Fuel Convenience Store POS Market Size

Fuel and Convenience Store PoS Market Overview

The Fuel and Convenience Store PoS market is projected to grow from USD 0.75 Billion in 2024 to USD 3.53 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.30% during the forecast period (2024 - 2032). Additionally, the market size for fuel and convenience store PoS was valued at USD 0.62 Billion in 2023.

Increased adoption of cloud PoS solutions and increased demand for PoS across fuel stations and stores are the key market drivers incorporating the market's growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Fuel and Convenience Store PoS Market Trends

Growing demand for cloud-based PoS systems is driving the market growth

Market CAGR for fuel and convenience store PoS is driven by the increasing demand for cloud-based PoS systems. Cloud-based PoS systems offer numerous advantages over traditional on-premises methods, including scalability, flexibility, and cost-effectiveness. Fuel and convenience store operators recognize the benefits of cloud-based PoS systems in remote management, real-time data access, and seamless integration with other business operations. Cloud-based PoS systems allow fuel and convenience store operators to streamline processes by providing centralized control over multiple locations. It enables efficient inventory management, automated reporting, and synchronized pricing across all outlets. Moreover, cloud-based solutions facilitate the integration of loyalty programs, mobile payment options, and personalized customer experiences, enhancing customer satisfaction and retention.

The COVID-19 pandemic has raised the adoption of contactless payment solutions and mobile apps in the fuel and convenience store industry. Fuel and convenience store operators increasingly integrate their PoS systems with contactless payment options, such as mobile wallets, QR codes, and near-field communication (NFC) technology, to ensure customer safety and comply with hygiene protocols. Contactless payment solutions offer convenience and speed, allowing customers to purchase without physical contact with the PoS terminal. They also provide enhanced security through encryption and tokenization, reducing the risk of payment fraud. By integrating with these payment options, fuel and convenience stores can offer their customers a seamless and hygienic checkout experience, leading to increased customer satisfaction and loyalty. The store operators are developing mobile apps that integrate with their PoS systems. These apps enable customers to place orders, make payments, and access personalized offers directly from their smartphones. By leveraging mobile apps, operators can enhance customer engagement, gather valuable customer data, and provide a more personalized shopping experience.

Another significant trend in the fuel and convenience store PoS market is integrating artificial intelligence (AI) and data analytics. Fuel and convenience store operators are leveraging AI algorithms and data analytics tools to gain actionable insights from huge amounts of data generated by PoS systems. These insights help operators optimize inventory management, predict customer preferences, and improve operational efficiency. AI-powered PoS systems can analyze sales patterns, customer behavior, and market trends to generate personalized recommendations and targeted promotions. For example, by analyzing purchasing history and customer demographics, these systems can suggest relevant products or offer discounts tailored to individual customers. Moreover, AI algorithms can detect anomalies or suspicious transactions, helping operators identify and prevent fraudulent activities. Data analytics also plays a major role in fuel and convenience store operations, as it allows operators to optimize inventory levels, improve supply chain management, and reduce wastage. Operators can identify top-selling products by analyzing sales data, forecasting demand, and adjusting pricing strategies accordingly.

The increasing demand for cloud-based PoS systems, the integration of AI and data analytics, and the adoption of contactless payment solutions and mobile apps are driving innovation and improving operational efficiency for fuel and convenience store operators. By staying abreast of these trends, industry players can seize opportunities, enhance customer experiences, driving the Fuel and Convenience Store PoS market revenue.

Fuel and Convenience Store PoS Market Segment Insights

Fuel and Convenience Store PoS Component Insights

The Fuel and Convenience Store PoS market segmentation, based on components, includes solutions and services. The services segment dominated the market. It involves providing technical support, software updates, maintenance, and training for PoS systems. Service providers offer installation assistance, troubleshooting, and regular system maintenance to ensure smooth operations and minimize downtime.

Fuel and Convenience Store PoS Application Insights

The Fuel and Convenience Store PoS market segmentation, based on application, includes operations management, cash management, inventory management, reporting & analytics, and others. The operations management category generated the most income. It involves streamlining and automating various operational tasks, such as fuel pump management, price management, employee management, and customer relationship management. PoS systems with operations management capabilities help store owners optimize operations, reduce manual errors, and improve customer service.

Fuel and Convenience Store PoS End-Use Insights

The Fuel and Convenience Store PoS market segmentation, based on end use, includes fuel stations and convenience stores. The fuel stations segment dominated the market. PoS systems in fuel stations are designed to handle fuel pump integration, payment processing, and loyalty programs. These systems enable customers to make quick and secure transactions at the fuel pump, improving customer satisfaction and operational efficiency.

