Increased Vehicular Travel to Promote the Growth of Global Fuel Dispenser Market
Adoption of Natural Gas Vehicles to Accelerate Fuel Dispenser Market
Demand for Petroleum-Based Products to Provide Tailwind to Fuel Dispenser Market
The global fuel dispenser market is anticipated to surpass a valuation of USD 2,407.2 million, registering a CAGR of 5.52% during the forecast period (2018-2023), Market Research Future unveils in a detailed report.
Market Potential and Pitfalls
The fuel dispenser market has gained huge attention over the past few years due to the spreading of the chain of petrol stations across the globe. With vehicular travel increasing at an alarming rate, the demand for fuel dispenser is skyrocketing in the foreseeable future. The increased consumption of petroleum products, coupled with the swift adoption of natural gas vehicles in the emerging countries are promoting the growth of the market. The proliferation of strong market players is further estimated to encourage the market growth.
The surging demand for natural gas vehicle (NGV) is controlling prominent automotive OEMs to enhance their focus on NGV manufacturing and design. Countries across the world have also started to adopt initiatives to increase the implementation of green transportation like NGV. The increasing demand for fuel dispensers is further reinforced by the damaging effects on the environment by vehicle emissions. The fuel dispenser market is also motivated by the increasing sales of vehicles, especially in developing countries like India. The demand for petroleum-based products is also estimated to increase steadily, thus creating positive growth opportunities for the market.
Some of the major roadblocks restricting the market’s course are the sharp decline in the number of fuel stations due to the booming price of real estate, amplifying sales of electric vehicles, and reduced profit margins. Government initiatives encouraging the adoption of eco-friendly vehicles like electric vehicles are slowing down the course of the market in the foreseeable future.
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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.
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.
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.
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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