BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global road transportation fuels market by alternative fuel and vehicle segment, including global market forecasts for energy, oil, and fuel consumption, segmented by country and vehicle segment, through 2035.
Although conventional fuels, such as gasoline and diesel, will represent the lion’s share of energy consumption for road transportation during the next 20 years, the consumption of gasoline is expected to slowly decrease as alternative fuels and diesel become more popular. Helping to drive these alternatives will be the rising price of gasoline. Click to tweet: According to a recent report from Navigant Research, the global average retail price of gasoline is expected to rise from $4.89 per gallon in 2014 to $10.75, accounting for inflation, in 2035.
“The energy supply chain for the road transportation sector is changing quickly as a result of government policies and consumer interest in reducing fuel costs,” says Scott Shepard, research analyst with Navigant Research. “Alternative fuels are often cheaper than both gasoline and diesel on a per-mile basis and, therefore, are likely to attract increasing consumer interest.”
Many countries have adopted policies aimed at reducing oil consumption, according to the report, including subsidizing alternative fuels and alternative fuel vehicles, biofuels mandates, and higher fuel economy requirements for new vehicles. As a result, gasoline consumption for road transportation is expected to peak in 2021, reaching 367.3 billion gallons per year, and start to fall thereafter, declining to 348.1 billion gallons per year in 2035.
The report, “Transportation Forecast: Global Fuel Consumption”, analyzes the global road transportation fuels market by alternative fuel and vehicle segment (light duty vehicles and medium and heavy duty vehicles). Analysis and data are provided for the following fuels: gasoline, diesel, ethanol, biodiesel, drop-in biofuels, natural gas, liquefied petroleum gas, electricity, and hydrogen. Global market forecasts for energy, oil, and fuel consumption, segmented by country and vehicle segment, extend through 2035. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Transportation Forecast: Global Fuel Consumption,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.