The global fleet management market report by Market Research Future (MRFR) predicts revenue and growth projections for the period (forecast period) by looking at drivers, opportunities, obstacles, and challenges. The COVID-19 pandemic and its effects on the industry are explained in a comprehensive manner. Fleet management is the process of managing fleets in an organization. It utilizes software for checking on vehicle diagnostics, driver behavior, and monitoring of assets. It finds application in sectors of waste management, oil & gas, construction, chemicals, mining, retail and logistics, utilities, and public and private transport.
Market Scope
The global fleet
management market is expected to grow at a CAGR of 22% during the forecast
period. The continuous demand for logistics and transportation, initiatives for
curbing emissions, connectivity issues, and volatile fuel prices are major
drivers of the market. Organization can utilize fleet management software for
tracking fleets and ensuring the safety of their drivers. Integration of
electronic logging devices in fleets for compliance with latest laws and rise
of smart transportation can bolster the market demand significantly.
Enforcement of laws for
ensuring more driver breaks and sleep for drivers can spur the demand for fleet
management software. This can ensure the efficiency of operations and reduce
overall costs. Real-time alerts for managers and GPS tracking for pinpointing
vehicles coupled with sustainability initiatives can favor the market in the
coming years. Integration of artificial intelligence and big data for gaining
access to fleets in real-time as well as their routes can serve the market
favorably.
Concerns for cyberattacks
and lack of network infrastructure in certain countries can dampen the market
growth.
Segmentation
By connectivity type, it
is divided into cellular system and satellite navigation.
By deployment type, it is
segmented into cloud, on-premises, and hybrid. The cloud segment is expected to
dominate the market owing to its easy integration and cost-efficiency.
By services type, it is
segmented into professional services, managed services, and integration and
deployment services. The professional services segment can lead in the market
owing to presence of various logistics and transportation companies and
mandatory laws for curbing emissions.
By management type, it is
segmented into operation management, asset management, and driver management.
Regional Analysis
The North American and
Europe regions are expected to dominate the market due to stringent norms on
vehicle emissions and huge innovations in the fleet management technology deployment. Sustainability
approaches by countries in these regions combined with modernization of
infrastructure for monitoring fleet vehicles can drive the demand for fleet
management market. Presence of reputed logistics companies and focus on
efficiency and cost savings can bode well for the market. In order to encourage
sustainability, the state of California has mandated its vehicles to be
emission-free by 2035.
The Asia Pacific region is
expected to be the fastest growing region with increased opportunities in
countries of China and India. Large scale adoption of web and mobile based
business services in these countries is the primary driver for the market in
the region. Incorporation of low-emission vehicles and efforts for
electrification of transport infrastructure can drive the global fleet
management market demand.
Competitive Outlook
Trimble Inc., I.D.
Systems, Inc., Verizon Telematics Inc., Cisco Systems, Inc., WorkWave LLC, Fleetmatics
Group PLC, and Zonar Systems, Inc. are key players of the global fleet
management market. Acquisitions are the primary strategy undertaken by players
for gaining the competitive edge in the market. Recently, Infobric acquired
TelliQ AB, a Swedish telematics company, in 2020. The large number of clients
in the construction industry by the former provides the acquisition a new path
by engaging in a smart manner and integration of fleet management systems in
vehicles.
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