts; Electricity Generators; Recreational Vehicles; Other Applications
3) By End-User: Transportation; Power Generation; Other End-Users
Key Companies: Exxon Mobil Corporation; Shell plc; Chevron Corporation.; PBF Energy Inc.; Reliance Industries Limited
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- ExxonMobil Corporation
- Shell plc
- Chevron Corporation.
- PBF Energy Inc.
- Reliance Industries Limited
- PetroChina Company Limited
- Saudi Arabian Oil Co.
- China National Petroleum Corporation
- BP plc
- Marathon Petroleum Corporation
- Valero Energy Corporation
- Petroleos de Venezuela SA
- Motiva Enterprises LLC
- Kuwait Petroleum Corporation
- Emirates National Oil Company Group
- Saudi Aramco
- Gazprom International Limited
- TotalEnergies
- Eni S.p.A.
- ConocoPhillips Company
- Rosneft
- LUKOIL Lubricants company
- Phillips 66
- Pemex
- Indian Oil Corporation
- Petronas
- Sinopec
- Repsol S.A.
- OMV AG
- Hess Corporation
- Occidental Petroleum Corporation
- Marathon Oil Corporation
- Ecopetrol S.A.
- Surgutneftegas
- CNOOC Limited
For more information about this report visit https://www.researchandmarkets.com/r/ufh9as
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