Report : Europe Fuel Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware, Controller, and Software), Function (Delivery, Storage), End- User (Mining, Construction and Ports, Transportation and Logistics, Oil and Gas, and Others)
Software Segment has the Largest Share of Component in the Europe Fuel Management System Market during 2021–2028
According to our latest study on “Europe Fuel Management System Market Forecast to 2028 – COVID-19 Impact and Analysis – by Component, Function, and End User,” the market is projected to reach US$ 510.9 million by 2028 from US$ 269.7 million in 2021; it is expected to grow at a CAGR of 9.6% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the expansion of the Europe 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.
The COVID-19 pandemic in Europe has had a diverse impact on various nations, since only a few nations have seen an increase in the number of cases, resulting in stringent, long-term lockdown periods or social isolation standards. Because of their excellent healthcare systems, Western European nations such as Germany, France, Romania, and the United Kingdom have witnessed a comparably slight decline in their growth activities. These countries' governments have made major investments to improve the efficiency and effectiveness of illness diagnosis and treatment. According to the Centre for Strategic and International Studies, military expenditures in European nations is projected to fall as a result of COVID-19's worldwide financial crisis, resulting in fewer new transportation and logistics being adopted, affecting the fuel management system industry. According to CSIS, France, Spain, and Germany pay for a substantial portion of Europe's overall budget, and these countries are likely to bring down their budget allocations in 2021 due to macroeconomic situations. As a result, the COVID-19 had a significant impact across the European region.
Based on component, the Europe fuel management system market is bifurcated into hardware, software, and controller. In 2021, the software segment accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. 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 Europe fuel management system market.
Chevin Fleet Solutions, Franklin Fuelling Systems, Gilbarco Inc., Navig8, Piusi S.p.A., OPW Fuel Management Systems, Orpak Systems Ltd. are among the leading companies in Europe fuel management system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for Europe fuel management system market is segmented into component, function, and end user. Based on component, the Europe fuel management system market is segmented into hardware, software, and controller. Based on function, the Europe fuel management system market is sub-segmentedsub segmented into delivery and storage. Based on end user, the Europe fuel management system market is categorized into mining, construction and ports, transportation & logistics, oil & gas, and others. Geographically, the Europe fuel management system market is segmented into Europe (Germany, France, Spain, Italy, Austria, Romania, Switzerland, Rest of Europe).
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