Diesel Fuel Market Size To Reach $306.02 Billion By 2030

Diesel Fuel Market Growth & Trends

The global diesel fuel market size is expected to reach USD 306.02 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to grow at a CAGR of 3.96% from 2023 to 2030. Diesel fuel has several advantages, including lower maintenance, increased torque, fewer taxes, and improved fuel economy. The growing technological advancements globally are expected to boost the market growth. The increased energy demand for transportation, manufacturing, and power generation owing to the fast industrialization, urbanization, and substantial economic growth, is boosting the market growth.

Diesel fuel is in high demand across various industries including auto and transportation sectors. Factors such as the price of fuel, advancements in vehicle technology, regulatory laws, and local demographics are driving market fluctuations. Moreover, diesel fuel is commonly utilized to power heavy machinery, generators, and other equipment in the construction and industrial sectors. Mining operations and energy production backup power sources both require diesel engines. Demand for diesel fuel is influenced by the expansion of mining operations and the requirement for dependable power generation.

The rising population is boosting the demand for goods and public transportation, thus propelling the usage of diesel fuels over the past years. However, the demand for alternative fuels and growing environmental concerns have fueled rivalry among manufacturers of renewable diesel and biodiesel. Due to the nitrogen oxide (NOx) and particulate matter (PM) emissions from diesel engines, they are linked to air pollution. The rising popularity of sustainable alternative fuels, electric vehicles (EVs), and hybrid technology are expected to pose a threat to the market growth of diesel fuel.

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Diesel Fuel Market Report Highlights

• North America dominated the overall market in terms of revenue over the forecast period. The growth is mostly driven by an increase in the American army's vehicle capacity. In addition, the sale of other automobiles is growing quickly in this area. These factors are likely to contribute to the growth of the regional market

• Based on application, the commercial vehicles segment dominated the market in 2022 with the largest revenue share above 61.0%, which is attributed to the widespread use of commercial vehicles in the transportation of goods and commodities. Their long-haul nature necessitates the energy density and efficiency of diesel fuel, making it suitable for its uses

• Based on end-user, the transportation industry segment dominated the market with a revenue share of 44.0%. Due to its energy density and range, diesel fuel is preferred in long-distance and freight transportation. Diesel engines provide the strength and efficiency necessary for trucks to deliver cargo across long distances.

• In May 2023, Petrobras, Brazil's state oil corporation, approved a revamped fuel pricing strategy that would result in significant cost savings for drivers. According to the recently agreed approach, gasoline and diesel costs will fall significantly, by approximately 13%

Diesel Fuel Market Segmentation

Grand View Research has segmented the global diesel fuel market based on application, end-user, and region:

Diesel Fuel Application Outlook (Volume, Million Liters; Revenue, USD Billion, 2018 - 2030)

• Passenger Vehicles

• Commercial Vehicles

Diesel Fuel End-User Outlook (Volume, Million Liters; Revenue, USD Billion, 2018 - 2030)

• Transportation Industry

• Marine Industry

• Others

Diesel Fuel Regional Outlook (Volume, Million Liters; Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

  • The Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Malaysia

  • Singapore

  • Thailand

  • Vietnam

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Diesel Fuel Market

• Chevron Corporation

• Exxon Mobil Corporation

• PetroChina Company Limited

• Qatar Petroleum

• Shell Plc.

• Conoco Phillips

• ExxonMobil

• Reliance Industries Limited

• Fredenberg

• JSC Mozyer Oil Refinery