The Asia Pacific fuel dispenser market size is projected to touch USD1.39 billion by the end of 2024, as per the report released by Million Insights. Increasing demand for vehicles coupled with growing per capita income and rapidly growing shale gas industry is predicted to boost the demand for the product over the estimated duration. The emerging nations of the region such as India and China occupied more than 75% market share in 2015. The surging demand from China due to increasing purchasing power and higher sales of automotive is anticipated to bode well for the market growth.
The increasing urbanization in India is predicted to create a demand for infrastructural development. The growing per capita income of the customers is anticipated to supplement the demand for personal vehicles. This has resulted in boosting the demand for dispensing systems and fueling stations, thereby, supplementing the market growth.
The continuous economic growth and positive GDP are predicted to boost the demand for oil & gas related products, thereby, it is anticipated to boost the growth of the industry in the Asia Pacific. The threat of entry of new players is minimal due to the operation of established manufacturers in the industry.
Huge investments and the growing preference for new technology may hinder the new player entrance. These dispensing systems are used to distribute fuel to customers. It is a hazardous product for both humans and the environment, due to which various associations have set regulations for the production of these dispenser systems. On the other hand, slow growth is projected to witness by the suction dispensers due to their high prices and heavy maintenance and installation cost. Further, these systems are complex and huge costs involved in their repairing, which, in turn, is anticipated to slow the growth of the product in the forecast years.
China is projected to lead the regional market of Asia Pacific, holding more than 50% share in overall revenue in 2015. The increase in the production of dispenser systems due to the rising number of CNG vehicles, is predicted to bode well for the market growth.
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Further key findings from the report suggest:
• Submersible systems occupied more than 80% of the market share in 2015. Low installation and maintenance costs of this system is predicted to boost the product demand. Increasing use of this technology in India and China is anticipated to bode well for the industry growth in the coming years.
• The demand for CNG equipped dispensing systems, used in CNG vehicles, is projected to witness considerable growth, ascending at a CAGR of 4% over the forecast duration. The demand is expected to be driven by its excellent mileage and cost-effective nature. Moreover, continuous government support in encouraging the use of CNG for curbing environmental degradation is anticipated to supplement the growth of Asia Pacific fuel dispenser market from 2016 to 2024.
• China is the leading consumer and producer of fuel dispenser holding more than 45% regional market in 2015. Rising demand for CNG and petrol dispensing systems is predicted to augment the industry growth over the forecast years. The rapid expansion of the automotive industry is also projected to support the industry growth in the coming years.
• Leading players in this industry Tokheim, Tatsuno Corporation, Gilbarco Inc., and Wayne Fuelling Systems LLC. Dover Corporation acquired Wayne Fuelling Systems LLC in 2016 to increase its market presence in the coming years.
Million Insights has segmented the Asia Pacific fuel dispenser market on the basis of technology, application and region:
Asia Pacific Fuel Dispenser Technology Outlook (Revenue, USD Million; 2013 - 2024)
Asia Pacific Fuel Dispenser Application Outlook (Revenue, USD Million; 2013 - 2024)
• Compressed Natural Gas (CNG)
Asia Pacific Fuel Dispenser Regional Outlook (Revenue, USD Million; 2013 - 2024)
• Rest of Asia Pacific