Artificial Intelligence
Gasoline Stations Global Market Report 2023
New York, June 26, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Gasoline Stations Global Market Report 2023” – https://www.reportlinker.com/p06464012/?utm_source=GNW
, Emirates National Oil Company Group, Phillips 66 Company, Indian Oil Corporation, Petrochina Company Limited, Citgo Petroleum Corporation, Speedway, and Sinopec.
The global gasoline stations market is expected to grow from $2,434.74 billion in 2022 to $2,596.14 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gasoline stations market is expected to reach $3,150.14 billion in 2027 at a CAGR of 5.0%.
The gasoline stations includes revenues earned by entities by providing vehicle wash services, fuel, oil changes, and other automotive services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The gasoline station market also includes sales of gasoline and diesel fuel, repairment parts which are used in providing gasoline station services.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.
A gasoline station is a retail station that sells gasoline. It is a volatile, flammable mixture of hydrocarbons such as hexane, heptane, and octane derived from petroleum primarily used as a fuel for internal combustion in engines.
Asia-Pacific was the largest region in the gasoline stations market in 2022. The regions covered in gasoline stations report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of gasoline stations are gasoline, diesel, CNG, or other gases, and non-fuel sales.Gasoline refers to a volatile, flammable liquid mix of hydrocarbons derived from petroleum used in fuel internal combustion engines.
The various types of gasoline grades are regular, midgrade, and premium. It includes various service types such as self-service and full-service, that are used by various end-users such as road transport vehicles, air transport vehicles, and water transport vehicles.
The increasing demand for vehicle fuel is expected to propel the growth of the gasoline station market going forward.Vehicle fuel includes gasoline and any other inflammable or combustible gas or liquid used to fuel motor vehicles’ combustion.
The increase in vehicle production and sales leads to an increasing demand for vehicle fuel sold through gasoline stations thereby, the demand for vehicle fuel is directly proportional to the growth of the gasoline station market. For instance, in January 2023, according to the Energy Information Administration (EIA), a US government agency, the annual average gasoline consumption in the US increased by 0.3 million barrels per day (b/d) in 2022. Furthermore, in September 2022, according to Statistics Canada, a Canadian government body, net sales of road motor vehicle fuel were 36,894,411 litres in 2020, rising to 38,457,491 litres in 2021. Therefore, demand for vehicle fuel drives the growth of the gasoline station market.
Technological Advancements are a key trend gaining popularity in the gasoline station market.Major companies in the gasoline station sector are concentrating on implementing new technologies such as artificial intelligence and machine learning to meet consumer demand and strengthen their market position.
For instance, In February 2023, Abu Dhabi National Oil Company (ADNOC Distribution), a UAE-based manufacturer and distributor of petrochemicals, introduced the ADNOC Fill & Go station, an AI-powered fuel station in Dubai and Abu Dhabi.The AI-powered system uses the most recent advancements in computer vision technology, including machine-learning models that allow computers to recognize vehicles and respond by providing a hyper-personalized fuelling experience.
Customers may enter an ADNOC station that supports the new service after registering their vehicle on the ADNOC Distribution app, and smart cameras will instantly identify the vehicle. At the pump, the recorded data of the client is used to automatically commence the refuelling process based on the selected gasoline type and spending amount, resulting in a faster and smoother refuelling experience.
In January 2023, Chevron U.S.A. Inc., a US-based energy corporation with a main focus on oil and gas, acquired Beyond6 LLC (B6) for an undisclosed amount. Through this acquisition, Chevron aims to strengthen its traditional products business by offering new products to its customers to support a lower carbon future. Beyond6 LLC is a New-York based company operating in the gasoline stations market.
The countries covered in the gasoline stations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The gasoline stations market research report is one of a series of new reports that provides gasoline stations market statistics, including gasoline stations industry global market size, regional shares, competitors with a gasoline stations market share, detailed gasoline stations market segments, market trends, and opportunities, and any further data you may need to thrive in the gasoline stations industry. This gasoline stations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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