Global Gasoline Market Size 2024, Forecast To 2033
6 Mar, 2024
The gasoline market has maintained steady growth, advancing from $1395.64 billion in 2023 to $1460.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. This growth during the historical period can be attributed to factors such as global oil prices, the regulatory environment, consumer behavior, infrastructure development, and the dynamics of the automobile industry. Moving into the future, the market is expected to witness steady growth, reaching $1712.78 billion in 2028 at a CAGR of 4.1%. The projected growth in the forecast period can be linked to factors such as the transition to electric vehicles (EVs), the implementation of renewable energy policies, adherence to climate change regulations, and geopolitical factors. Major trends in the forecast period encompass global economic recovery, the adoption of electric vehicles, technological advancements in fuel efficiency, government policies and regulations, and fluctuations in oil prices.
Global Gasoline Market Key Driver
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. By 2024, the gasoline market is anticipated to expand further due to the surge in automobile demand.
Get A Free Sample Of The Global Gasoline Market ReportGlobal Gasoline Market Segments
The gasoline market covered in this report is segmented –
1) By Type: Regular Gasoline, Special Gasoline
2) By Application: Transporation, Small Aircrafts, Electricity Generators, Recreational Vehicles, Other Applications
3) By End-User: Transporation, Power Generation, Other End-Users
By Geography:The regions covered in the gasoline market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the gasoline market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global gasoline market report during the forecast period. The regions covered in the gasoline market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Gasoline Industry Players
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
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Gasoline Market Overview
Gasoline refers to fuel derived from crude oil and other petroleum liquids. It is primarily utilized in machines having internal combustion engines.
Gasoline Global Market Report 2023 provides data on the global gasoline market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gasoline market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.