Global Fuel Station Market Size To Grow At A CAGR Of 3.4% In The Forecast Period Of 2023-2028
Fuel Station Market Report and Forecast 2023-2028
The ‘Global Fuel Station Market Growth, Share, Price, Trends, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global fuel station market, assessing the market on the basis of its segments like fuel, end user, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Fuel Station Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.4%
The increasing demand for passenger and commercial vehicles, amidst the growing disposable income and rapid urbanisation, is propelling the growth of fuel stations. In addition, the thriving transportation industry is escalating the sale of buses, trucks, and vans, which is further pushing the fuel station market growth.
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Fuel stations are using modern payment systems such as QR codes and credit/debit cards as options which is increasing the flexibility. New era fuel stations have convenience stores where consumers can purchase items such as food and travel items, encouraging customers to visit. Moreover, the rising standards of fuel stations across the emerging economies are further improving the market dynamics.
With an increasing number of vehicles plying the roads, both private and commercial, there has been rapid development of fuel stations across rural and semi-urban areas. Over the forecast period, the anticipated increase in disposable income of the rural population, coupled with the increasing expansion of fuel brands, is expected to support the development of fuel stations.
The fuel station market is expected to be boosted by the robust growth of small domestic fuel station chains aimed towards meeting the domestic fuel demand amidst the thriving automotive industry. Furthermore, the increasing investments in modern fuel stations including automated pumping, brighter lighting systems, flexible payment modes, and innovative advertising, are some of the factors augmenting the market growth.
Fuel Station Industry Definition and Major Segments
A fuel station, also known as a petrol station, gas station, service station, or filling station, is a retail outlet which sells motor vehicle fuel to vehicle owners. Fuel stations provide various fuels including diesel, petrol, gasoline, kerosene, and ethanol, among others. The main components of a fuel station include gas pumps, pipelines, metal barriers, and drainage systems.
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Based on fuel, the market can be segmented into:
On the basis of end user, the market is divided into:
• Air Transport Vehicles
• Road Transport Vehicles
• Water Transport Vehicles
Based on region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Fuel Station Market Trends
The key trends in the global fuel station market include the growing expansion of the aviation sector which is escalating the incorporation of advanced commercial aircrafts. In addition, the increasing domestic and international travellers, business tourers, and recreational tourists, among others, are leading to an increase in flying hours.
Rapid development of sea vehicles is another crucial trend which is escalating the number of water transport vehicle visiting fuel stations. Additionally, the increasing naval expenditure across sovereign military superpowers is generating a high demand for water transport fuel, in turn providing impetus to the global fuel station market.
The increasing research and development aimed towards improving the quality of fuel stations, coupled with favourable policies by various governments targeted towards pushing the growth of government owned fuel stations are some of the crucial market propelling factors.
In geographical terms, Asia Pacific holds a significant share in the market, driven by the growing expansion of renowned international brands across emerging economies such as Malaysia, India, and China. The increasing demand for passenger vehicles across the region is boosting the demand for fuel.
Key Market Players
The major players in the fuel station market report are:
• Shell plc
• BP p.l.c.
• TotalEnergies SE
• Exxon Mobil Corporation
• China National Petroleum Corporation
• CNOOC Limited
• Aldrees Petroleum & Transport Services Co.
• ENOC Company
• Phillips 66 Company
• Indian Oil Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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