[Research Report] The fuel management system market is expected to grow from US$ 1,084.64 million in 2021 to US$ 2,089.56 million by 2028; it is estimated to grow at a CAGR of 9.82% from 2021 to 2028.
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.
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Fuel Management System Market: Strategic Insights
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 Forecast Period 2021-2028 Base Year 2021
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Fuel Management System Market: Strategic Insights
| 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 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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.
Impact of COVID-19 Pandemic on Fuel Management System Market
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.
Lucrative Regions for Fuel Management System Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insight
Increasing Cases of Fuel Theft
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.
Component Segment Insights
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.
Fuel Management System Market, by Component (% Share)
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Function Segment Insights
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.
End-User Segment Insights
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.
Fuel Management System Market – by Component
- Hardware
- Software
Fuel Management System Market – by Function
- Delivery
- Storage
Fuel Management System Market – by End- User
- Mining
- Construction and Ports
- Transportation and Logistics
- Oil and Gas
- Others
Fuel Management System Market – by Region
- North America
- Mexico
- Rest of North America
- Europe
- France
- Germany
- Italy
- Spain
- Austria
- Switzerland
- Romania
- Rest of Europe
- Asia Pacific (APAC)
- India
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Rest of SAM
Fuel Management System Market – Company Profiles
- Chevin Fleet Solutions
- Franklin Fueling Systems
- Gilbarco Inc.
- Multiforce Systems Corporation
- Navig8
- Piusi S.p.A.
- OPW Fuel Management Systems
- Orpak Systems Ltd.
- Banlaw
- Syntech Systems, Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Function, and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Austria, Brazil, Canada, France, Germany, India, Italy, Mexico, Romania, Saudi Arabia, South Africa, Spain, Switzerland, United Arab Emirates, United States
Frequently Asked Questions
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, thereby bolstering the growth of the Fuel Management Systems market.
In fuel management systems, introducing cutting-edge technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), will enhance demand and develop possibilities. The continued research and development efforts are assisting in developing sophisticated fuel management systems that benefit end users. Artificial intelligence can aid in properly measuring and tracking fuel stocks through an automated tank monitoring system. As a result, the fuel management system market is expected to be driven by the effective use of AI solutions to control the supply–demand gap and ensure the lowest fuel prices and environmental impact across the globe during the forecast period, thereby boosting the demand for Fuel Management Systems.
Based on function, the Fuel Management System Market is segmented as into delivery and storage. The Fuel Management System market was dominated by the delivery segment in 2020.
North America dominated the fuel management system market in 2020 with a share of 36.61% and is expected to continue its dominance by accounting for 32.90% share by 2028. Europe is the second-largest contributor to the global fuel management system market in 2020, followed by APAC.
The major companies in Fuel Management System market are The Triscan Group, OPW Fuel Management Systems, Franklin Fueling Systems, Technotrade, Piusi S.p.a., Guduza System Technologies, Royal Dutch Shell, Petroliam Nasional Berhad, Wayne Fueling Systems LLC, Banlaw, and Orpak Systems Ltd.
The major end users in Fuel Management System includes mining, construction and ports, transportation and logistics, oil and gas, and others. In terms of market share, the market was dominated by the transportation and logistics segment in 2020.
The List of Companies - Fuel Management System Market
- Chevin Fleet Solutions
- Franklin Fueling Systems
- Gilbarco Inc.
- Multiforce Systems Corporation
- Navig8
- Piusi S.p.A.
- OPW Fuel Management Systems
- Orpak Systems Ltd.
- Banlaw
- Syntech Systems, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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