LONDON--(BUSINESS WIRE)--The fuel dispenser market is expected to grow by USD 1.43 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
Globally, there has been a significant growth in the travel and tourism industry due to an increase in disposable income and easy accessibility to tourist destinations. Increased tourism has led to an increase in demand for more transportation services globally. This has, in turn, led to an increase in demand for fuel and fuel stations. The increase in fuel stations will, in turn, lead to an increase in demand for fuel dispensers globally. Thus, the increasing inbound and outbound tourism is expected to drive the growth of the market during the forecast period.
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As per Technavio, the growing number of vehicle-in-use will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Fuel Dispenser Market: Growing Number of Vehicle-in-Use
The global demand for fuel dispensers is increasing at a significant rate due to increasing vehicle-in-use. In the last decade, the vehicles-in-use have increased by almost 40%. The growing life span of vehicles is playing a crucial role in driving the vehicle population. The reason for the rising lifespan is attributed to factors such as high reliability and durability of modern vehicles. For instance, modern vehicles have more rigid construction, a longer-lasting and highly durable engine, and undergo regular maintenance at specific intervals. Thus, the vehicles-in-use is growing every year, which is pushing the installation of new fuel stations and thereby fuel dispensing solutions.
“Factors such as the increased national and international transportation, and the introduction of technologically advanced fuel dispensers will have a significant impact on the growth of the fuel dispenser market value during the forecast period,” says a senior analyst at Technavio.
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Fuel Dispenser Market: Segmentation Analysis
This market research report segments the fuel dispenser market by product (submersible and suction) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the fuel dispenser market share in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing market potential for passenger cars, the rising demand for gas in India, and emerging new players.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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June 11, 2020 at 12:00PM
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Global Fuel Dispenser Market 2020-2024 | Increasing Inbound and Outbound Tourism to Boost Market Growth | Technavio - Business Wire
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