Gasoline Consumption to Fall by 4 Percent from 2014 to 2035
According to a new report from Navigant Research, from 2014 to 2035 worldwide gas consumption by the road transportation sector will fall 4 percent.
In addition the report notes that overall gasoline consumption for road transportation will continue to rise through 2021, reaching 367.3 billion gallons a year, but then start to fall thereafter, declining to 348.1 billion gallons a year in 2035.
“The anticipated effects of climate change are driving international cooperation on mitigation efforts, including reducing oil consumption in the transportation sector,” says Scott Shepard, research analyst with Navigant Research.
“Markets for both vehicles and fuels have gradually begun to respond to these efforts,” he continued, “and alternative fuels – including electricity, natural gas, and biodiesel – are beginning to have an impact on global oil demand.”
While the market for electric vehicles is growing at a healthy pace, according to the report, the most impactful fuel savings strategy is likely to come from fuel efficiency improvements in the conventional vehicle platform and the internal combustion engine (ICE).
To meet the increased fuel economy requirements for new vehicles, automakers have made major investments in engine downsizing, reducing vehicle weights, and vehicle electrification.
Category: Fuel & Oil, General Update, Management
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