Gasoline (also known as petrol in Europe) is widely used as a fuel in automobiles. Gasoline, in essence, is a complex mixture of hydrocarbon fractions that are obtained from the refining of crude oil. The crude oil is passed through a number of stages to meet a large number of specifications. Additives are often added to upgrade the quality of the gasoline and ensure that the specifications are fulfilled.
Technavio’s analysts forecast the gasoline market in the US market to reach 18,732.8 gpd by 2020.
Covered in this report
The report covers the present scenario and the growth prospects of the gasoline market in the US for 2016-2020. To calculate the market size, the report considers the sales of telecom gasoline in different regions.The market is divided into the following segments based on regions:
Technavio Announces the Publication of its Research Report – Gasoline Market in the US 2016-2020
Technavio recognizes the following companies as the key players in the gasoline market in the US: BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell.
Commenting on the report, an analyst from Technavio’s team said: “Labor availability and wage growth will be the key trends for market growth. The labor market has undergone changes over the past few years that have contributed to the rise in gasoline usage. Job Openings and Labor Turnover is a study published by the US Department of Labor's Bureau of Labor Statistics. It throws light regarding the availability of labor by providing data such as the number of people hired and the number of job vacancies available each month. The difference between the number of hires and the number of the job vacancies is a method to measure the strength of the job market.”
According to the report, the various uses of gasoline will be a key driver for market growth. In 2014, Americans consumed about 375 million gallons of gasoline per day. Given that the population of the US was 319 million in 2014, the calculation translated to a gasoline consumption of more than a gallon per day by each person. Gasoline is the major transportation fuel, which predominates in automotive vehicles and rivalled only by diesel. Gasoline is also used as an aviation fuel for propeller aircraft, for household purposes, and also in some recreational and maritime vessels.
Further, the report states that one of the challenges for the market will be the rise in natural gas consumption in transportation sector. The utilization of liquefied natural gas (LNG) and compressed natural gas (CNG) is growing at a fast pace, particularly for MDVs and HDVs. Spurred by the decreasing natural gas prices, these MDVs and HDVs are expected to become the primary consumers of natural gas at the end of the forecast period. MDVs primarily use CNG, while HDVs such as tractor trailers use LNG. The consumption is expected to grow even further because of high mileage with fuel cost savings that will offset the incremental capital cost of these vehicles.
BP, Chevron, ConocoPhillips, Exxon Mobil, Shell
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