Gasoline Global Market Report 2024

The gasoline market has grown steadily in recent years. It will grow from $1395.64 billion in 2023 to $1460.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The expansion observed in the historical period can be ascribed to factors such as worldwide oil prices, regulatory conditions, consumer behavior, infrastructure development, and the automobile industry.

The gasoline market is expected to see steady growth in the next few years. It will grow to $1712.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The anticipated growth in the forecast period can be credited to factors such as the shift to electric vehicles (EVs), the implementation of renewable energy policies, regulations addressing climate change, and geopolitical considerations. Key trends expected in the forecast period encompass the global economic recovery, the increasing adoption of electric vehicles, technological advancements enhancing fuel efficiency, government policies and regulations, and fluctuations in oil prices.

The anticipated growth in the gasoline market is expected to be fueled by an increase in the demand for automobiles. Gasoline remains the predominant fuel in many automobiles, especially in regions where electric or alternative fuel vehicles are not widely adopted. The growing demand for automobiles implies a corresponding surge in the need for gasoline to power these vehicles, thereby contributing to the expansion of the gasoline market. As an example, as of March 2022, the European Automobile Manufacturers Association reported that U.S. auto manufacturers produced approximately 6.3 million passenger automobiles in 2021, marking a 3.1% increase from the previous year. Additionally, global car production saw a rise of 2.7% to reach 63.2 million units in 2021. According to the Global EV Outlook 2022 report, electric vehicle (EV) sales doubled from the previous year in 2021, reaching a record high of 6.6 million. The sales of electric car vehicles worldwide in 2021 amounted to 6,600,000 units, up from 2,980,000 units. Thus, the surge in automobile demand is a key driver for the growth of the gasoline market.

The anticipated growth in the gasoline market is expected to be driven by an increase in geopolitical tensions. Geopolitical tensions encompass political conflicts, rivalries, or disputes among nations or regions, often related to issues such as territory, resources, power, or ideology. Escalating geopolitical tensions have implications for the gasoline market, causing disruptions in oil supply, introducing market uncertainty and a risk premium, impacting refinery operations, altering regional supply routes, influencing currency fluctuations, and affecting demand. Furthermore, such tensions may lead to strategic releases or withholdings from petroleum reserves. For instance, as of March 2022, data from The Armed Conflict Location & Event Data Project (ACLED), a U.S.-based non-profit organization, revealed an increase in reported events of political violence targeting civilians from 33,331 in 2020 to 37,185 in 2021, marking a 12% rise. Similarly, civilian fatalities increased by 8%, with 35,879 reported fatalities in 2020 compared to 38,658 in 2021. Consequently, the rise in geopolitical tensions is a significant factor driving the growth of the gasoline market.

Product innovations stand out as a prominent trend gaining traction in the gasoline market, with companies in this industry actively embracing new innovations to maintain their market positions. As an example, in March 2022, Renewable Energy Group Inc., a biobased diesel producer based in the United States, unveiled its fuel solutions under the EnDura Fuels brand. This product launch aligns with Renewable Energy Group's ongoing efforts to support the transportation sector by offering cleaner-burning, lower-emission fuels, aiding various industries such as transportation, rail, maritime, aviation, in meeting their sustainability objectives.

Major players in the gasoline market are spearheading the development of innovative technologies, including deposit-eradicating technologies, to secure a competitive advantage. Deposit-eradicating technology involves features or innovations designed to eliminate deposits that may accumulate in specific systems or components. For instance, in May 2023, Equilon Enterprises LLC, a U.S.-based oil refining company, introduced an enhanced formulation of its Shell V-Power NiTRO+ Premium Gasoline. This high-performance fuel incorporates unique deposit-eradicating technology targeting fuel injectors, a critical engine component. It can remove up to 100% of performance-robbing deposits, providing protection against future build-up. Engineered for maximum performance, the new V-Power NiTRO+ aims to deliver a premium fuel experience to customers.

In October 2021, World Fuel Services Corporation, a U.S.-based company specializing in gasoline and associated petroleum products, acquired Lykins Energy Solutions for an undisclosed amount. This acquisition, particularly of Lykins Energy Solutions' bulk fuel division, is anticipated to expand World Fuel Services Corporation's proprietary operating footprint in Ohio and add 25,000 more customers in the commercial, industrial, and residential markets. Lykins Energy Solutions is a U.S.-based oil and energy company.

Major companies operating in the gasoline market report 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, 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.

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. The countries covered in the gasoline market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of gasoline comprise regular gasoline and special gasoline. Regular gasoline denotes a petroleum product with an octane rating of 87, derived from crude oil and possessing flammable properties. Its main uses encompass transportation, small aircraft, electricity generators, recreational vehicles, and various applications within the realms of transportation, power generation, and other related sectors.

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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.

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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