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Albany, New York, June 19, 2019 (GLOBE NEWSWIRE) -- The fuel dispensers market features a largely consolidative vendor landscape, TMR estimates. The key players dominating the global fuel dispenser marker are Wayne Fueling Systems LLC, Zhejiang Lanfeng Machine Co. Ltd., Tokheim Group S.A.S, and Gilbarco Inc. These key players collectively account for a leading share of 58% in 2015. These players are experiencing rivalry among these players, which is an increasing threat to new entrants in the market. Thus, these players are trying to acquire the local market by offering products at competitive pricing. This attracts international players to focus on regional markets.
Thanks to the accuracy, reliability, and stability of the fuel dispensers, primarily the electronic flow dispensers are witnessing robust demand. The segment is estimated to attract growth with an exponential CAGR of 2.50% in the coming years till 2024. Additionally, the rising demand for efficient electronic flow dispensers in order to avoid loss of fuel is estimated to retain its dominance in the coming years. In terms of volume, the electronic flow meters are estimated to expand by exhibiting most lucrative CAGR of 2.0%.
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Rising Demand for Fuel in Developing Countries Propels Market Growth
The fuel dispensers market is primarily getting benefit from the rising need for energy and fuel such as diesel, CNG, and petrol. The boom in the number of vehicles on the roads is up-swinging demand for fuel globally and especially across developing regions such as the Asia Pacific and Latin America. The factors such as growing urbanization and industrialization have improved the disposable income of mid-earning people and improved their lifestyle. This is a key factor that increased the number of vehicles and in turn, is propelling the growth of the fuel dispensers market. In 2015, the market stood at a value of US$1.83 bn and is expected to exhibit a CAGR of 2.40% during the forecast period from 2016 to 2024. In addition, the increasing number of excavation of exploration of fuel sources and shale gas production is expected to benefit the global fuel dispensers market. Thus, the fuel dispensers market is likely to reach a value of US$2.26 bn by the end of 2024.
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Developing Regions of Asia Pacific Offers the Most Lucrative Growth Opportunities
Regionally, the Asia Pacific dominated the global fuel dispensers market by accounting 45% in the overall market. This is primarily attributable to urbanization and robust infrastructural development occurring in the region. Mainly, China is accounting for a leading share in the domestic market of Asia Pacific owing to the prominent production of fuel dispensers coupled with the strong presence of the key players in the region. Additionally, the rising trend of having luxurious vehicles is augmenting demand for fuel and driving growth of the market in the country.
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However, the rising penetration of electric vehicles by consumers to control the pollution, and lowering reliance over non-renewable energy sources is restricting the market’s growth. Moreover, the high cost of advanced fuel dispensers and its installation cost are restraining market growth in cost-sensitive regions. Additionally, the emergence of CNG-based automotive is also hampering growth of the global fuel dispensers market to an extent. Nonetheless, the lack of proper infrastructure for CNG and electric vehicles in the developing countries is leading to augment its reliance over hybrid vehicles. This scenario is estimated to be the same in coming years and is likely to offer opportunities for growth for the fuel dispensers market by 2024-end.
This information is encompassed in the report by TMR, 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.”
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For the study, the fuel dispensers market has been segmented as follows:
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