The global road transportation fuel market is expected to post a CAGR close to 2% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global road transportation fuel market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing number of automobiles on roads. Growing population and urbanization across the globe have a positive impact on the infrastructure development of the transportation sector, encouraging automobile companies to produce more vehicles. Many automobile manufacturers are also entering new geographies by launching attractive vehicle models. The growing volume of automobile production and players entering new markets will spur demand for road transportation fuel, facilitating the growth of the market during the forecast period.
As per Technavio, the adoption of bio-based and clean fuels will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global road transportation fuel market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global road transportation fuel market: Adoption of bio-based and clean fuels
With governments of various countries seeking to reduce greenhouse gas emissions from motor vehicles, biofuels are gaining importance as the ideal transportation fuel. For instance, India, China, and other developing countries are encouraging the use of clean energy-powered vehicles to reduce pollution levels from the transportation sector. In 2009, the Indian government announced a national policy on biofuels resulting in the growing demand for natural gas as a clean, eco-friendly fuel for use in the transportation sector.
"Population and economic growth are major drivers of road freight activity as they intensify the rate of urbanization and industrialization. Heavy-duty vehicles such as trucks are the major contributors to the growth in road transportation fuel consumption as they play an essential role in delivering goods and commodities. The need for a robust road transportation infrastructure increases with urbanization and industrialization, which in turn will raise the consumption of road transportation fuel and promote market growth during the forecast period," says a senior analyst at Technavio.
Global road transportation fuel market: Segmentation analysis
This market research report segments the global road transportation fuel market by type (gasoline, diesel, biofuels, and natural gas) and geographical regions (APAC, North America, Europe, MEA and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA and South America respectively. During the forecast period, the APAC region is expected to continue dominating as well as register the highest incremental growth due to the growing road freight activities and increasing refining capacities.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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