The new gas station equipment market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Gas Station Equipment Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the gas station equipment market.
"One of the primary growth drivers for this market is the increased number of gas stations," says a senior analyst for the industrials industry at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the gas station equipment market size to grow by USD 42.49 billion during the period 2020-2024.
Gas Station Equipment Market Segment Highlights for 2020
The gas station equipment market is expected to post a year-over-year growth rate of 5.28%.
Based on the product, the pumps segment saw maximum growth in 2019. The increasing demand for mobile fuel delivery services can influence the sales of fuel transfer pumps and thereby driving the potential growth of the market during the forecast period.
35% of the growth will originate from the APAC region.
Factors such as the increasing number of vehicles are leading to an increase in fuel consumption and a higher demand for gas station equipment are fostering the growth of the market in APAC.
China and Japan are the key markets for gas station equipment in APAC.
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The gas station equipment market size is expected to accelerate at a CAGR of over 6% during the forecast period.
The gas station equipment market is segmented by product (Pumps, Tanks, Convenience store equipment, Hoses, and Others) and geography (Europe, North America, APAC, MEA, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Beijing SANKI Petroleum Technology Co. Ltd., Censtar Science and Technology Corp. Ltd., Dover Corp., Gilbarco Inc., Hines Corp., LanFeng Co. Ltd., Scheidt & Bachmann GmbH, SPYRIDIS GROUP, Tatsuno Corp., and Tominaga Mfg. Co.
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