The Asia Pacific fuel dispensers market has been witnessing significant growth in recent years, primarily on account of the growing automotive industry in the region. The growing per disposable incomes of consumers is also expected to have positive impacts on the overall demand for fueling stations and dispensing systems in the region over the forecast period.
The fuel dispensers market demand is expected to surge owing to the growing population in the region with demand for vehicles. In addition, high consumer spending capacity in China is also expected to drive the demand for vehicles, thereby driving the demand for dispensing systems in the country. However, the adoption of electric vehicles in the country may restrain the market growth in the coming years.
The utilization of aluminum and composites for manufacturing the product is likely to drive the demand for the two raw materials. Aluminum is lightweight and non-corrosive owing to which it is widely used in the manufacturing of nozzles and other internal components of the product. Composites are utilized for manufacturing of the outer body owing to their stiffness and high strength characteristics.
The industry is dominated by key global players such as Gilbarco, Inc., Wayne Fuelling Systems LLC, Tatsuno Corporation, Tokheim and Censtar Science & Technology Co., Ltd. The companies primarily compete with regards to technology and innovation. The utilization of new and improved technologies to attract established buyers for long-term partnerships is expected to be the key trend followed by the companies in the industry.
One of the major restraining factors for the growth of the industry in the Asia Pacific region is the high preliminary cost associated with installation of the systems. The high capital requirements for setting up fueling stations and dispensing systems is expected to restrain industry growth in the coming years.
Submersible fuel dispensers are expected to gain a higher market share on account of the easy installation and low maintenance costs associated with this technology. The suction fueling systems are much more efficient and user friendly; however, the high installation and maintenance costs associated are expected to act as major constraints for the segment growth in the region.
Demand for petrol has been on the rise in the region, in recent years, mainly driven by increasing demand for vehicles as a result of increased disposable incomes. The growing demand for fuel-based vehicles in the region is expected to drive the industry growth over the coming years. However, the growing demand for CNG vehicles and hydrogen vehicles in China, India, and Japan is expected to restrain the petrol dispensing systems growth over the coming years.
China dominated the industry owing to the growing production and consumption of the product in the country. Growing demand for CNG vehicles and hydrogen vehicles to reduce the effect of fossil fuels on the environment is expected to drive industry demand in the country. The promotion of CNG over petrol vehicles in China and India is expected to drive the CNG fuel dispensers market. Growing awareness among consumer to conserve the environment is expected have a positive impact on the hydrogen fuel dispensers demand during the forecast period.
In-depth report on Asia Pacific fuel dispenser market by Grand View Research: