The global fuel dispenser market features several dominant players, such as Tokheim Group S.A.S., Gilbarco Inc., Wayne Fueling Systems LLC, and Zhejiang Lanfeng Machine Co. Ltd. These four industry leaders account for close to 60% of the global fuel dispenser market. According to Transparency Market Research (TMR), the competition between these four manufacturers is likely to have a lasting impact on the global fuel dispenser market in the coming years. The global fuel dispenser market is expected to be valued at US$2.26 bn by the end of 2024.
Asia Pacific Likely to Exhibit Steady Dominance in Global Fuel Dispenser Market
Geographically, the global fuel dispenser market is segmented into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Of these, Asia Pacific is expected to remain a dominant consumer and producer of fuel dispensers in the coming years. The region accounted for 45% of the global fuel dispenser market in 2015 and is likely to account for close to 50% of the global market in the coming years. The rapid urbanization in Asia Pacific is a prime driver for the fuel dispenser market in the region, as it has led to an increasing demand for commercial as well as private vehicles.
The booming automotive industry in China, Japan, South Korea, and India is another major driver for the Asia Pacific fuel dispenser market and is likely to provide crucial thrust to the market’s development in the coming years. The rising disposable income of consumers in Asia Pacific has thus also aided the growth of the fuel dispenser market in the region, as it has played a key role in driving the demand for passenger vehicles from the region.
Of the two key types of fuel dispensers in the market, electronic flow meters are likely to establish a dominant lead over mechanical flow meters in the coming years. Mechanical flow meters have been conventionally popular and, as a result, their use is backed by the availability of widespread distribution networks built for mechanical flow meters. However, electronic fuel dispensers are becoming the preference in the global fuel dispenser market due to their greater reliability and ease of entering their usage data into digital data storage systems.
Rising Diversity of Fuels could Impact Fuel Dispenser Market
One of the key drivers for the global fuel dispenser market is the rising demand for automobiles from individuals as well as commercial institutions. The rising disposable income of consumers in developing regions has resulted in a steady rise in the demand for passenger vehicles, whereas rapid urbanization has ensured a steady demand for commercial vehicles. The automotive industry in China and India, in particular, has exhibited a steady upward trajectory in the last few years and is likely to become a major part of the global automotive market in the coming years, making their movement vital for the global fuel dispenser market.
The increasing demand for alternative fuels such as biofuels and liquid hydrogen could also have a significant impact on the global fuel dispenser market. The greater environmental viability of CNG, biofuels, and liquid hydrogen has made them the key contenders to shape the trajectory of the fuel market across the world, which could lead to large-scale changes in fuel dispenser design. The dynamics of the electric cars market also have the potential to affect the global fuel dispenser market’s growth in the coming years, as the need for widespread availability of electric charging points is a key concern for several governments across the world.
The information in this preview comes from a Transparency Market Research report titled ‘Fuel Dispensers Market (Type - Submersible Systems and Suction Systems; Flow Meter - Mechanical and Electronic; Fuel Type - Petrol, Diesel, CNG, and Compressed Hydrogen) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.’
The global fuel dispenser market is segmented as follows:
- Submersible System
- Suction System
By Flow Meter
By Fuel Type
- Compressed Hydrogen
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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