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The gasoline market in US is estimated to decline at a CAGR of 4.18% between 2022 and 2027. The size of the market is forecast to decrease by 258 million L. The growth of the market depends on several factors, including the increasing number of automobiles, increasing demand for high-velocity cars, and rising construction activities.
This report extensively covers market segmentation by type (regular and premium) and end-user (transportation, power generation, and others). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising construction activities are notably driving the market growth, although factors such as the increasing use of alternative energy may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Gasoline Market in US Driver
The rising construction activities are notably driving market growth. The construction of new buildings, infrastructure, and other projects in the US is increasing rapidly. The construction industry experiencing significant growth, primarily due to the country's rising population and urbanization. As more people move into cities, the demand for housing and commercial buildings increases, leading to a surge in construction activities. As these projects are being developed, there is a need for temporary and backup power sources, especially in areas without easy access to the power grid.
Furthermore, the recent infrastructure bill passed by the US government is expected to further boost the construction industry. The bill includes significant funding for infrastructure development, such as roads, bridges, and airports, which will require a substantial amount of gasoline to complete. In addition, the rise in non-residential construction investment indicates an increase in commercial and industrial activities, which also require a reliable source of electricity to operate. Thus, a rise in construction activities will boost the growth of the US gasoline market during the forecast period.
Significant Gasoline Market in US Trend
The increasing use of portable gasoline generators is an emerging trend in the market. Portable gasoline generators are small and can be easily moved from one location to another, making them a popular choice for outdoor events and emergency power supply during power outages. Gasoline generators are a popular choice due to their portability, ease of use, and availability of gasoline as a fuel source. They are also used to power construction tools, lighting, and other equipment and to provide temporary power to construction trailers and other mobile facilities.
The use of portable gasoline generators is expected to increase as extreme weather events become more frequent and severe due to climate change. These events can result in power outages that can last for days, leading to an increased demand for portable generators. As the demand for gasoline generators increases, this leads to an increase in the consumption of gasoline, which in turn drives the growth of the US gasoline market during the forecast period.
Major Gasoline Market in US Challenge
Increasing the use of alternative energy is a major challenge impeding market growth. As using natural energy can reduce the dependence on gasoline and other fossil fuels, the demand for gasoline will decrease and result in slower market growth. Several government initiatives in the USA aim to promote using natural energy sources and reduce greenhouse gas emissions. Additionally, some states and cities in the USA have implemented their own initiatives to promote the use of renewable energy and reduce dependence on gasoline.
The shift towards natural energy sources has already impacted the automotive industry, with an increasing number of electric and hybrid vehicles being introduced to the market. In 2021, electric vehicles accounted for around 2% of total vehicle sales in the USA, up from 1.6% in 2020. This trend is expected to continue, with some analysts predicting that electric vehicles could account for up to 10% of new vehicle sales in the USA by 2025. Hence, these factors are likely to pose a challenge to the growth of the US gasoline market during the forecast period.
Key Gasoline Market in US Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Gasoline Market in US Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
EOG Resources Inc - The company operates under one segment. The company develops, produces, and markets crude oil, natural gas liquids, and natural gas. The key offerings of the company include gasoline.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the regular segment will be significant during the forecast period. Regular gasoline is a type of fuel used in many types of vehicles with standard engines. It is a mixture of hydrocarbons that is refined from crude oil and typically contains around 10% ethanol, which is added to improve its octane rating.
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The regular segment was valued at 1,461.44 million L in 2017 and continued to grow until 2021. Regular gasoline is widely available at gas stations across the US and is typically less expensive than higher-octane fuels. It is commonly used in passenger cars, light trucks, and SUVs with standard engines, as well as in small boats, lawnmowers, and other small engines. One of the advantages of using regular gasoline is its availability and lower cost compared to higher-octane fuels. It is also compatible with most standard engines, making it a practical choice for everyday use. In addition, regular gasoline is a good choice for vehicles that are used for commuting, running errands, or general transportation. Overall, it is a reliable and widely available fuel suitable for most standard vehicles. It provides good performance and is a cost-effective option for drivers who use their vehicles for daily transportation. Thus, owing to such factors the segment is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Gasoline Market In US Scope |
|
Report Coverage |
Details |
Page number |
128 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of -4.18% |
Market growth 2023-2027 |
-258 mn L |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
-3.81 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abraxas, BP Plc, Chesapeake Energy Corp, Chevron Corp., ConocoPhillips Co., Delek US Holdings Inc., Devon Energy Corp, Enterprise Products Partners LP, EOG Resources Inc, Exxon Mobil Corp., Marathon Petroleum Corp., Occidental Petroleum Corp., Ovintiv Inc., Phillips 66, Pioneer Natural Resources Co, Schlumberger Ltd., Shell plc, Southwestern Energy Co., Sunoco LP, and Valero Energy Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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