Diesel fuel, which is the most used fuel for commercial vehicles’ automotive engines, is the sole fuel that rivals gasoline’s use in internal combustion engines (ICE). Additionally, gasoline is utilize as a fuel oil for airplanes with propellers. Gasoline is also used by some marine craft and recreational vehicles. Due to its high rate of automobile ownership and weaker efficiency criteria than those of emerging nations and customers in Europe, the United States is the world’s largest national market for gasoline. Gasoline fuel is more flammable due to its mixture of components and additives than kerosene, jet fuel (naphtha), diesel, or heating oil. Gasoline is a mixture of hydrocarbon molecules with a variety of lengths of carbon chains, whereas other fuels like diesel, kerosene, and jet fuel are distinguished by their lengths.
Market Size and Analysis
The cost of gasoline is 1.32 US dollars per liter on average around the world. But there is a substantial pricing difference across nations. In contrast to impoverished nations and those that produce and export oil, richer nations often have higher pricing. For instance, the United States has a developed economy with low gas costs. The differences in fuel taxes and subsidies are to blame for the price variations between nations. All nations have access to the same global petroleum prices, but they opt to impose different taxes. The cost of petrol at the pump changes as a result.
According to Data Bridge Market Research, the gasoline market was valued at USD 125,000 million in 2021 and is projected to increase at a CAGR of 1.50% from 2022 to 2029, reaching USD 140,811.6.
Gasoline market share
The competitive landscape for the gasoline market includes information per competitor. The company’s financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are included. The data presented above only relates to the firms’ market emphasis on fuel.
Some of the major players operating in the gasoline market are:
- Saudi Arabian Oil Co. (Saudi Arabia)
- Exxon Mobil Corporation (US)
- China National Petroleum Corporation (China)
- BP plc (UK)
- Shell plc (UK)
- PDVSA – Petr oleos de Venezuela, SA. (Venezuela)
- Gazprom (Russia)
- Chevron Corporation. (US)
- Kuwait Petroleum Corporation (KPC) (Kuwait)
- Petrobras (Brazil), LUKOIL (Russia)
- ROSNEFT (Russia)
Market Definition
A by-product of crude oil or petroleum is referred to as “gasoline” or “petroleum.” It is create using a fractional distillation technique, has the appearance of a translucent liquid, and includes many additives, including ethanol, to be used as a fuel for passenger cars. The most frequently used item in every nation is gasoline, which is utilize as a vehicle fuel everywhere in the globe.
Gasoline Market Regional Analysis
As said above, the analysis of the gasoline market includes market size insights and trends by nation, type, and application.
The nations covered by the gasoline market report include the United States, Canada, and Mexico in North America, Germany, France, the United Kingdom, the Netherlands, Switzerland, Belgium, Russia, Italy, Spain, and Turkey, as well as the rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and the rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), as well as Saudi Arabia, the United Arab Emirates, Israel, Egypt, South Africa.
Due to the growing popularity of fast automobiles, North America now controls the global fuel market. The usage of small aircraft and private planes will also rise, which will help the region’s fuel market develop throughout the projection period.
Due to a rise in research & development efforts, Asia-Pacific is predicted to have considerable growth in the gasoline market during the projection period of 20222 to 2029. Additionally, it is predict that the region’s gasoline market would expand in the future years as a result of the expansion of the use of gasoline products in dry-cleaning operations.
Insights
The national part of the research also lists specific market-impacting variables and domestic market regulatory changes that have an effect on the market’s present and future tendencies. Data points including technical trends, porter’s five forces analysis, case studies, and upstream and downstream value chain analyses are just a few of the indicators utilize to anticipate the market environment for certain nations. When giving prediction analysis of the country data, it also takes into account the presence and accessibility of international brands as well as the difficulties they encounter owing to strong or weak competition from local and domestic brands, the influence of domestic tariffs, and trade routes.