Fuel Dispenser Market Size, Share, Growth Analysis, By Fuel Type(Petrol/Gasoline, Diesel, CNG, Others), By Dispenser System(Systems, Suction Systems), By Flow Meter(Mechanical, Electronic), By Region - Industry Forecast 2024-2031

Fuel Dispenser Market size was valued at USD 2.66 billion in 2019 and is poised to grow from USD 2.8 billion in 2023 to USD 4.5 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

The market is consolidated because of the impressive distribution networks and robust product portfolios of leading corporations in developed and developing nations. Current market leaders Gilbarco Veeder-Root, Wayne Fueling Systems, LLC, Tatsuno Corporation, and Tokheim hold a commanding position, contributing to the industry's strong expansion by 2028. By including cutting-edge features in their dispensers, other significant firms including Korea EnE Co., Ltd., Censtar, Lumen Instruments, Hongyang Group Co., Ltd., and other small businesses have joined the competition. To increase their revenue, businesses are concentrating on mergers and acquisitions. For instance, Gilbarco Veeder-Root and Midco Limited inked a purchase agreement in June 2019. The latter creates and produces fuel dispensers and associated gas station gear. Hence,. 'Gilbarco', 'Wayne Fueling Systems', 'Tokheim Group S.A.S.', 'Tatsuno Corporation ', 'Bennett Pump Company', 'Scheidt & Bachmann GmbH', 'Piusi S.p.A.', 'Zhejiang Datian Machine Co., Ltd.', 'Korea EnE Co., Ltd.', 'Dover Corporation', 'Beijing Sanki Petroleum Technology Co., Ltd.', 'Censtar Science & Technology Corp., Ltd.', 'Tominaga Mfg. Co.', 'Jiangsu Henghe Petroleum Machinery Co., Ltd.', 'Neotec Corporation', 'PECO Facet Inc.', 'Sanki Petro Equipment Co., Ltd.', 'S.M. EnergyTek Inc.', 'Fisum International B.V.', 'Lanfeng Machine Co., Ltd.'

Increased adoption of Dual Fuel or Multi-Fuel Vehicles to Accelerate Demand for Fuel Dispensers

A noticeable trend in the automotive industry is the rising use of affordable alternative fuels. The rise in alternative fuel use in the automotive industry for cost-effectiveness, fuel economy, and emission control is primarily responsible for the industry's expansion. As they are less expensive and less volatile than petroleum products, CNG and LPG cars are expanding quickly in developing nations. CNG and LPG-powered vehicles are seen as environmentally friendly alternatives to those powered by petroleum. For the fifth straight year, according to Bloomberg 2020 data, automakers sold more than 17 million automobiles in the United States in 2019. Additionally, it was initially anticipated that 2019 new car sales would range from 16.7 million to 16.9 million units. Since the automobile industry is expected to develop as a result of the estimated sales targets being met, the need for these dispensers is expected to rise in the years to come.

The fuel dispenser market is dominated by the Asia Pacific region followed by North America, Europe, Middle East Africa and Latin America Region. In the Asia Pacific region, China, India, and other developing nations are concentrating on removing the harmful environmental consequences of car emissions while raising the price of gasoline, which will contribute to the rise in demand for natural gas automobiles (NGVs) which will eventually support the fuel dispenser market. For instance, Volkswagen signed a contract in 2017 to enhance the use of CNG in Europe, with a goal of selling 1 million CNG cars by 2025 and increasing the number of CNG filling stations from 900 to 2,000.