PUBLISHER: Allied Market Research | PRODUCT CODE: 1415016
PUBLISHER: Allied Market Research | PRODUCT CODE: 1415016
According to a new report published by Allied Market Research, titled, "Retail Fuel Station Market," The retail fuel station market was valued at $1.8 trillion in 2022, and is estimated to reach $2.4 trillion by 2032, growing at a CAGR of 2.8% from 2023 to 2032.
A retail fuel station, commonly known as a gas station or petrol station, is a facility that primarily sells fuel and related products directly to consumers for use in vehicles. These stations are located along roads, highways, or within urban areas to offer convenient access to fuel for drivers.
In addition to selling gasoline, diesel, or other fuel types, retail fuel stations often provide various services and amenities such as convenience stores, car wash facilities, automotive services, restrooms, and food and beverages. Retail fuel stations play a crucial role in ensuring the availability of fuel for vehicles and provide additional services to meet the needs of drivers and travelers. The retail fuel stations market size is expected to grow at a CAGR of 25% from 2023 to 2040, driven by a number of factors, which include population growth, rise in incomes, increase in popularity of electric vehicles, and the growth in demand for sustainable fuels.
The transportation industry is expected to witness growth during the retail fuel stations market forecast period, driven by population growth, economic development, and increased urbanization. Diesel is a primary fuel for heavy-duty vehicles such as trucks, buses, and trains. Diesel plays a pivotal role in driving retail fuel station market, influencing various facets of economy and transportation landscape of the country. Diesel demand significantly shapes the retail fuel market as a key fuel for commercial vehicles, industries, and agricultural machinery.
Publicly owned fuel stations, often managed by government entities or state-controlled organizations, play a significant role in driving the retail fuel station market through their influence on market dynamics, regulations, and infrastructure. Government often set benchmarks for industry standards in terms of fuel quality, pricing, and service, acting as a reference point for private stations.
Furthermore, to attract a larger number of customers, the companies in this industry provide services such as car wash, convenience store goods, and general check-up of automobiles as a supplement to fuel sales and generate more revenue and expand its customer base. Petrol & Diesel are the main products in retail fuel stations industry. Moreover, increase popularity of electric vehicles will ultimately have major implications on the fuel retail business, and will cause to reexamine products and services offered by retail fuel stations and need to introduce services to accommodate for Evs. In addition, the existing stations require significant modifications or new construction. In conclusion, the retail fuel stations industry heavily relies on robust infrastructure for optimal operations, expansion, and adaptation to evolving consumer needs and technological advancements. The absence of infrastructure development presents substantial obstacles, limiting retail fuel stations market opportunities, operational efficiency, and the ability to provide innovative services within the fuel station sector.
The growth of motorcycle/passenger vehicle registration is a driving factor for growing automobile fuel demand in Asia-Pacific region. The Southeast Asian region expects to have 26 million cars and 1.6 million trucks by 2040, and the fuel demand in Southeast Asia will increase from 4.7 mb/d in 2016 to 6.6 mb/d in 2040. The Asia-Pacific region will have the largest demand for gasoline and diesel in the world by 2035 due to a rapid increase of mobility. In the gasoline market, China and India is still self-sufficient, but ASEAN countries (Indonesia, Malaysia, Myanmar, the Philippines and Vietnam) will increase gasoline imports.
Overall, the key trends in the Asia-Pacific fuel station market, such as adoption of EV infrastructure, rise in automobile sector, sustainability initiatives, and diversified service offerings, collectively reflect the region's dynamic evolution towards cleaner, technologically advanced, and consumer-centric fuel stations. These retail fuel stations market trends reshape the market landscape and meeting evolving consumer expectations.
The retail fuel stations market is segmented on the basis of fuel type, ownership and region. On the basis of fuel type, it is classified into petrol, diesel, CNG, and natural gas. On the basis of ownership, it is bifurcated into public and private. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. In addition, it also highlights market dynamics that impact the global retail fuel stations market growth, such as key drivers, restraints, growth green hydrogen market opportunities, and the role of different key players in the market. Further, the report presents the quantitative data in terms of value.
Exxon Mobil Corporation, Reliance Industries Limited, BP p.l.c., TotalEnergies SE, Shell plc, Indian Oil Corporation Limited, Phillips 66, TAQA, ENOC Company and Gulf Oil International are some of the major players discussed in the report. The report provides a detailed retail fuel stations market analysis of these key players. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their retail fuel stations market share and maintain dominant shares in different regions. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under retail fuel stations market scope in this report.