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The gasoline as a fuel market size is estimated to grow at a CAGR of 1.06% between 2022 and 2027. The market size is forecast to increase by USD 96.19 billion. The growth of the market depends on several factors such as the increasing number of automobiles worldwide, the rising adoption of gasoline in commercial and industrial applications, and the growing demand for energy in developing countries.
The research report on the gasoline as a fuel market offers industry forecasts and segmentation based on End-user (transportation, power generation, and others) and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The market size, historical data (2017-2021), and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
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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.
The increasing number of automobiles worldwide is driving market growth. Gasoline as a fuel is primarily used for powering internal combustion engines (ICE) in passenger cars, two-wheelers, and light trucks. The transportation sector accounted for 60% of total petrol consumption in 2021 according to US EIA statistics and within it, gasoline accounts for 90% of petroleum consumption. Factors such as rising urbanization and increasing disposable income have resulted in increasing adoption of passenger vehicles, which results in increasing demand for gasoline.
Additionally, to cater to increasing urbanization, road transportation networks have witnessed growth and modernization. In fact, light-duty vehicles such as cars, small trucks, and utility vehicles accounted for 92% of all gasoline consumption in the US in 2020. Moreover, out of total transportation fuel consumption, motor gasoline accounted for 59% in 2020 as per the US EIA. Hence, such factors will drive market growth during the forecast period.
The increasing use of portable gasoline generators is the primary trend shaping growth of the market. Due to the ease of moving portable gasoline generators, their demand for residential and event applications and outdoor events is increasing. Moreover, they are preferred especially during power outages which are becoming more frequent due to extreme weather events that are occurring as a result of global climate change.
Furthermore, the growing demand for portable gasoline generators which are portable, convenient to use, and easily available as a fuel source during unfavorable weather situations. They have several applications such as powering construction tools, lighting, and other equipment, and also can provide temporary power to construction trailers and other mobile facilities. Hence such factors will propel the market growth during the forecast period.
Volatility in global crude oil prices is challenging market growth. Fluctuating crude oil prices have serious implications on profitability for gasoline vendors. For instance, the average cost of crude oil has risen from USD 70.89/per barrel in 2021 to USD 100/per barrel in 2022 according to the International Energy Agency (IEA). Also due to the COVID-19 pandemic, various oil and gas exploration and production (E&P) projects were canceled or postponed globally. Such price fluctuations negatively impacted the oil and gas industry and the global gasoline as a fuel market.
Moreover, due to the market determining the price of crude oil, upstream oil, and gas companies will be adversely affected. Low oil and gas prices and production levels will result in reduced oil and gas supply exports from major oil and gas-exporting countries. These countries will instead prefer to use their existing oil and gas stocks for domestic consumption. Hence, such factors may impede the growth of the market during the forecast period.
The market research 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 as a Fuel Market Customer Landscape
Companies 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The transportation segment is estimated to witness significant growth during the forecast period. The transport industry is greatly dependent on fossil fuels, especially gasoline for powering vehicles. It is predominantly used as fuel for cars, light-duty trucks, and motorcycles. Increasing global population, higher economic activity, volatile fuel prices, and increasing fuel efficiency will all impact the usage of gasoline as a fuel in the transportation sector.
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The transportation segment was the largest segment and was valued at USD 1,050.20 billion in 2017. North America is greatly dependent on gasoline as a fuel, which has implications for the regional economy and regional energy security. Moreover, improving the fuel efficiency of vehicles that also have less emissions will also result in increasing demand for gasoline as a fuel. Hence, such factors will boost the growth of this segment of the market during the forecast period.
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North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American market was the largest regional market with gasoline being the predominant transportation fuel, especially in the US. Gasoline as a fuel is used in cars, sport utility vehicles, light trucks, motorcycles, recreational vehicles, boats, etc.
Moreover, the increasing prevalence of natural disasters and extreme climate events like earthquakes, wildfires, hurricanes, and others can cause power cuts for several days. Hence there is a need for portable generators not only for individuals but also to ensure federal, state, and local emergency preparedness, response, and recovery. Hence such factors will contribute to the growth of the regional market during the forecast period.
In 2020, the COVID-19 outbreak had a negative impact on the market especially in key markets like the US, Canada, and Mexico. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Factors like the increasing production of light vehicles and increasing frequency of power grid failures will boost regional market growth during the forecast period.
The gasoline as a fuel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017-2027.
Gasoline As A Fuel Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.06% |
Market growth 2023-2027 |
USD 96.19 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
1.36 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 45% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BP Plc, Chevron Corp., Emirates National Oil Co. Ltd. LLC., Equinor ASA, Exxon Mobil Corp., Gazprom Nedra LLC, Indian Oil Corp. Ltd., Koch Fuel Products Inc., Kuwait Petroleum Corp., Marathon Petroleum Corp., PBF Energy Inc., PetroChina Co. Ltd., Petroleos de Venezuela SA, Phillips 66, PJSC LUKOIL, Reliance Industries Ltd., Rosneft Oil Co., Saudi Arabian Oil Co., Shell plc, Suncor Energy Inc., 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, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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