Publication Month: Nov 2021 |
Report Code: TIPRE00003172
| No. of Pages:
| Category: Technology, Media and Telecommunications
| Status: Published
No. of Pages 139
A fuel management system is a technology-based solution that tracks and controls fuel use while providing real-time visibility into all elements of the fleet. The increasing use of telematics software and technology, including radio-frequency identification and programmable logic controllers, to enable fleet operators to target the whole fleet management lifecycle is the major reason driving the expansion of the fuel management system market.
The expansion of the fuel management system market is driven by the increased need for better fuel management to improve productivity and efficiency across various industry sectors. Furthermore, the rapid growth of e-commerce platforms to provide the best consumer experience has driven the supply and logistics industries to embrace sophisticated IoT technologies. Ford Commercial Solutions announced Ford TelematicsTM in June 2020, a web-based software platform and subscription service that includes GPS tracking and geofencing, and fuel monitor consumption.
|Market Size Value in||US$ 1,084.64 million in 2021|
|Market Size Value by||US$ 2,089.56 million by 2028|
|Growth rate||CAGR of 9.82% from 2021 to 2028|
|No. of Pages||139|
|No. of Tables||71|
|No. of Charts & Figures||79|
|Historical data available||Yes|
|Segments covered||Component, Function, and End-User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Fuel management systems are used to keep track of and regulate the volume of fuel used by a fleet. They precisely measure and track gasoline stockpiles, as well as how fuel is supplied. This data is then saved on systems and reported to the management through online portals. As a result, numerous industry vertical stakeholders benefit from enhanced fuel economy and reduced fuel waste. It aids in tracking vehicle maintenance and driver routes data, which may be used to make cost-effective decisions such as creating more efficient driving routes and encouraging better driving behavior, both of which enhance fuel efficiency. These systems can also gather data on drivers filling up their vehicles, build fleet lists, generate reports, manage stocks, keep track of transactions storage, and maintain data tables. Based on these responses, organizations are making data-driven decisions to enhance business operations. Taking advantage of this, several firms have entered the market and are now providing end-to-end solutions for various industrial verticals.
North America is known for having the highest rate of advanced technology adoption due to favorable government policies that foster innovation and enhance infrastructural abilities. As a result, every factor affecting the region's industrial performance obstructs its economic development. The US has become the world's worst-affected country due to the COVID-19 outbreak, causing governments to impose various limitations on industrial, commercial, and public activities in the country to contain the disease's spread. Despite the stoppage of activity in a number of industries, the closure of major manufacturing units, and people’s reluctance about joining the work floors, governments of several countries in North America have maintained their spending levels. Hence, the COVID-19 pandemic had a minimal impact on the fuel management system market.
Theft of fuel is a major problem in the industry. Due to the global increase in gasoline prices, possible damages and losses in terms of theft and other malpractices have been observed over the period. Hence, standard processes and effective solutions such as anti-siphoning smart devices and fuel monitoring software need to be implemented to combat gasoline theft. To meet this need, various companies have developed automatic fuel monitoring systems to close the gap. For instance, Aeris partnered with Omnicomm to provide fuel monitoring systems in India in February 2020. The strategic partnership targets fuel theft in various businesses, including construction and locomotives. These platform releases are critical for firms such as the food and pharmaceutical sectors, working relentlessly to avoid inconsistencies. Similarly, Fuel Me launched a cloud-based fuel purchase and roadside help app for commercial transportation and construction industries by offering various roadside assistance services, including the complete fuel procurement process. These advances are necessary for the industry to improve safety, visibility, and sustainability, which, in turn, fuel the growth of the fuel management system market.
Based on component, the fuel management system market is segmented into hardware, software, and controllers. Delphi Technologies, a propulsion technology solution and service provider, introduced a new aftermarket fuel management program in Europe in June 2020. Innovative aftermarket solutions for managing fuel modules, pumps, and other fuel module design, such as electronic and hydro-mechanical diagnostic tools, are part of the new fuel management program. In March 2021, Shell Fleet Solutions UK announced a new fuel card management software for UK limited company owners to manage fuel operational difficulties.
Based on function, the fuel management system market is bifurcated into delivery and storage. Fuel distribution from production plants to gas stations has long been a challenge. Maintaining proper pressure and a high level of safety are important conditions for transportation. As a result, the demand for a dependable fuel distribution system has always been greater. In reference to this, a number of companies have indicated interest in the possibilities. FuelSwift, for instance, is a customizable solution from Peerbits that offers up a slew of fuel business opportunities for both gasoline delivery aggregators and fuel station owners. Fuel Swift also has a fuel meter that can be synced with the app. This fuel meter keeps track of the total volume of gasoline used. As a result, solutions like these have made fuel delivery more convenient and secure.
Based on the end-user, the global fuel management system market is segmented into mining, construction and ports, transportation and logistics, oil and gas, and others. The transportation sector makes substantial use of fleet and fuel management technologies, particularly to enhance fuel economy. For decades, the transportation business has functioned in secrecy, resulting in a variety of operational inefficiencies and malpractices. The use of software for truck or vehicle fuel management systems provided much-needed transparency to the overall transportation management system. Furthermore, automation has been a key selling point for fuel management software on the market. In addition, the introduction of fifth generation telematics-based fuel management systems allow fleet managers to continually analyze fuel consumption patterns and make targeted efficiency improvements, resulting in the market expansion.
The market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In July 2021, Franklin Fuel System’s EVO 550 or EVO 5000 has been upgraded to the most recent advancement in Automatic Tank Gauging. The kits include everything the client needs, including a new control module processor that allows the ATG to reboot in seconds after firmware updates.