Transport & Logistics Drive Market Growth

A Fuel Management System is a combination of hardware and software products, that together enable security, access, and control of fuel stores, whilst monitoring delivery and consumption. They are used to maintain, control and monitor fuel consumption and stock in any type of industry that uses transport, including rail, road, water and air, as a means of business. Fuel-management systems are designed to effectively measure and manage the use of fuel within the transportation and construction industries. They are typically used for fleets of vehicles, including railway vehicles and aircraft, as well as any vehicle that requires fuel to operate.

Rising demand of these systems in transport and logistics industry all around the world will Fuel Market for the forecast period

The global fuel management systems Market is primarily driven by the rising transportation and logistics industry all around the world coupled with the benefits involved with usage of the fuel management systems including fuel accounting which leads to reduced thefts, greater productivity, better efficiency for operations. With the rising price of fuel, the fuel management systems help in the improvement of inventory storage and also reduce wastage.  The increase inn the demand for the commercial vehicles across the globe is having positive impact on the market.

In 2019, EU demand for heavy-duty trucks went up by 5.3%, despite the slowdown in July, August and September months. This growth was largely driven by the United Kingdom (+16.0%), France (+9.2%) and Germany (+8.2%). At the same time, heavy-truck registrations decreased in Italy (-6.7%) and Spain (-1.4%). The EU market for new vans expanded by 4.4% to reach 1.6 million vehicles registered in total. Each of the EU’s major markets did well during the first nine months of the year: Germany (+11.2%), Italy (+6.9%), France (+5.9%), the United Kingdom (+4.5%) and Spain (+1.9%).

High initial cost to Hinder Market Progress

Higher initial investments involved in the installation of the equipment along with complexity involved in the installation may slow down the market demand. The other reason restraint for the market is the major challenge involved with these technologies that is cyber attack threat prone due to the use of cloud service for the software. And these the major two hindrances for the market for the forecast period.

Software segment dominate the Fuel Management System market

By Offering, the global fuel management system market is segmented into Hardware, Software, and Services. Software have the dominant position in the Fuel Management System market due to the growing technology and the advancement in the software now and then to provide great solutions to the customers. And also, will be growing in the forecast period with higher CAGR.

By Application, the global fuel management system Market is segmented into Fuel Storage Monitoring, and Access Control & Fuel Dispensing. Fuel storage monitoring have higher dominance in the application segment of Fuel Management System market due to the rise in the construction and logistics industry.

Asia-Pacific accounts for the major share in Fuel Management System Market

DMI segments the global Fuel Management System market into – North America, South America, Europe, Asia-Pacific (APAC), and the Middle East and Africa.

Asia-Pacific accounted for the largest share of the market in 2018 due to the significant increase in the industrialization & urbanization which rises the need for transportation and logistics in the region. Technological advancements coupled with increasing transportation and construction industries are some of the prominent factors influencing market growth in Asia Pacific region. Growing investment for the infrastructure development in the countries like China and India will grow the market for the forecast period. The Ministry of Transport, China Railways Corporation and Civil Aviation Administration of China have all released their infrastructural construction targets for 2019, including fixed-assets investment of 1.8 trillion yuan in highways and waterways, 800 billion yuan in railway investment and another 85 billion yuan in airport construction. Specifically, rural roads of 200,000 km long and waterways of 400 km long will be built, while new rail lines of some 6,800 km long will be laid, up 45 percent from last year.

Highly Concentrated Competitive Market with Few Major Contributors

The global Fuel Management System market is highly competitive. Key market players include – Omnitracs LLC, E-Drive Technology Ltd., Veeder-Root Company Inc., SCI Distribution LLC, and Fluid Management Technology Pty Ltd. Other key players in the market include SmartFlow Technologies Ltd., Emerson Electric Co., Guduza System Technologies (Pty) Ltd., Trimble, Inc., Telenav, Inc. Key players are adopting strategies such as investing in R&D, new product launches, development of new technologies, and enhancing the old technology & software to stand out as strong competitors in the market.

Fuel Management System Market Taxonomy:

By Offering

• Hardware
• Software
• Services

By Product Type

• Mining & Construction
• Military & Defense
• Oil & Gas
• Transportation & Logistics
• Others

By Application

• Fuel Storage Monitoring
• Access Control & Fuel Dispensing

 

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