Gasoline as a Fuel Market to grow by USD 96.19 billion from 2022 to 2027 | Growth Driven by Increasing number of automobiles worldwide- Technavio

NEW YORK, Sept. 26, 2023 /PRNewswire/ -- The "gasoline as a fuel market by end-user (transportation, power generation, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the gasoline as a fuel market from 2022 to 2027 is USD 96.19 billion, according to Technavio. The increasing number of automobiles worldwide is a key factor driving market growth. Gasoline as a fuel is mainly used to power the internal combustion engines (ICEs) of passenger cars, two-wheelers, and light trucks. According to statistics from the US EIA, the transportation industry accounts for 60% of total gasoline consumption in 2021  and in this sector, gasoline accounts for 90% of oil consumption. Factors such as increasing urbanization and rising disposable income have led to increased use of passenger vehicles, which means increased demand for gasoline. Additionally, to accommodate the increasing rate of urbanization, the road transportation network has undergone growth and modernization. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge 

• Volatility in global crude oil prices is a significant challenge restricting market growth. Crude oil price fluctuations have serious consequences for gasoline sellers' profits. For example, the average crude oil price increased from USD 70.89/barrel in 2021 to USD 100/barrel in 2022, according to the International Energy Agency (IEA). Additionally, because the market determines crude oil prices, upstream oil and gas companies will be negatively affected. Low oil and gas prices and production levels will result in reduced oil and gas exports from major oil and gas exporting countries. Instead, these countries would prefer to use their existing oil and gas reserves for domestic consumption. Hence, these factors are expected to restrict market growth during the forecast period. 

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The gasoline as a fuel market has been segmented by end-user (transportation, power generation, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The transportation segment is estimated to witness significant growth during the forecast period. The transportation industry depends heavily on fossil fuels, especially gasoline, to power vehicles. It is mainly used as fuel for cars, light trucks, and motorcycles. Additionally, a growing global population, increased economic activity, fluctuating fuel prices, and increased fuel efficiency will all impact the use of gasoline as a fuel in the transportation sector.  Furthermore, the increasing demand for petrol as a fuel will be driven by an improving fuel efficiency of vehicles that are emitting fewer emissions. Hence, these factors are expected to restrict market growth during the forecast period. 

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Key Companies in the gasoline as a fuel market:

BP Plc, Chevron Corp., Emirates National Oil Co. Ltd. LLC., 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, Rosneft Oil Co., Saudi Arabian Oil Co., Shell plc, Valero Energy Corp., Reliance Industries Ltd., and Exxon Mobil Corp.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio