What are the Historical Developments and Current Growth Metrics of the Gasoline Market?
The gasoline market has seen considerable growth due to a variety of factors.
•In recent times, the scale of the gasoline market has witnessed consistent expansion. Its forecasted progression from $1471.6 billion in 2024 to a subsequent $1537.6 billion in 2025 exhibits a compound annual growth rate (CAGR) of 4.5%.
The growth observed in the historical trajectory can be associated with factors such as worldwide oil prices, regulatory frameworks, consumer trends, infrastructure advancements, and the state of the automobile industry.
What Does Future Hold for The Gasoline Market Size?
The gasoline market is expected to maintain its strong growth trajectory in upcoming years.
• In the years to come, the gasoline market is predicted to experience consistent growth, reaching a value of "$1806.61 billion in 2029 with a compound annual growth rate (CAGR) of 4.1%.
The predicted development in the forecasted duration can be credited to the shift towards electric vehicles (EVs), green energy policies, climate change rules, and geopolitical aspects. Prominent tendencies for the forecasted time include worldwide economic rebounding, the rise of electric vehicles, improvements in fuel efficiency technology, government laws and guidelines, and volatility in oil costs.
What Are The Primary Growth Drivers In The Gasoline Market?
The uptick in automobile demand is projected to fuel the expansion of the gasoline market. As the primary fuel source for the majority of vehicles, particularly in areas where electric or alternative fuel vehicles have yet to gain widespread acceptance, gasoline plays a crucial role. As vehicle demand increases, so does the demand for gasoline required to power these automobiles, stimulating the growth of the gasoline market. For example, global new car sales in March 2024 rose by almost 10%, according to the European Automobile Manufacturers Association, a leading automobile industry advocacy and standards organization based in Belgium. This followed a steady performance in 2022. In the EU, sales jumped nearly 14%, amounting to 10.5 million units. Meanwhile, battery-electric vehicle sales showed a 37% increase, securing a market share of 14.6%. Hence, escalating auto demand is a significant contributor to the expansion of the gasoline market.
What Is The Segmentation Of The Global Gasoline Market?
The gasoline market covered in this report is segmented –
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
Subsegments:
1) By Regular Gasoline: Regular Unleaded Gasoline (87 octane), Regular Oxygenated Gasoline
2) By Special Gasoline: Premium Gasoline (91-93 octane), Special Additive Gasoline
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What Emerging Trends Are Shaping The Gasoline Market Landscape?
The growth of product innovations within the gasoline market is a predominant trend. To maintain their market presence, firms in this sector are implementing fresh product innovations. For instance, Renewable Energy Group Inc., an American biobased diesel manufacturer, announced in March 2022 the unveiling of its fuel solutions under the EnDura Fuels trademark. This product addition enhances the existing endeavors of the Renewable Energy Group in supporting the transportation sector. By leveraging cleaner-burning, low-emission fuels, these innovations aid various industries including transportation, railways, maritime, aviation, among others in realizing their sustainability aspirations.
Who Are the Key Players in the Gasoline Market?
Major companies operating in the gasoline market include:
• Exxon Mobil 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
• Petróleos 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
• Ecopetrol S.A.
• Surgutneftegas
• CNOOC Limited
What are the Regional Insights into the Gasoline Market?
North America was the largest region in the gasoline market in 2024.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
