Market Insights
Fuel management systems are designed to effectively manage and control the utilization of fuel in the transportation and construction industries. Fuel price fluctuations and increased global penetration of fossil fuel vehicles are expected to drive high demand for fuel management systems in the coming years. Depleting world oil reserves and strict environmental norms for reducing fuel consumption together introduce a huge need for effective fuel management. Fuel management systems are highly demanded by companies involved in transportation, construction, and energy plants to provide accuracy, accountability, and security for their fluid assets.
Fuel management systems can tackle notable issues by eliminating conventionally error-prone manual entries and unauthorized fuel usage. These systems are witnessing increased government interest on account of improved fuel tracking, positively impacting taxation. These systems also eliminate misallocation and theft of fuel and improve drivers’ accountability through effective management of fuel expenses. All these benefits offered by fuel management systems increase their adoption across several industry verticals. The rapid adoption of cloud-based solutions is observed as a recent trend gaining traction in the overall fuel management systems market. This increases the market potential for automated fuel management systems on a large scale.
The fuel management systems market is segmented on the basis of type into card-based, on-site, automated, mobile, and total fuel management systems. Cloud-based systems were recently introduced in the market and are expected to hold the highest market share during the forecast period from 2018 to 2026. Other fuel management systems, such as on-site and card-based systems, include separate entities such as RFID cards and identification PINs, among others. These additional entities introduce a risk of security attacks, which increases the preference for highly secure and advanced cloud-based fuel management systems.
From a geographical standpoint, Asia-Pacific is expected to continue its dominance in the global market for fuel management systems. Technological advancements coupled with increasing transportation and construction industries are some of the prominent factors influencing the market growth in the Asia Pacific region. Europe holds the second-largest market share for fuel management systems. Government measures such as the green car initiative and research initiatives directed at enhancing transport services coupled with improving fuel regulations are some of the factors influencing the growth of the market for fuel management systems in this region.
Major drivers of the fuel management systems market:
- Growing transportation and construction industries
- need for effective fuel management
- The emergence of technologically advanced solutions
Major challenges for the market for fuel management systems:
- high initial cost
- threat of cyberattacks
The global market for fuel management systems is segmented on the following basis:
Type
-
- Card-based Fuel Management Systems
- On-site Fuel Management Systems
- Total Fuel Management Systems
- Automated Fuel Management Systems (cloud-based)
- Mobile Fuel Management Systems
End-user
-
- Road Transportation
- Railway
- Air Transportation
- Marine
- Others (construction, power plants, etc.)
Component
-
- Software
- Hardware (RFID cards, fuel cards, controllers, etc.)
Geography
- North America
- Europe
- Germany
- France
- Italy
- U.K.
- Russia
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Key players identified in the fuel management systems market include, but are not limited to:
Omnitracs, LLC, E-Drive Technology Ltd., Veeder-Root Company, Inc., SCI Distribution, LLC, Fluid Management Technology Pty. Ltd., SmartFlow Technologies Ltd., Emerson Electric Co., Guduza System Technologies (Pty) Ltd., Trimble, Inc., Telenav, Inc., and Fleetmatics Group PLC, among others.
