Gas Stations Industry Profile

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Excerpt from Gas Stations Industry Profile

Companies in this industry primarily sell fuel for motor vehicles; they may also offer car repairs or inspections. No major companies dominate the industry. Although major oil companies own few retail fueling outlets, many gas stations contract to sell specific brands of fuel.

As a part of the global oil and gas refining and marketing industry, the global gas station market is forecasted to grow by nearly $43 billion between 2020 and 2024, according to Technavio. The growth is driven by the inbound and outbound tourism and growth in national and international transportation. The Asia Pacific region is the key market for gas station equipment accounting for about 35% of the market's growth especially in China and Japan markets.

The US gas station industry includes about 17,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $100 billion. Revenue for the industry, driven mainly by fuel consumption, can vary significantly from year to year, depending on the price of crude oil.

The industry includes some truck stops but excludes establishments that are combination gas station/convenience stores, which account for the majority of fuel retailers and are covered in a separate industry profile.

COMPETITIVE LANDSCAPE

Demand depends on the volume of consumer and commercial driving. The profitability of individual companies depends on the ability to secure high-traffic locations, generate high-volume sales, and buy gas at the lowest possible ...

 
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