Kings Research today announced the release of its latest market intelligence study, “Global Oil Fuel Mobility Market: Size, Share, Trends & Forecast 2024–2031.” The report presents a detailed analysis of the industry’s outlook, drivers, regulatory frameworks, and competitive strategies influencing petroleum-based fuel markets across transportation sectors.
According to Kings Research, the global oil fuel mobility market was valued at USD 1,537.53 million in 2023, is estimated at USD 1,693.68 million in 2024, and is projected to reach USD 3,609.16 million by 2031, growing at a robust CAGR of 11.41% over the forecast period. Despite rapid adoption of renewable energy sources, petroleum-based fuels continue to dominate global transportation due to their high energy density, cost efficiency, and well-established infrastructure.
The oil fuel mobility market encompasses the production, distribution, and consumption of petroleum-based fuels such as gasoline, diesel, and aviation fuel for automobiles, aviation, maritime, and commercial transport. Core stakeholders include oil producers, refineries, and fuel retailers, with industry dynamics shaped by crude oil price volatility, regulatory policies, and the transition toward alternative fuels. Environmental mandates and technological advancements continue to influence both sustainability and competitiveness.
Key Growth Drivers
- Expanding Logistics & Transportation Demand
Rising vehicle ownership, commercial fleet operations, and air travel are key drivers of oil fuel demand. According to the International Air Transport Association (IATA), global passenger traffic grew 36.9% year-on-year in 2023, reaching 94.1% of pre-pandemic levels, underscoring aviation fuel demand (Source: www.iata.org). Expanding e-commerce and logistics networks in emerging economies further accelerate consumption of petroleum-based fuels.
- Infrastructure Strength & Cost Efficiency
Oil-based fuels remain the primary mobility energy source due to cost advantages and extensive distribution networks. Established supply chains provide reliability for critical industries such as maritime shipping, where oil accounts for ~99% of total fuel consumption, according to the International Maritime Organization (IMO) (Source: www.iea.org).
- Commercial Fleet Expansion
The commercial vehicle segment is expected to reach USD 1,330.84 million by 2031, reflecting growing demand for road freight and logistics. Commercial fleets are projected to witness the fastest CAGR of 12.81% over the forecast period.
- Transition Toward Cleaner Fuels
Industry players are increasingly investing in biofuels, hydrogen, and synthetic fuels to comply with stricter environmental regulations. In December 2024, Phillips 66 and United Airlines signed a SAF (sustainable aviation fuel) supply agreement to deliver up to 8 million gallons annually, supporting aviation decarbonization (Source: www.phillips66.com).
For refiners, fuel distributors, fleet operators, airlines, shipping companies, and fuel retailers, the oil fuel mobility market offers:
- Supply reliability & operational continuity
Petroleum fuels have mature logistics, terminal networks and distribution channels that can supply large fleets, airlines and maritime operations, where uptime and range are non-negotiable. - Regulatory compliance & risk mitigation
Investing in cleaner fuel blends (SAF, biodiesel), emissions reduction technologies (CCS) and certified supply chains helps businesses meet tightening environmental rules and avoid fines or market access restrictions. - Portfolio diversification & new revenue streams
Legacy fuel companies can monetize existing assets (terminals, distribution) by adding biofuels, synthetic fuels, carbon credits and low carbon product lines, opening up higher value offerings and partnerships with airlines, shipping lines and governments. - Lower total cost of ownership (TCO) for large operators
High energy density fuels are the most practical for long haul, heavy duty and aviation applications; optimizing fuel procurement, fleet fuel efficiency and maintenance practices reduces TCO for commercial fleets and carriers.
Regional Outlook
- Asia-Pacific: Captured 36.41% of market share (USD 559.81 million) in 2023 and is expected to grow at a 13.64% CAGR through 2031. Strong industrialization, infrastructure development, and ride-hailing services drive demand.
- North America: Forecast to grow at a 9.59% CAGR, supported by refining innovations, transportation fuel demand, and rising investments in biofuels and carbon capture.
- Europe & Middle East: Growth is influenced by strict EU fuel quality directives, climate targets, and expanding shipping activities.
Competitive Landscape
The oil fuel mobility market features major international energy corporations and national oil companies leveraging M&A, diversification strategies, and AI-driven operational efficiency. Key companies include Saudi Arabian Oil Co., China Petrochemical Corporation, Royal Dutch Shell Plc, Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., and Phillips 66 Company.
The full Kings Research report provides in-depth segmentation, competitive benchmarking, and future outlook for oil-based fuels in global mobility. To request a sample or access the complete report, please visit https://www.kingsresearch.com/oil-fuel-mobility-market-437.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible public sources such as the International Air Transport Association (www.iata.org), International Maritime Organization (www.imo.org), and the U.S. Department of Energy (www.energy.gov).