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Market readiness for data analytics, telematics and AI persists, but interest in BEVs declines, according to the latest Fleet Technology Index report.
LIVONIA, Mich., June 26, 2024 (GLOBE NEWSWIRE) — With healthy staff and drivers back on the road, fleet company revenues are returning to or exceeding pre-pandemic levels. According to leading data analytics and advisory firm Escalent, more than half (52%) of fleet decision makers say business is back to normal. Additionally, the overall score of the Fleet Technology Index (FTI), an industry measure of market readiness and expectations for future-proof fleet technology adoption, increased 39% from an index score of 21.4 in 2020 to 29.7 in 2024. Despite disruptions caused by the pandemic and supply chain disruptions, the increase reflects fleet businesses' continued progress toward a technology-driven future.
The FTI for emerging technologies such as artificial intelligence (AI), drones, mobility services and blockchain has increased 43% from an index score of 16.6 in 2020 to 23.7 by 2024. This increase is driven by the growing momentum of AI, which has seen its index score increase by 75% since 2020, including a 41% increase in the last year alone.
AI Fleet Technology Index Score
The FTI score for core technologies (data analytics, telematics, battery electric vehicles (BEVs) and autonomous vehicles (AVs)) also increased by 35%, from an index score of 26.3 in 2020 to 35.6 by 2024. This increase indicates that fleet management decision makers are cautiously optimistic about their business conditions and continue to see value in investing in data analytics and telematics.
These are some of the latest findings from Fleet Advisory Hub™, a leading insights tool designed to explore the needs, expectations and sentiments of commercial vehicle and fleet decision makers. Developed by Escurrent in 2019, the program provides an annual snapshot of the state of various forward-looking technologies in the commercial vehicle and fleet business through its flagship Fleet Technology Index report. For each technology, FTI considers the current business environment perception and several predictive factors to provide an analysis based on market readiness and expectations for technology adoption that reflects a point in time.
“The convergence of data analytics, telematics and AI is truly revolutionary, and fleets are optimistic and early adopters of these technologies as they continue to make continuous improvements to stay competitive,” said Dania Rich-Spencer, vice president and strategic advisor for Fleet Advisory Hub™ at Escalent. “The adoption curve for these data-driven technologies is being defined by large fleets over 50 vehicles and those operating larger vehicles. To continue to drive adoption, service providers must demonstrate how these technologies can be integrated into small and mid-sized fleets to drive business value.”
The story continues
However, the 8% year-over-year drop in the BEV Index score also indicates that some vehicle fleets are moving away from battery electric technology. A consistent shift in attitudes and intentions, with a lessening positive attitude towards BEVs, has led to a 16% decrease in businesses planning to purchase and invest in BEVs in the next six months compared to last year. The percentage of businesses not considering adding BEVs to their vehicle fleet has increased by 21% compared to 2023.
Readiness for AVs has also regressed, with receptivity to integrating autonomous vehicles into fleets waning in 2022 and remaining stable today. Safety concerns are widespread, and AVs have the lowest FTI among core technologies, indicating greater alignment with emerging technologies such as drones, mobility services, and blockchain.
“Connected fleets are the future and companies that leverage their data assets well will be the leaders, but there is a steep learning curve. This is an ideal opportunity for service providers to be the heroes and focus their attention on the top priority areas that will have the biggest impact on individual fleet use cases and business objectives,” explains Lucas Lowden, insight consultant and program lead for Escalent's Fleet Advisory Hub. “This is particularly relevant for driving the adoption of BEVs, for example. Many decision makers may mistakenly believe they have the knowledge, skills and talent to integrate zero-emission vehicles into their fleets by simply continuing to do what they've always done with petrol and diesel vehicles.”
The Fleet Advisory Hub is one of the largest collections of commercial vehicle and fleet decision maker insights available on the market today, currently showcasing approximately 12,000 fleets totalling more than one million vehicles.
For more information about the survey, visit escalent.co
About Fleet Advisory Hub™
The findings are from Escalent's 2024 FTI report on market readiness for adoption of core and emerging technologies by commercial vehicle and fleet businesses and are comprised of a subset of commercial vehicle and fleet decision makers selected from the Fleet Advisory Hub audience. Participants were recruited from an opt-in online panel of business decision makers and were interviewed online. Escalent will provide the exact wording of the survey questions upon request.
If you are a fleet decision maker at a company that operates vehicles and would like your opinion to be heard, you can join our research programme here.
About Escalent
Escalent is an award-winning data analytics and advisory firm helping clients understand human and market behavior to navigate disruption and business transformation. A catalyst for progress for over 40 years, our strategies guide the world's top brands. We accelerate growth by creating a seamless flow between primary, secondary, syndicated and in-house business data, and providing consulting and advisory services from insight to implementation. Based on a deep understanding of what drives humans and markets, we identify actions that build brands, enhance customer experiences, inspire product innovation and increase business productivity. Visit escalent.co to learn how we're helping shape the brands that are reshaping the world.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c8e34f2-e146-4866-a77e-da878c960d66
Contact: Stephanie Salvadero, 734.838.5192 stephanie.salvadero@escalent.co
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