Authored By: Sarah
11 Jul 2024

 Road Transportation Fuel Market Size to grow by USD 219.5 billion between 2024-2028

According to a research report “ Road Transportation Fuel Market” by End-user (Gasoline, Diesel, Biofuels, Natural gas) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 219.5 billion, at a CAGR of  2.12% during the forecast period. In the global market, road transportation fuels are in high demand due to the increasing usage of automobiles as essential tools for personal mobility and the transportation of goods and services. The burgeoning population and urbanization trends have led to significant infrastructure development in the transportation sector, fueling the production of automobiles. Passenger cars and buses, in particular, have become indispensable, offering access to education, healthcare, and employment opportunities, among other essential services. The passenger car production sector experienced a substantial growth of over 18.70% from 2010 to 2021, underscoring the escalating demand for passenger vehicles.

Browse market data tables, figures, and in-depth TOC on “Road Transportation Fuel Market” by End-user (Gasoline, Diesel, Biofuels, Natural gas) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Gasoline segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

In the realm of road transportation, gasoline plays a pivotal role as the primary fuel source for powering internal combustion engines in a diverse range of vehicles, including passenger cars, two-wheelers, and light trucks. To ensure optimal engine performance and prevent damage, it is essential that gasoline burns evenly without any knocking or premature detonation. This necessitates rigorous testing to ensure compliance with the required specifications. Failure to meet these standards results in the gasoline being returned to the refinery for reprocessing. The consumption of gasoline is contingent upon the number of passenger cars and light trucks in operation, which is influenced by factors such as urbanization and rising disposable income, leading to an increased adoption rate of passenger vehicles.

APAC is forecasted to hold the largest market size by region in 2024

The road transportation fuel market is experiencing significant growth, driven by increasing demand for efficient and cost-effective fuel solutions. Key players in this sector are focusing on innovation and sustainability, with biofuels and alternative fuels gaining traction. Government regulations and initiatives are also supporting the shift towards cleaner fuels, making this an exciting and dynamic market for businesses involved in fuel production and distribution.

The Road Transportation Fuel Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Acciona SA
  • Avril SCA
  • Bharat Petroleum Corp. Ltd.
  • BP Plc
  • Chevron Corp.
  • China Petrochemical Corp.
  • Chubb Ltd.
  • CNG Fuels Ltd.
  • Dangote Industries Ltd.
  • Eni SpA
  • Equinor ASA
  • Exxon Mobil Corp.
  • Green Plains Inc.
  • Hindustan Petroleum Corp. Ltd.
  • Indian Oil Corp. Ltd.
  • Kuwait National Petroleum Co.
  • PJSC LUKOIL
  • Reliance Industries Ltd.
  • Shell plc
  • TotalEnergies SE
.

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Research Analysis Overview

The Road Transportation Fuel Market encompasses a wide range of fuels used for powering vehicles on roads. These fuels include regular grade fuels like petrol and diesel, derived from the combustion of raw petroleum, as well as sustainable alternatives such as biodiesel and synthetic fuels. With increasing concerns over emission levels and the need for sustainable practices, government regulations and emission control norms have become stricter, driving the demand for cleaner fuels. The private transportation sector, including cars and motorbikes, dominates the road transportation market. However, public transport and the railroad industry also contribute significantly. The aviation industry, which relies heavily on aeronautics turbine fuel, is a separate market. Global mobility trends, such as affordability, comfort, and time efficiency, influence the demand for different fuels. Petroleum-based fuels continue to dominate due to their widespread availability and affordability. However, the shift towards sustainable practices and the need to reduce emissions are driving the growth of alternative fuels like biodiesel, gas, and synthetic fuels derived from biomass. Government regulations and emission norms play a crucial role in shaping the road transportation fuel market. The affordability and availability of these fuels, as well as advancements in technology, will also impact market trends in the coming years. Overall, the road transportation fuel market is a dynamic and evolving industry, driven by global mobility trends, government regulations, and the quest for sustainable practices.

Market Research Overview

The Road Transportation Fuel Market encompasses a wide range of fuels used for powering vehicles on roads, including petroleum-based fuels like gasoline and diesel, as well as alternative fuels such as natural gas, biofuels, liquefied natural gas (LNG), sustainable aviation fuels, electricity, hydrogen, and synthetic fuels. Natural gas reserves play a significant role in the market, particularly in the context of increasing environmental regulations and the need for sustainable practices. Industrial activity, vehicle ownership, and global mobility are key drivers of demand for road transportation fuels. Environmental regulations and emission control norms have led to the adoption of premium grade fuels, sulfur content limits, and biofuel blends. Specialty vehicles and off-road vehicles also require specialized fuels. Sustainable aviation fuels, derived from sources like soybeans, sugar cane, rapeseed oil, corn, palm oil, ethanol, biodiesel, and biomass, are gaining popularity in the aviation industry. The railroad industry and marine transportation also use fuels like diesel and gasoline, while the aeronautics turbine fuel market relies on jet fuel. The combustion of these fuels, however, contributes to pollution, leading to stricter emission standards and the exploration of alternative fuels like electricity, natural gas, hydrogen, and bioethanol. The oil value shock and the affordability and comfort considerations of consumers also influence the market. Time, affordability, and the need for various transportation mediums in private and public transport further shape the road transportation fuel market landscape.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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