Global Fuel Dispenser Market Analysis 2019 Forecasts To 2023

Posted by Rishikesh Kurane on February 5th, 2019

The flourishing automobile industry globally is benefitting the progress of fuel dispensers to a great extent. The use of fuel dispensers is important in refueling application and also ensures safe filling and storage of various types of fuel. The global fuel dispenser market is expected to register a 5.52% CAGR during the forecast period from 2018 to 2023. Meanwhile, the market is anticipated to earn revenues worth USD 2,407.2 million in the forecast period. The fuel dispensers are typically used to dispense liquid fuels such as gasoline, oil, diesel, or kerosene into a storage tank, vehicle, or portable container. The rapid adoption of natural gas vehicles and increasing consumption of petroleum products in emerging economies is projected to contribute favorably to the fuel dispensers’ market in the forecast period.

The escalating awareness levels about the harmful effects of vehicle emissions on the environment and the increasing price of gasoline globally are boosting the demand for natural gas vehicles (NGVs) as they lessen carbon monoxide emissions by more than 80% when compared to gasoline-powered vehicle. Moreover, the governments in emerging countries in regions such as the Asia Pacific region are providing initial subsidies to build NGV refueling infrastructure. Therefore, the increasing use of NGVs is expected to drive the demand for fuel dispensers during the forecast period. Increasing automotive manufacturing and growing per capita income coupled with urbanization are powering the sales of vehicles, which in turn is anticipated to have a favorable effect on the fuel dispenser market. Furthermore, the incorporation of EMV cards equipped with computer chips in fuel dispensers is growing as the preferred payment methods are anticipated to provide profitable growth prospects to manufacturers of fuel dispensers during the forecast period. However, the market is anticipated to face certain hindrance due to the mounting sales of electric vehicles in the forecast period.

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The segmentation of the fuel dispenser market globally is carried out on the basis of product, type, application, and region. The segmentation of the fuel dispenser market on the basis of product comprises of general fuel dispenser and self-service fuel dispenser. The general fuel dispenser market is estimated to lead the segment at a CAGR of 7.08% in the forecast period. On the basis of type, the fuel dispenser market is segmented into submersible and suction. The submersible segment is projected to exhibit a CAGR of 6.29% in the period of the forecast from 2018 to 2023. Based on application, the fuel dispenser market globally is segmented into petrol, diesel, biofuel, and others. The diesel segment is projected to display the fastest CAGR of 5.78% in the forecast period. The regions considered in the fuel dispenser market globally are Europe, North America, Asia Pacific, and Rest of the World.

Regional Analysis:

The regional analysis of the fuel dispensers market globally includes regions such as Europe, North America, Asia Pacific, and Rest of the World. The North American region was accredited with the principal market share of 52.41% in 2017, and a market worth of USD 918.4 million, and is expected to expand at a CAGR of 5.57% during the forecast period. The North American region is anticipated to be the prime market for fuel dispensers throughout the forecast period due to the rise in the level of disposable income and a growing passenger vehicle fleet in the region. The North American region also recorded the highest number of motor vehicles registered in 2017.

Additionally, the demand for fuel dispensers is anticipated to surge in the North American region as major manufacturers are refining their market share in the region. The European region was the next chief market in 2017, and was valued at USD 369.5 million in 2017; though it is projected to witness a CAGR of 5.61% in the forecast period. The European region is expected to benefit from the rapidly increasing demand for fuel dispensers in the automotive industry nations such as France, Germany and the UK which are projected to boost market development throughout the forecast period. Though, the Asia Pacific is projected to observe a peak CAGR of 5.79% in the duration of the forecast period. The main factor for this growth can be attributed to the urbanization taking place in the Asia Pacific region which has led to an amplified demand for passenger vehicles in recent years. The prosperous automotive industry in countries such as Japan, China, and India are considered as the main drivers for the progress of the fuel dispenser market in the Asia Pacific region.

Competition Tracking:

Beijing Sanki Petroleum Technology Co, Ltd (China), Dover Fueling Solutions (US), Tatsuno Corporation (Japan), Bennett Pump Company (US), NEOTEC (Greece), Scheidt & Bachmann Tubs d.o.o. (Croatia), Censtar Science & Technology Corp., Ltd (China), LanFeng Co., Ltd (China), Piusi SpA (Italy), Gilbarco Inc. (US), Tominaga Mfg Co. (Japan), Korea EnE Co., Ltd (Seoul), and Zhejiang Datian Machine Co Ltd (China)are some of the other players operating in the global fuel dispenser market.

The competitors are controlling the growth trajectory of the market due to their extensive product range, extensive industry knowledge, and geographic spread. The competitors may also strengthen their visibility worldwide through strategic acquisitions and partnerships through the forecast period. The contenders who have access to improved technologies are developing exclusive and advanced services and products, which could undermine their competitors’ offerings. The competitive setting in the market is expected to strengthen further due to the growing number of partnerships and collaborations in the coming years.a

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