[FURL=https://www.industryarc.com/Research/Fuel-Management-System-Market-Research-505303?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Fuel Management System Market[/FURL] size is analyzed to grow at a CAGR of 9.7% during the forecast period 2021-2026 to reach $0.802 billion by 2026. Fuel management system is a technology-based tool, designed to monitor and control fuel consumption and provides real-time visibility of all aspects within the fleet. The growing adoption of Telematics software as well as hardware, such as Radio-frequency identification and programmable logic controller to enable fleet operators to aim overall fleet management lifecycle are some of the significant factors for the growth of the Fuel Management System Industry.Key Takeaways
North America dominated the Fuel Management System Market in 2020 with a share of 43%, followed by Europe owing to the highly competitive logistics and transportation industry coupled up with the set of strict regulations by government for fuel usage optimization and emission standards.
The rising demand for effective fuel management in reference to developing productivity and efficiency across various industry sectors is driving the growth of the Fuel Management System Market.
The Logistics and Transportation is analyzed to register the largest share of the Fuel Management System market in 2020, and projected to grow at CAGR of 19.7% in the forecast period 2021-2026. The growth can be attributed to the accelerating trade activities across the globe along with the rapid surge of E-commerce sectors to better facilitate the flow of goods.
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Fuel Management System market Segment Analysis - By Geography
North America dominated the Fuel Management System Market in 2020 with a share of 43%, followed by Europe owing to the highly competitive logistics and transportation industry coupled with the set of strict regulations by government for fuel usage optimization and emission standards, designed for automotive and transport industries. Moreover, businesses across these regions are under tremendous pressure due to the rising fuel expenditure and present fossil fuel regulation. In October 2020, Fuel card provider fuelGenie launched a new mobile app, which facilitates drivers and vendors to save money on business fuel, as the app allows drivers to locate low cost supermarket petrol stations
Fuel Management System Market Drivers
Rising Demand for effective fuel management
Rising concern to control fuel theft
Market Landscape
The key players in the market include 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, Orpak Systems Ltd. and many more.
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