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Gasoline Global Market Forecasted to Reach $1712.78 Billion by 2028, Size, Share, Trends, Development Strategies and Segmentation Analysis
Gasoline Global Market
According to The Business Research Company's, The gasoline market size has grown steadily in recent years. It will grow from $1395.64 billion in 2023 to $1460.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to global oil prices, regulatory environment, consumer behavior, infrastructure development, automobile industry .
The gasoline market size is expected to see steady growth in the next few years. It will grow to $1712.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to transition to electric vehicles (evs), renewable energy policies, climate change regulations, geopolitical factors. Major trends in the forecast period include global economic recovery, electric vehicle adoption, technological advancements in fuel efficiency, government policies and regulations, fluctuations in oil prices.
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Market Drivers and Trends:
The increase in demand for automobiles is expected to propel the growth of the gasoline market going forward. Gasoline is the most commonly utilized fuel in most automobiles, particularly in areas where electric or alternative fuel vehicles are not widely recognized. With the increasing demand for automobiles, there will be a corresponding increase in demand for gasoline to fuel those vehicles, leading to growth in the gasoline market. For instance, in March 2022, according to the European Automobile Manufacturers Association, a Belgium-based main lobbying and standards group of the automobile industry, in 2021, US auto manufacturers produced around 6.3 million passenger automobiles, a 3.1% increase over 2020. Additionally, in 2021, global car production climbed by 2.7% to 63.2 million units. Further, according Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increase in demand for automobiles is driving the growth of the gasoline market.
Product innovations are a key trend gaining popularity in the gasoline market. Companies operating in this market are adopting new product innovations to sustain their position in the market. For instance, in March 2022, Renewable Energy Group Inc., a US-based biobased diesel producer, announced the launch of its fuel solutions under the EnDura Fuels brand. This product introduction improves the ongoing initiatives of Renewable Energy Group to assist the transportation sector. Through the use of cleaner-burning, lower-emission fuels, these innovations assist transportation, rail, maritime, aviation, and other industries in achieving their sustainability goals.
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Major Key Players of the Market:
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; Marathon Oil Corporation; Ecopetrol S.A.; Surgutneftegas; CNOOC Limited
Gasoline Market 2024 Key Insights:
• The gasoline market size will grow to $1712.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.
• Rising Automobile Industry To Drive Market Growth
• Product Innovations Transforming The Gasoline Market
• North America was the largest region in the gasoline market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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