LIVONIA, Mich., June 26, 2024 (GLOBE NEWSWIRE) — With healthy staffs and drivers back behind the wheel, fleet company sales are returning to or even surpassing pre-pandemic levels. More than half (52%) of fleet decision-makers say business is back to normal, according to Escalant, a leading data analytics and consulting company. Additionally, the overall Fleet Technology Index (FTI) score, an industry metric that indicates market readiness and expectations for adoption of forward-looking fleet technologies, increased by 39%. , increasing from an index score of 21.4 in 2020 to 29.7 in 2024. Despite the chaos caused by the pandemic and supply chain disruptions, this increase reflects continued progress toward a future focused on technology for fleet companies.
The FTI for emerging technologies – artificial intelligence (AI), drones, mobility services and blockchain – increased by 43%, from an index of 16.6 in 2020 to 23.7 in 2024. This increase is carried by a rise in AI, which sees a 75% increase in the index score compared to 2020, of which last year alone saw a 41% increase.
The FTI score for core technologies – data analytics, telematics, battery electric vehicles (BEV) and autonomous vehicles (AV) – also increased by 35%, from an index score of 26.3 in 2020 to 35.6 in 2024. This increase indicates fleet decision-makers are cautiously optimistic about economic conditions and continue to see value in investing in data analytics and telematics.
These are among the latest discoveries of Fleet Advice Center™a leading analytics tool designed to explore the needs, expectations and emotions of commercial vehicle and fleet decision makers. The program, developed in 2019 by Escalent, provides an annual snapshot of the state of various future technologies among commercial vehicle and fleet companies through its flagship Fleet Technology Index report. For each technology, the IFT provides an analytical insight into market readiness and technology adoption expectations that reflects a point in time, taking into account perceptions of the current business environment and several predictors.
“The intersection of data analytics, telematics and AI is truly revolutionary, and fleets are optimistic and rapidly adopting these technologies as they operate in a state of continuous improvement to remain competitive,” said Dania Rich-Spencer, vice president and strategic advisor. for Fleet Advisory Hub™ at Escalent. “The adoption curve for these data-driven technologies has been defined by larger fleets of 50+ vehicles and those operating heavier class vehicles. To continue to drive adoption, service providers must demonstrate how these technologies can be feasibly integrated into small and mid-sized fleets and drive business value.
However, an 8% year-over-year decline in the BEV index score also indicates that some fleets are moving away from battery-electric technology. A consistent pattern of changing attitudes and intentions, coupled with a softening of positive orientation towards BEVs, is contributing to a 16% year-over-year reduction in the number of companies that are looking for and intend to invest in BEVs in the next six months. The proportion of companies not considering adding a BEV to their fleet increased by 21% compared to 2023.
Commercial vehicle readiness is also declining, as receptivity to integrating autonomous vehicles into the fleet has eased in 2022 and remains stable today. Concerns about security are widespread and the FTI for AVs is the lowest among core technologies, indicating that it is more aligned with the emerging technologies of drones, mobility services and blockchain.
“The connected fleet is the future and those who successfully leverage their data assets will be leaders, but the learning curve is steep. This presents an ideal opportunity for service providers to become heroes and draw attention to the highest priority areas that have the greatest impact on each fleet’s use case and business objectives,” explained Lucas Lowden, insights consultant and Fleet Advisory Hub program manager at Escalant. “This is particularly relevant for driving the adoption of BEVs, for example, as many decision-makers may mistakenly believe they have the knowledge, skills and talent to integrate zero-emission vehicles into the fleet by doing so. just what they’ve always done. done with gasoline and diesel vehicles.
Fleet Advisory Hub is one of the largest collections of commercial vehicle and fleet decision-maker information available on the market today. Currently, nearly 12,000 fleets totaling more than a million vehicles are represented.
To learn more about the study, visit escalent.co.
About Fleet Advisory Hub™
Findings come from Escalent’s 2024 FTI report on the current state of market readiness for adoption of core and emerging technologies by commercial vehicle and fleet companies and include a subset of vehicle decision makers sales and fleets from the Fleet Advisory Hub audience. Participants were recruited from an online panel of business decision makers and interviewed online. Escalent will provide the exact wording of any survey question upon request.
For fleet decision makers in vehicle operating companies who want to make their voice heard, you can join here to participate in our research program.
About Escalent
Escalent is an award-winning data analytics and consulting company that helps clients understand human and market behaviors to address business disruption and transformation. Catalysts of progress for more than 40 years, our strategies guide the world’s biggest brands. We accelerate growth by creating a seamless flow between primary, secondary, syndicated and internal business data, providing consulting and advisory services from insight to implementation. Based on a deep understanding of what motivates humans and markets, we identify actions that build brands, improve customer experiences, inspire product innovation and drive business productivity. Visit escalent.co to see how we help shape the brands that reshape the world.
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