Figure 1: Fuel and Convenience Store PoS Market, by End-Use, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Fuel and Convenience Store PoS Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Fuel and Convenience Store PoS market area will dominate this market due to the highly developed fuel retail industry with a large number of convenience stores and gas stations. Integration of mobile payment solutions, loyalty programs, and advanced analytics capabilities are key trends in the North American market. The presence of major PoS solution providers and the high adoption rate of new technologies make North America a leading region in this market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: FUEL AND CONVENIENCE STORE POS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Fuel and Convenience Store PoS market holds a significant market share due to the emergence of electric vehicle charging infrastructure and integration with PoS systems. The European market is witnessing a shift towards more secure payment options, such as Europay, Mastercard, and Visa compliance, to combat fraud and improve transaction security. Additionally, the increasing popularity of contactless payments and mobile wallets is driving the adoption of innovative PoS solutions in the region. Further, the German Fuel and Convenience Store PoS market had the largest market share, and the UK Fuel and Convenience Store PoS market was the fastest-growing market in the European region.

The Asia-Pacific Fuel and Convenience Store PoS Market is expected to grow significantly from 2023 to 2032. It is due to the expanding urbanization, rising disposable incomes, and changing consumer preferences. The market in this region is characterized by a mix of traditional and modern retail formats, presenting unique challenges and opportunities. In countries, the adoption of digital payment methods is growing significantly, leading to increased demand for advanced PoS systems that support these payment options. Moreover, the integration of PoS solutions with loyalty programs, personalized marketing, and e-commerce platforms is gaining traction in Asia. Furthermore, China’s Fuel and Convenience Store PoS market had the largest market share, and the Indian Fuel and Convenience Store PoS market was the fastest-growing market in the Asia-Pacific region.

Fuel and Convenience Store PoS Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Fuel and Convenience Store PoS market grow even more. Market participants are also undertaking various strategies to spread their footprint, with important market developments including product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Fuel and Convenience Store PoS industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Fuel and Convenience Store PoS industry to benefit clients and increase the market sector. In recent years, the Fuel and Convenience Store PoS industry has offered some of the most significant medical advantages. Major players in the Fuel and Convenience Store PoS market, including Fujitsu Ltd. (Japan), VeriFone Inc. (US), Diebold Nixdorf Incorporated (US), NCR Corporation (US), LS Retail (Iceland), and others, are attempting to increase market demand by investing in research and development operations.

Charles Diebold and Heinz Nixdorf's, Diebold Nixdorf, founded in 1859, located in Hudson, Ohio, United States, is an American international technology company that specializes and develops in the sale, manufacture, installation, and service of transaction systems such as ATMs and currency processing systems. In January 2020, Dielbold Nixdorf announced BEETLE A1150, an all-in-one POS system that combines the latest technology and reliability with a space-saving design.

Pinnacle Industries Ltd., also known as PIL, was founded in 1996, is located in Pune, Maharashtra, India, and is an Indian motor vehicle and interior manufacturing company. It designs and develops seating and interior products for commercial vehicles. In March 2020, The Pinnacle Corporation offered retailers its Affiniti Cloud Mobile Ordering solution, which helps customers and employees practice social distancing.

Key Companies in the Fuel and Convenience Store PoS market include

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  Fujitsu Ltd. (Japan)

  
  


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  VeriFone Inc. (US)

  
  


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  Diebold Nixdorf Incorporated (US)

  
  


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  NCR Corporation (US)

  
  


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  LS Retail (Iceland)

  
  

Fuel and Convenience Store PoS Industry Developments

March 2023: Dover Fueling Solutions launched DX PowerTM to incorporate EV Chargers into the Prizma Ecosystem.

October 2022: Posiflex exhibited best-in-class POS hardware and self-service technologies at GITEX 2022, enabling a smarter world of transactions.

Fuel and Convenience Store PoS Market Segmentation

Fuel and Convenience Store PoS Component Outlook

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  Solutions

  
  


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  Services

  
  

Fuel and Convenience Store PoS Application Outlook

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  Operations Management

  
  


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  Cash Management

  
  


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  Inventory Management

  
  


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  Reporting & Analytics

  
  


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  Others

  
  

Fuel and Convenience Store PoS End-Use Outlook

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  Fuel Station

  
  


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  Convenience Stores

  
  

Fuel and Convenience Store PoS Regional Outlook