Fuel Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Function, and End-User

Fuel Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Function, and End-User

  • November 2021 •
  • 139 pages •
  • Report ID: 6195596 •
  • Format: PDF
The global 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. 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.
Telematics systems can do a lot more than just track vehicle movement, and many of those features may help with fuel management.Besides tracking the movement of cars and projecting the consumption of fuels, firms benefit from various other aspects, such as viewing fuel efficiency statistics for individual drivers, individual cars, a specific portion of the fleet, or the entire fleet.

This information may then be utilized to spot patterns and indicate areas where efficiency can be improved. Similarly, keeping track of gasoline purchases to verify that drivers are only buying what their cars require and aren’t filling up during off-peak hours, buying more fuel than their tanks can hold, or filling up outside a pre-determined zone.

Furthermore, the COVID-19 outbreak has affected the overall growth rate of global fuel management system market in the year 2020 in a negative manner to some extent, due to decline in revenue and growth of companies operating in the market owing to supply and demand disruptions across the value chain.Thus, there was a decline in y-o-y growth rate during the year 2020.

However, the sudden growth in vaccinations, COIVD-19 safety protocols, the restrictions are getting lifted which would positively impact the production capabilities of different industries, and thereby fuel management system also. This upward growth is expected to normalize the fuel management system market growth over the forecasted period.

A few key companies operating in the fuel management system market are Chevin Fleet Solutions; OPW Fuel Management Systems; Franklin Fueling Systems; Gilbarco Inc.; Piusi S.p.a.; Multiforce Systems Corporation; Navig8; Orpak Systems Ltd.; Banlaw; and Syntech Systems, Inc. The report also comprises secondary research work on other companies that hold a significant market share.

Overall size of the fuel management system market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the fuel management system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fuel management system market.

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