Major players in the gasoline market are 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 (KPC), and Emirates National Oil Company Group.
The global gasoline market is expected to grow from $125.94 billion in 2022 to $128.21 billion in 2023 at a compound annual growth rate (CAGR) of 1.80%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gasoline market is expected to reach $136.81 billion in 2027 at a CAGR of 1.64%.
The gasoline market consists of sales of regular gasoline, midgrade gasoline, premium gasoline, ethanol-blended gasoline, oxygenated gasoline, and reformulated gasoline.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Gasoline refers to fuel derived from crude oil and other petroleum liquids. It is primarily utilized in machines having internal combustion engines.
North America was the largest region in the gasoline market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in gasoline report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of gasoline include regular gasoline and special gasoline.Regular gasoline refers to a petrol with an octane value of 87 that is a by-product of crude oil and is quite flammable.
The main applications include transportation, small aircraft, electricity generators, recreational vehicles and others, used in transportation, power generation and others.
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.
In October 2021, World Fuel Services Corporation, a US-based gasoline and associated petroleum product company, acquired Lykins Energy Solutions for an undisclosed amount.With the acquisition of the bulk fuel division of Lykins Energy Solutions, World Fuel Services Corporation is expected to have a larger proprietary operating footprint in Ohio and 25,000 more customers in the commercial, industrial, and residential markets.
Lykins Energy Solutions is a US-based oil and energy company.
The countries covered in the gasoline market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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