Ground Transportation Fuel Market Is Projected To Achieve A CAGR Of 4.13% To Reach US$1,049.064 Billion By 2030

(MENAFN- EIN Presswire)

The ground transportation fuel market is anticipated to grow at a CAGR of 4.13% from US$856.733 billion in 2025 to US$1,049.064 billion by 2030.

The ground transportation fuel market is anticipated to grow at a CAGR of 4.13% from US$856.733 billion in 2025 to US$1,049.064 billion by 2030.” - Knowledge Sourcing IntelligenceNOIDA, UTTAR PRADESH, INDIA, November 28, 2024 /EINPresswire / -- According to a new study published by Knowledge Sourcing Intelligence, the ground transportation fuel market is projected to grow at a CAGR of 4.13% between 2025 and 2030 to reach US$1,049.064 billion by 2030.

The major factor behind the growth of the ground transportation fuel market is the increasing demand for automobiles worldwide. The global production of vehicles has been expanded by about 10% in 2023, as compared to the previous year. The 67,133,570 cars were manufactured in 2023, this was 61,598,650 in 2022. Similarly, 23,418,078 commercial vehicles were manufactured in 2022 which jumped to 26,413,029 in 2023. These figures are based on the OICA (International Organization of Motor Vehicle Manufacturers). A major reason for this boosting vehicle demand is the harmonization of vehicle regulations, the countries worldwide did the harmonization of vehicle regulations to save technical resources and to reduce the production complexity. OICA plays an important role in this harmonization practice. The harmonization practices eliminate unnecessary differences and bring regulations closer together. This notably boosts automobile economics by bringing the cost down.

Further, the demand increasing demand for alternative fuels such as biofuel , ethanol , methanol, hydrogen, coal-derived liquid fuels, natural gas, propane gas, or synthetic transportation fuel propelling the market for ground transportation fuel. According to the International Energy Agency, the demand for biodiesel will be 48.2 billion liters in 2023 and will reach 55.8 billion liters in 2024, this is a 15.77% jump. The demand for biodiesel is expected to be 68.1 billion liters by 2028. The government support is boosting the production of biodiesel as, in Indonesia, palm oil export levies subsidize biodiesel costs, while the United States offers a biodiesel blending tax credit of USD 0.26 per liter.

Moreover, the demand for ethanol production as a biofuel is a major boost for the market. The production and demand for ethanol majorly drive the growth of biofuels. The demand for ethanol was 108.2 billion liters in 2023 and reached 121.2 billion liters in 2024, this is a 12.01% jump in the demand. The expected demand is possibly 145.1 billion liters by 2028. Government policy support are playing a vital role such as India setting ethanol purchase prices at a level that enables ethanol producers to cover their costs and lowered tax rates for ethanol and ethanol-blended fuels. Meanwhile, European policy approaches differ, with some countries providing tax benefits such as France's tax breaks on 85% ethanol blends.

Access sample report or view details:

By type, the ground transportation fuel market is segmented into diesel, gasoline, biofuel, natural gas, and others. Renewable diesel demand was 18.6 billion liters in 2023 and is expected to reach 39 billion liters in 2028. Global gas production will remain steady in the last few years.

The ground transportation fuel market by vehicle type is segmented into light vehicles and heavy vehicles. The production of light commercial vehicles has been 12,243,615 in 2022 in the Americas and reached 13,299,671 in 2023. Similarly for the Asia-Oceania region, the production was 5,238,222 in 2022 and reached 5,611,657 in 2023.

Based on geography, the market is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region is segmented into the United States, Mexico, and Canada. For natural gas production, the United States has a share of 25% in 2023, Russia and Iran are followed by the United States being the world's largest producer. In 2022, the US produced 15,361 million gallons of ethanol, 1,622 million gallons of biodiesel, 1,499 million gallons of renewable diesel, and 203 million gallons of other biofuels.

The report covers the major players operating in the ground transportation fuel market: Occidental Petroleum Corporation, Shell Plc, Exxon Mobil, Total Energies, Indian Oil Corporation Ltd, Adani Group, and Chevron Corporation.

The market analytics report segments the ground transportation fuel market as follows:

.By Type

oDiesel
oGasoline
oBiofuel
oNatural Gas
oOthers

.By Vehicle Type

oLight Vehicle
oHeavy Vehicle

.By Geography

oNorth America

.USA
.Canada
.Mexico

oSouth America

.Brazil
.Argentina
.Others

oEurope

.United Kingdom
.Germany
.France
.Italy
.Others

oMiddle East and Africa
.Saudi Arabia
.Israel
.Others

oAsia Pacific

.China
.Japan
.India
.South Korea
.Indonesia
.Thailand
.Taiwan
.Others

Companies Profiled:

.Occidental Petroleum Corporation
.Shell Plc
.Exxon Mobil
.British Petroleum Plc
.Chevron Corporation
.Total Energies
.Indian Oil Corporation Ltd
.Bharat Petroleum Corporation Limited
.Indraprastha Gas Limited
.Hindustan Petroleum Corporation Ltd.
.Adani Group
.Powergas

Explore More Reports:

.Fuel Injection Market:

.Fuel Additives Market:

.Algae Biofuel Market:

Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
email us here
Visit us on social media:
Facebook
X
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

MENAFN28112024003118003196ID1108936082