Global Fleet Management Market Size was Valued at USD 7755 Million in 2015 and is Expected to Reach USD 34629 Million by 2022 Growing at a CAGR of 24.5% | Valuates Reports
BANGALORE, India, Jan. 1, 2020 /PRNewswire/ -- Global Fleet Management Market Analysis
Fleet management market growth can be attributed to fleet owner's growing emphasis on fleet productivity and cloud-based fleet management software deployments. Fleet management software is a GPS-like vehicle-based system, but the difference is that it is also logs data into networks, and establishes back office device data communication. Market research has revealed that the division of the automotive industry had the largest market share in 2017 and is expected to record the highest growth rate during the forecast period.
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Efficient management of the fleet needs a lucrative management system for operations that can execute all procedures without much error. The impact of wireless technology adoption in fleet management is expected to increase the growth of the market, owing to its advantages such as quick access & response, wide-area coverage, and cost reduction.
Trends Influencing The Global Fleet Management Market Share
The growth of the fleet management market is driven by rise in need to manage fleet in a more efficient way, increase in concerns about the safety of a vehicle and the associated driver, stringent government regulations toward vehicle maintenance and tracking, obligatory incorporation of electronic logging device in fleet, rise in adoption of wireless technology owing to their decreasing costs and easy availability.
In addition, compliance to government regulations to minimize co2 emission and continuous tracking of driver behavior, vehicle tracking and others have resulted in high market prospects. Furthermore effective communication network with emergence of 4G, 5G and other wireless technologies has influenced rapid growth. However, cost sensitivity among local players and less integrity of information restrain the market growth. Transportation and logistics industry is expected to offer lucrative opportunities for the fleet management businesses in the near future.
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Region Wise Fleet Management Market Analysis
- During the forecast period, North America will account for the largest market share.
- Due to the booming e-commerce industry and increased demand for efficient transport logistics operations, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The region also provides the fastest-growing smart fleet management market in the world due to increased demand for smart transportation.
Fleet Management Market By Geography
- North America
- Europe
- Asia-Pacific
- Lamea
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Fleet Management Market Key Segments
Key Market Players
- Tomtom N.V.
- Navico
- