Global Fleet Management Market Growth Trend and Drivers 2022
The new market research report on the Fleet Management Industry by Decisiondatabases.com is an extensive study highlighting the latest industry trends along with deep analysis of the market. According to the report "Global Fleet Management Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast" the rising need for operational competency, rapid implementation of ELD mandate and growing environmental concerns are major driving factors, which are expected to fuel market demand during the forecast period. In addition, rising offerings of automated reminders & scheduling along with the decreasing components & connectivity cost will further aid in the growth of the market in the near future.
Fleet management involves maintaining all the facets of a vehicle in a company. It has some basic mechanisms namely production monitoring, position & material monitoring, and equipment assignment & optimization. It includes various features such as mechanical diagnostics, driver behavior, and vehicle tracking. Fleet management covers a broad range of vehicles such as buses and trams, trucks and trailers, container ships, light goods vehicle, rail & cruise ships, commercial aircraft, corporate fleets, and freighter aircraft. Fleet management helps in carrying out lot of functions including fuel management, telematics, risk management, accident management, fleet vehicle financing and remarketing.
Over the past few years, a rapid rise in the maintenance cost, accidents incidences, and fuel consumptions regulations has mandated the requirement for efficient & effective fleet management services & solutions. This industry find a wide range of applications across various sectors including oil and gas, service sector, chemicals, mining, logistics, construction, retail, public transport, utilities, government, academia and waste management. Increased demand for transport & logistics will have a positive impact on the growth of the market over the coming years. However, rising cost sensitivity of fleet owners is a major challenge, which may restrict the growth of the market in the forthcoming years. The widespread incorporation of ICT in logistics and transportation is a foremost technological trend for fleet management, which in turn will augment market demand in the near future.
The global market has been segmented based on deployment type into the cloud, on-premises, and hybrid. The market has been further segmented based on solution into operation management, asset management, and driver management. Operation management is a leading solution segment and is anticipated to witness a double-digit growth in the study period owing to its growing demand for various applications for increasing operational effectiveness and driver security across the globe. Furthermore, the market has been segmented based on connectivity technology, service and vertical. Managed services is a major segment, which is projected to grow at a significant rate during the forecast period on account of its increasing adoption in CRM by several organizations for sustaining a strong market position by enhancing customer experience. Manufacturing vertical has accounted for major market share and is expected to continue its dominance during the forecast period owing to the growing demand for fleet management solutions & services across various verticals of manufacturing sector including radio frequency identification (RFID), warehouse management systems (WMS), sensor technologies, electronic data interchange (EDI) and Global Positioning System (GPS) tracking.
North America is a major market and is expected to hold the largest share over the forecast period due to the rapid technological advancements and early adoption of the solutions in the region. According to the report Asia Pacific is the fastest growing market and over the next fove years is estimated to grow at the highest CAGR due to rising technological adoption and enormous opportunities across industry verticals, especially India and China.
The key players of this market include AT&T, Inc., Cisco Systems, Inc., Fleetmatics Group PLC, I.D. Systems, Inc., IBM Corporation, Telogis, Trimble Navigation Limited, Verizon Communications, Inc., Workwave LLC, and Zonar Systems.
In July 2016, Teletrac Navman , a GPS tracking and fleet management solutions provider has introduced its latest fleet management platform, “Director”, to provides a wide range of offerings such as fuel use tracking, driver behavior analysis, messaging &routing, and data reporting.
Sep 2016, Kittyhawk, the drone fleet management company, has announced the launch of its industry-leading Drone Fleet Management Android App for commercial drone operators.
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