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Gasoline Stations Market Opportunities And Strategies 2024-2033 - Growth Analysis, Outlook, Overview
Gasoline Stations Market Size
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According to The Business Research Company's, The gasoline stations market size has grown strongly in recent years. It will grow from $2566.61 billion in 2023 to $2722.31 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to automobile ownership trends, urbanization and infrastructure development, vehicle fuel efficiency, oil prices and supply, consumer behavior and travel patterns.
The gasoline stations market size is expected to see strong growth in the next few years. It will grow to $3347.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to transition to electric vehicles, expansion of alternative fuels, hybrid and plug-in hybrid vehicles, changing commuting patterns, partnerships with energy companies. Major trends in the forecast period include smart infrastructure and digital transactions, transition to electric vehicle charging infrastructure, diversification of services, integration of technology for efficiency, contactless payments and digital transactions.
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Market Drivers and Trends:
The increasing demand for vehicle fuel is expected to propel the growth of the gasoline station market going forward. Vehicle fuel includes gasoline and any other inflammable or combustible gas, or liquid used to fuel motor vehicles' combustion. The increase in vehicle production and sales leads to an increasing demand for vehicle fuel sold through gasoline stations thereby, the demand for vehicle fuel is directly proportional to the growth of the gasoline station market. For instance, in January 2023, according to the Energy Information Administration (EIA), a US government agency, the annual average gasoline consumption in the US increased by 0.3 million barrels per day (b/d) in 2022. Furthermore, in September 2022, according to Statistics Canada, a Canadian government body, net sales of road motor vehicle fuel were 36,894,411 liters in 2020, rising to 38,457,491 liters in 2021. Therefore, demand for vehicle fuel drives the growth of the gasoline station market.
Technological Advancements are a key trend gaining popularity in the gasoline station market. Major companies in the gasoline station sector are concentrating on implementing new technologies such as artificial intelligence and machine learning to meet consumer demand and strengthen their market position. For instance, In February 2023, Abu Dhabi National Oil Company (ADNOC Distribution), a UAE-based manufacturer and distributor of petrochemicals, introduced the ADNOC Fill & Go station, an AI-powered fuel station in Dubai and Abu Dhabi. The AI-powered system uses the most recent advancements in computer vision technology, including machine-learning models that allow computers to recognize vehicles and respond by providing a hyper-personalized fueling experience. Customers may enter an ADNOC station that supports the new service after registering their vehicle on the ADNOC Distribution app, and smart cameras will instantly identify the vehicle. At the pump, the recorded data of the client is used to automatically commence the refueling process based on the selected gasoline type and spending amount, resulting in a faster and smoother refueling experience.
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Major Key Players of the Market:
The PJSC Lukoil Oil Company, PTT Public Company Limited, Citgo Petroleum Corporation, Sinopec, China National Offshore Oil Corporation, Exxon Mobil Corporation, China National Petroleum Corporation, Petrochina Company Limited, Shell plc, Trafigura Group Pte. Ltd., TotalEnergies SE, British Petroleum Company plc, Chevron Corporation, Marathon Petroleum Corporation, The Phillips 66 Company, Rosneft Oil Company, Indian Oil Corporation, Reliance Industries Limited, Repsol S.A., SK Innovation Co. Ltd., GS Caltex Corporation, 7-Eleven Inc., Speedway LLC, Valero Energy Corporation, Wawa Inc., Eni S.p.A., Aldrees Petroleum & Transport Services Co., Emirates National Oil Company Group, PJSC Gazprom, Caltex Australia Limited, PETRONAS Dagangan Berhad, Sheetz Inc.
Gasoline Stations Market 2024 Key Insights:
• The gasoline stations market size is expected to see strong growth in the next few years. It will grow to $3347.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Increasing Vehicle Fuel Demand And The Gasoline Station Market
• Artificial Intelligence Redefines Gasoline Station Technology For A Seamless And Personalized Experience
• Asia-Pacific was the largest region in the gasoline stations market in 2023
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