Technavio market research analysts forecast the global gas station equipment market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global gas station equipment market for 2017-2021. The report presents a comprehensive analysis of the top vendors in the market along with a forecast of the emerging trends and drivers, which are likely to impact the market during the forecast period.
Technavio’s analysts highlight the following three market drivers that are contributing to the growth of the global gas station equipment market:
- Increased number of gas stations
- Increased inbound and outbound tourism
- Increased national and international transportation
Increased number of gas stations
Increasing disposable income in various regions is encouraging the sale of cars, trucks, and other vehicles globally. In 2015, in Asia, the sales of new vehicles increased by 21%. In China, the sales volume of new vehicles increased by 32%. This has increased the number of fuel stations globally.
Moreover, with increased focus on environment preservation and green technology, the demand for alternative fuels like compressed natural gas (CNG), hydrogen, and others has also increased. Hence, the number of gas stations with alternate fuel dispensing machines is increasing globally, which emerges as a positive development for the fuel station equipment market.
Increased inbound and outbound tourism
There has been a significant growth in the global travel and tourism industry. Increased disposable income and easy accessibility to information on various places, hotels, flights, trains, and bus bookings through the internet are enabling many middle-class people to explore new tourist destinations. This has increased the competition among travel agents worldwide, which, in turn, reduced the price of tour and travel packages. Increased tourism has also escalated the demand for transportation services globally. This has ultimately impacted the demand for fuel and fuel stations.
Increased national and international transportation
The global logistics market is expected to grow at a rapid pace during the forecast period. The growth is mainly driven by the increase in import and export activities. Companies in major countries like the US, the UK, Germany, and China are outsourcing manufacturing to countries where lower costs are incurred. These countries have also recorded an increase in domestic consumption.
The resurgence of the global economy has resulted in increased trade volumes between countries. The growing number of imports and exports between nations has lowered trade barriers because of the relaxation of government trade policies.