According to a new market report published by Credence Research “Global Transportation Fuels Market By Fuel (Gasoline, Diesel, Aviation Turbine Fuel (ATF), Natural Gas) – Growth, Future Prospects & Competitive Analysis, 2016 – 2023,” the Global Transportation Fuels Market is expected to reach US$ 719.1 Bn by 2023, expanding at a CAGR of 3.7% during the forecast period 2016 to 2023.
Transportation fuels are widely used in vehicles to generate energy. Crude oil is processes to prepare the transportation fuels such as gasoline, diesel, and aviation turbine fuel. Transportation fuels include gasoline, diesel, biofuels, aviation turbine fuel, etc. Global transportation industry is emerging at rapid pace with growing international trade along with increasing transportation services such as railway, aviation, shipping, road, etc which in turn is driving the demand for transportation fuels across the globe.
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Transportation Fuels market is expected to gain moderate growth over the forecast period by virtue of growing demand for shipping, airlines and road transportation services for the transportation of various products across the globe. Moreover, increasing population and growth in transportation infrastructure is anticipated to augment the growth of transportation fuel across the globe. Rapid growth in number of automobiles on roads due to growth in per capita income and easy financing options is also expected to fuel the demand for transportation fuels over the forecast period (2016-2023). However, stringent government policies over the emission of greenhouse gases coupled with various government initiatives to promote alternative energy sources such as solar, wind is expected to hamper the growth of transportation fuels market during the forecast period (2016-2023).
Global transportation fuels market is segmented on the basis of fuel type and geography. By fuel type, gasoline segment is projected to be the most dominant segment with over 1.2 billion vehicles on the road using gasoline as a fuel for energy source worldwide. However, various government policies such as blending of ethanol with gasoline is expected hamper the consumption of gasoline over the forecast period (2016-2023). Followed by it, diesel is expected to be the second largest and most popular segment due to increasing number of diesel driven vehicle, low greenhouse gases emission properties along with cheap prices as compared to gasoline is anticipated to augment the growth of the segment over the forecast period (2016-2023).
The key players in the market are focusing on increasing their market penetration through mergers and acquisitions of small players. Leading players in the transportation fuels market are also investing in technology to optimize their process and reduce their cost.
Overall, global transportation fuels market is projected to register moderate growth over the forecast period (2016-2023).
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- Merger & Acquisition
- Investment in research and development
- Aviation turbine fuel (ATF)
- Natural Gas
- Others (Propane, Ethanol, Biofuels, Electricity)
- Rest of Latin America
- Rest of Europe
- Rest of Asia Pacific
East & Africa (MEA)
- Rest of MEA
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