With the emergence and long-term Impact of COVID-19, Global Aviation Gasoline Market to reach USD 2.84 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Aviation Gasoline Market points towards a potential rise to USD 2.84 Billion by 2030. Aviation gasoline, often referred to as avgas, is a specialized type of fuel used in piston-engine aircraft. It is a high-octane fuel that provides the necessary power and performance for aviation engines. Avgas is designed to meet the specific requirements of aircraft engines, which typically have higher compression ratios compared to automobile engines. The higher-octane rating helps prevent engine knocking and allows for efficient combustion at higher altitudes and under demanding operating conditions.
The Aviation Gasoline Market is expanding because of factors such as increasing demand for small aircraft in sports-based activities and increased concentration on advanced aircraft design. The increased demand for light aircraft for sightseeing, photography, tourism, and other uses is likely to cause the worldwide aviation petrol market to develop rapidly. Sales of piston-powered aircraft have greatly increased due to aerobatics, air races, aeromodelling, ballooning, gliders, sailplanes, and other sporting events The General Aviation Manufacturers Association reports that in 2021, there were 1,213 piston-based aircraft sold, up from 1,137 in 2019.
As a result, during the projected period, 2023-2030 it is anticipated that the demand for light aircraft would increase along with the popularity of sports. In addition, growth in the business aviation sector and fleet expansion by the aerospace industry is creating lucrative growth in the market. However, the high cost of aviation gasoline and growing preference for hybrid and electric aircraft stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Aviation Gasoline market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to rising private aviation travelers, rising investment in the aviation industry and rising government support for the industry. Asia Pacific is expected to grow significantly during the forecast period, owing to the rising aviation industry, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.
The global Aviation Gasoline market is highly competitive owing to the presence of several key players such as ExxonMobil Corporation BP Plc Phillips 66 Shell Repsol Total Energies Naftal Spa Vitol Hjelmco Oil AB Indian Oil Corporation Limited, and others.
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Key findings of the study suggest:
- Global Aviation Gasoline Market is anticipated to grow with a healthy growth rate of more than 5.0% over the forecast period 2023-2030.
- In the End User segment, Private emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising private aviation travelers, rising investment in the aviation industry and rising government support for the industry.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By End User:
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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