Fuel Dispenser Market Pegged to Expand Robustly During 2019-2023
The intensification of automobile usage globally has increased the demand for fuel. Thus, the need for optimum fuel dispensing solutions is boosting the market for fuel dispensers. The global fuel dispenser market is projected to record a 5.52% CAGR throughout the forecast period from 2018 to 2023. Meanwhile, the market is projected to gross returns worth USD 2,407.2 million in the forecast period. Increasing vehicular travel is also creating an impetus for the expansion of the fuel dispensers’ market. The swift adoption of natural gas vehicles and the growing consumption of petroleum products in emerging economies is anticipated to motivate the market for fuel dispenser.
The growth in demand for NGVs combined with increasing government initiatives is controlling the major automotive OEMs to boost their focus on NGV design and manufacturing. Many countries have also started adopting initiatives to grow the implementation of green transportation possibilities such as NGVs. The rise in demand for fuel dispensers is reinforced by the damaging effects of vehicle emissions on the environment, and increasing prices of gasoline are driving the demand for natural gas vehicles (NGVs). The surging sales of vehicles in developing economies such as India is motivating the expansion of the fuel dispenser market in the coming years. The upsurge in demand for petroleum-based products is anticipated to rise steadily in the forecast period which will create positive opportunities for growth for fuel dispensers globally. Additionally, direct and indirect government stimulus such as pioneering policies and trade liberalization programs in various regions is forecasted to stimulate the demand in the fuel dispenser market in the forecast period. The equipping of fuel dispensers with EMV is expected to provide the global fuel dispenser market with lucrative development prospects in the forecast period.
The market is anticipated to be limited by the sharp decline in the number of fuel stations which is attributed to the growing real estate prices, reducing profit margins, intensifying sales of electric vehicles, and the opening of new mobile fuel delivery systems. Similarly, government initiatives that promote the adoption of eco-friendly vehicles such as electric vehicles are also anticipated to restrict the fuel dispenser market in the forecast period.
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Global Fuel Dispenser Market: Segmental Analysis
The global fuel dispenser market is segmented on the basis of type, product, and application.
By type, the global fuel dispenser market is segmented into suction and submersible. Among these, the submersible fuel dispenser will exhibit a CAGR of 6.29% by the end of 2023.
By product, the fuel dispenser market is segmented into self-service fuel dispensers and general fuel dispensers. Among these, the general fuel dispenser will lead the segment, attaining a CAGR of 7.08% by the end of 2023.
By application, the market is segmented into diesel, petrol, and biofuel. Among these, the diesel segment will expand at the fastest rate, attaining a CAGR of 5.78% by the end of 2023.
Regional Frontiers
Geographically, the fuel dispenser market spans across North America, Europe, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, North America is predicted to be the principal regional market due to the surging level of disposable income, coupled with an increased passenger vehicle fleet. The demand for fuel dispensers is likely to accelerate in the region as manufacturers are enhancing their market stake. The region estimated a share of 52.41% in 2017 and surpassed a valuation of USD 918.4 million. The regional market is predicted to advance at a CAGR of 5.57% by the end of 2023.
Europe was evaluated at USD 369.5 million in 2017 and will observe a CAGR of 5.61% by the end of 2023. The region will experience a significant growth owing to the surging demand for fuel dispensers from the automotive sector in countries like Germany, France, and the UK.
Asia Pacific will observe a top CAGR of 5.79% by the end of 2023 due to the rapid urbanization taking place in the region, which has resulted in an increased demand for passenger vehicles. Moreover, the thriving automotive sector in countries like China, Japan, and India are considered to drive the fuel dispenser market in this region.
Industry Updates
June 2019: Dover Fueling Solutions has announced the launch of their brand new Tokheim Quantium 510M fuel dispenser series. The fuel dispenser series is the next generation of the acclaimed Quantium fuel dispenser family. The dispenser will allow the customers to upgrade from LCD to a VGA media display by changing the screen and the door.
Competitive Dashboard
The top players operating in the global fuel dispenser market include Dover Fueling Solutions (US), Beijing Sanki Petroleum Technology Co, Ltd (China), Bennett Pump Company (US), Tatsuno Corporation (Japan), Scheidt & Bachmann Tubs d.o.o. (Croatia), NEOTEC (Greece), LanFeng Co., Ltd (China), Censtar Science & Technology Corp., Ltd (China), Gilbarco Inc. (US), Piusi SpA (Italy), Korea EnE Co., Ltd (Seoul), Tominaga Mfg Co. (Japan), and Zhejiang Datian Machine Co Ltd (China).
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