The latest market report published by Credence Research, Inc. “Global Motor Gasoline Market, By Geography- Growth, Future Prospects and Competitive Analysis, 2016 – 2024” the global Motor Gasoline market was valued at US$ 1,134.1 Bn in 2016, and is expected to each US$ 1,792.4 Bn by 2024, expanding at a CAGR of 5.9% from 2016 to 2024.
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Motor Gasoline Market
Global Motor Gasoline market is projected to witness substantial growth over the forecast period. Rapid growth in disposable income of middle class especially in emerging economies of Asia Pacific is expected to fuel the demand for automobiles which in turn is projected to drive the demand for motor gasoline over the forecast period. In 2015, sales of passenger cars reached to 73.9 Mn vehicles out of which sales of passenger vehicles in China and Japan was 21.15 Mn vehicles and 4.22 Mn vehicles respectively. Followed by it, U.S. stood at second position with annual sales of 7.57 Mn vehicles annually. Robust growth in sales of passenger vehicles is projected to fuel the demand for the motor gasoline over the forecast period. However, growing use of alternatives such as LPG, Diesel and CNG as fuels coupled with increasing initiatives of government to promote use renewable fuels is anticipated to restrain the demand for global motor gasoline market during the forecast period (2016-2024).
By geography, North America was the largest region in global motor gasoline market in 2015. The growth in the region is fueled by increasing sales of automobiles in the regions especially in U.S. Followed by it, Asia Pacific is anticipated to be the second largest and fastest growing region in global motor gasoline market. China, Japan and India is anticipated to drive the demand for the motor gasoline in the region over the forecast period (2016-2024).
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Considering the competition, the global motor gasoline market is expected to witness a significant rise in investment in capacity expansion for the production and supply of gasoline to cater the increasing demand for motor gasoline. Further, market has witnessed strategic mergers and collaborations among motor gasoline regional and global players. Such growth strategies are focused on increasing their market penetration in key consuming economies.
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