Global Gasoline Market
Oil And Gas

Gasoline Market Overview: Market Size, Major Drivers And Trends

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033


Overview of Market Growth

The gasoline market has shown consistent growth over recent years and continues to expand:

  • Current Market Size: The market grew from $1,395.64 billion in 2023 to $1,460.61 billion in 2024.
  • Growth Rate: The Compound Annual Growth Rate (CAGR) is 4.7%.


Historical Growth Drivers

Key factors contributing to growth in the historic period include:

  • Global Oil Prices: Fluctuations impacting supply and demand.
  • Regulatory Environment: Changes influencing production and consumption.
  • Consumer Behavior: Increased use of gasoline-powered vehicles.
  • Infrastructure Development: Expansion of transportation networks.
  • Automobile Industry: Rising production and sales of gasoline-powered vehicles.


Future Market Projections

The gasoline market is expected to continue its growth trajectory, reaching $1,712.78 billion by 2028:

  • Future Growth Rate: A projected CAGR of 4.1%.


Future Growth Drivers

Several factors will drive growth in the forecast period:

  • Transition to Electric Vehicles (EVs): Gradual but impactful shift.
  • Renewable Energy Policies: Governmental initiatives supporting cleaner energy.
  • Climate Change Regulations: Stricter emissions standards.
  • Geopolitical Factors: Influences on global oil supply and prices.


Read The Full Gasoline Market Report Here:


Major Trends

Key trends shaping the future of the gasoline market include:

  • Global Economic Recovery: Post-pandemic economic growth.
  • Electric Vehicle Adoption: Increasing market share of EVs.
  • Technological Advancements in Fuel Efficiency: Innovations improving mileage.
  • Government Policies and Regulations: New laws affecting production and use.
  • Fluctuations in Oil Prices: Continuing volatility impacting market dynamics.


Rising Automobile Industry to Drive Market Growth

Impact of Automobile Demand

The increasing demand for automobiles is a significant growth driver for the gasoline market:

  • Gasoline Utilization: Primary fuel for most vehicles.
  • Regional Variations: Higher reliance on gasoline in areas with fewer EVs.


Supporting Data

  • US Auto Production: In 2021, US auto manufacturers produced approximately 6.3 million passenger vehicles, a 3.1% increase from 2020.
  • Global Car Production: Increased by 2.7% in 2021, reaching 63.2 million units.
  • Electric Vehicle Sales: Global EV sales doubled in 2021 to 6.6 million units, highlighting a growing trend but still limited compared to gasoline vehicles.


Leading Companies in the Gasoline Market

Prominent players include:

  • 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


Product Innovations Transforming the Gasoline Market

Emphasis on Cleaner and Efficient Fuels

Product innovations are vital for maintaining a competitive edge:

  • Renewable Energy Group Inc.: Launched the EnDura Fuels brand in March 2022.
    • Focus: Cleaner-burning, lower-emission fuels.
    • Application: Transportation, rail, maritime, aviation, and other industries aiming for sustainability.


Benefits of Innovations

  • Sustainability Goals: Helping industries reduce emissions.
  • Enhanced Performance: Improved fuel efficiency and reduced environmental impact.


Strategic Acquisitions Enhancing Market Presence

World Fuel Services Corporation’s Expansion

Strategic acquisitions are reshaping the market landscape:

  • Acquisition of Lykins Energy Solutions: October 2021.
    • Impact: Expanded footprint in Ohio and an additional 25,000 customers.
    • Focus: Commercial, industrial, and residential markets.


Market Segmentation

The gasoline market is segmented by:

  • Type: Regular Gasoline, Special Gasoline.
  • Application: Transportation, Small Aircraft, Electricity Generators, Recreational Vehicles, Other Applications.
  • End-User: Transportation, Power Generation, Other End-Users.


Regional Insights

  • North America: Largest region in the gasoline market in 2023.
  • Asia-Pacific: Expected to be the fastest-growing region during the forecast period.


The gasoline market is poised for steady growth, driven by rising automobile demand, technological advancements, and strategic acquisitions. While the transition to electric vehicles and renewable energy policies will shape the market, innovations and strategic expansions will ensure continued growth and adaptation to new market dynamics.


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The Gasoline Global Market Report 2024  provides an overview of the gasoline market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The gasoline market forecast analyzes gasoline market size, gasoline market share, leading competitor and their market positions.


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