Gasoline as a Fuel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Gasoline as a Fuel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Gasoline is a major transportation fuel for automobiles and is rivaled in its use in internal combustion engines (ICE) only by diesel fuel, which predominates in automotive vehicles in the commercial sector. Gasoline is also used as an aviation fuel for propeller aircraft. Recreational vehicles and some maritime vessels also use gasoline. The gasoline as fuel market is expected to grow at a CAGR of more than 1.7% during the forecast period 2020-2025. Rising population particularly, the rise in the number of automobiles and easy availability of gasoline are some of the major factors driving gasoline as a fuel market. However, the use of alternative clean sources of energy to reduce carbon emissions is likely to restrain the growth of the market.

Key Highlights

• The transportation segment is expected to dominate in gasoline as a fuel market over the forecast period.
• The emerging use of the portable gasoline generators in home and event applications, is anticipated to create ample opportunities for gasoline as fuel market in the near future.
• North America holds largest share in the gasoline as a fuel market.

Key Market TrendsTransportation Segment is Expected to Dominate in the Market

• Transport fuels are energy sources that power various means of transport, generally to power internal combustion engines. The transportation sector accounts for around 20% of global energy consumption and is the biggest consumer of oil in the world.
• Majorly all around the world, gasoline is used as fuel for vehicles such as cars, motorcycles, light trucks, boats, etc. It's one of the main products, which is consumed heavily worldwide. The market growth is driven by the growth of the number of gasoline-run vehicles globally.
• In 2019, the world gasoline consumption has reached 24324 thousand barrels per day with a growth rate of 1% indicating a significant growth of gasoline as a fuel across the globe. Furthermore, regions such as, Europe, Middle-East and Africa, and Asia-Pacific have shown decent growth in gasoline consumption owing to the increased industrialization and rising number of vehicles.
• Hence, demand for gasoline as a fuel is expected to proliferate in the transportation segment across the globe over the forecast period.

North America to Dominate the Market

• as of 2019, North America is the biggest consumer of gasoline all over the world, where nearly 40% is consumed. They have the highest usage rates per person. Majorly gasoline is used in transportation and power generation. Thus, making the region dominant in the market.
• The increase in construction activities and significant growth in non-residential construction spending reflect on the prominent increase in the demand for gasoline generators in this region.
• The United States is the leading national market for gasoline due to high car ownership and lower efficiency standards over developing countries and European consumers. With its various constituents and additives, gasoline fuel is more volatile than kerosene, jet fuel (naphtha), diesel, or heating oil.
• Rise in oil production particularly in Canada and the United States is another factor that has contributed towards the growth of this region in gasoline as fuel market. United States oil production was 476.7 million tonnes in 2019, and also, Canada’s oil production was 274.9 million tonnes in the same year.
• Gasoline is the dominant transportation fuel in the United States. Gasoline includes aviation gasoline and motor gasoline. In 2019, according to energy information administration (EIA) gasoline fuel account for about 53% share of United States transportation energy source.
• However, the region’s gasoline demand, mainly in the United States, is likely to drop in some key markets as the economies come to a halt in response to the outbreak of coronavirus.

Competitive Landscape

The gasoline as a fuel market is fragmented. Some of the major key players in the market include Chevron Corporation, Exxon Mobil Corporation, PetroChina Company Limited, Qatar Petroleum, and Reliance Industries Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Chevron Corporation
Exxon Mobil Corporation
PetroChina Company Limited
Qatar Petroleum
Royal Dutch Shell Plc
Reliance Industries Ltd
Saudi Arabian Oil Co
SK energy Co., Ltd.
NK Rosneft' PAO
BP plc

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