Fuel Dispenser Market

Fuel Dispenser Market Size (2024-2029):

The Global Fuel Dispenser Market is expected to grow from USD 2.95 billion in 2023 and is estimated to reach USD 4.12 billion by the end of 2029, registering a CAGR of 6.89% over the outlook period 2024-2029.

A fuel pump is a machine in the service station that is used to pump various fuels such as gasoline, diesel, LPG, and kerosene in vehicles. The electronic part of the fuel dispenser is equipped with an integrated system, a pump display, and other units, while the mechanical system uses an electric motor, a pump unit, meters, and other equipment. The fuel dispenser market has attracted great attention in recent years due to the expansion of the chain of service stations around the world. Since vehicle travel increasing at an alarming rate, demand for fuel dispensers is expected to skyrocket in the foreseeable future. Increasing consumption of petroleum products, coupled with the rapid adoption of natural gas vehicles in emerging countries, is promoting market growth. It is further believed that the proliferation of powerful market players encourages market growth.

Market Drivers:

The development of the automotive industry, the increasing demand for environmentally friendly fuels, and the growing need for automobiles globally are the key factors driving the growth of this market. In addition, the increase in national and international trade has an impact on the growth of this market. Also, the increasing demand for vehicles, due to the increase in the disposable income of consumers and the improvement of lifestyle, are key factors in the growth of this market. The installation of an interactive video display, scanner, customer identification keypad, barcode, and magnetic card terminal in advanced fuel dispensers is expected to increase its demand from around the world. In addition, manufacturers are offering new products such as customizable fuel dispensers to improve the customer experience. Increased competition, rapid technological changes, and unified solutions by industry players are the crucial factors influencing market progress. The growing adoption of dual-fuel and multi-fuel vehicles is expected to drive the global fuel dispenser market over the forecast period. In developing countries, the trend to shift from single-fuel vehicles to dual-fuel or multi-fuel vehicles is driving demand for vehicle service stations. Besides, the increase in disposable income has led to an increase in vehicle ownership. This is driving demand for fuel distributors around the world. Increased sales of natural gas vehicles are believed to be driving the global market. Demand for gasoline-based products is expected to increase significantly over the forecast period. This is expected to create lucrative opportunities for the global fuel dispenser market.

Market Restraints:

The global fuel dispenser market may be hampered by the reduction in the number of service stations and the increase in sales of electric vehicles, there has been a sharp decline in the number of service stations. This can be attributed to lower profit margins, rising property prices, increased sales of electric vehicles, and the introduction of new mobile fuel delivery systems.

FUEL DISPENSER MARKET REPORT COVERAGE:

Market Segmentation:

Fuel Dispenser Market - By Type:

• Submersible Systems
• Vacuum Systems

Submersible systems occupied the largest size of the fuel dispenser market in 2020.

Fuel Dispenser Market - By Flowmeter: 

• electronic
• Mechanical 

 Electronics dominated the largest size of the fuel dispenser market in 2020.

Fuel Dispenser Market - By Fuel Type:

• biofuels
• CNG
• compressed hydrogen
• gasoline fuel
• ethanol
• Gasoline 
• LPG

Gasoline was the largest size of the fuel dispenser market in 2020.

Fuel Dispenser Market - By Distribution:

• aftermarket
• OEM

OEMs occupied the largest size of the fuel dispenser market in 2020.

Market Regional Analysis:

The Fuel Dispenser Market spans across

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Taking into account the global scenario, North America is expected to be the main regional market due to the skyrocketing increase in disposable income coupled with an increase in the passenger vehicle fleet. Demand for fuel distributors is expected to accelerate in the region as manufacturers increase their market share. The region estimated a 51.41% share in 2021 and exceeded a valuation of USD 980.8 million. The regional market is expected to grow at a CAGR of 6.57% by the end of 2026. Europe has been valued at USD 369.5 million in 2021 and will see a CAGR of 7.61% by the end of 2026. The region will experience significant growth due to the increasing demand for automotive fuel distributors in countries such as Germany, France, and the United Kingdom.

Asia-Pacific will see a higher CAGR of 8.59% by the end of 2026 due to the rapid urbanization that is occurring in the region, which has resulted in higher demand for passenger vehicles. Furthermore, the thriving automotive sector of countries such as China, Japan and India is considered the driving force behind the fuel dispenser market in this region.

Market Key Players:

Some of the notable contenders operating in the Fuel Dispenser Market are

1. Beijing Sanki Petroleum Technology Co, Ltd (China)
2. Dover Fueling Solutions (US)
3. Tatsuno Corporation (Japan)
4. Bennett Pump Company (US)
5. NEOTEC (Greece)
6. Scheidt & Bachmann Tubs d.o.o. (Croatia)
7. Censtar Science & Technology Corp., Ltd (China)
8. LanFeng Co., Ltd (China)
9. Piusi SpA (Italy)
10. Gilbarco Inc. (US)
11. Tominaga Mfg Co. (Japan)
12. Korea EnE Co., Ltd (Seoul)
13. Zhejiang Datian Machine Co Ltd (China)

Impact of Covid-19 on the Fuel Dispenser Market:

The spread of the virus has drastically reduced oil prices. Oil and gas activities are considered essential services by governments and have mostly been exempt from foreclosure measures. However, due to the disruption of the supply chain and the lack of staff, as they must be quarantined, the growth of the oil industry is slowing down. The global lockdown has suspended travel privileges, thus reducing fuel consumption. The decrease in demand for fuels has reduced the demand from fuel distributors worldwide in the current scenario.

Market Recent Developments:

• Oil companies are modernizing their fuel dispensers to make sure they display the correct prices when prices reach INR 100 per liter. The move comes amid a relentless rise in world crude prices, although oil companies do not expect gasoline prices to hit triple-digit levels anytime soon.
• Dover Corporation is providing advanced fuel dispensing equipment, electronic and payment systems, fleet systems, automatic tank gauging, and wet inventory management, is pleased to announce the launch of the New Tokheim Quantum 510M series fuel dispenser.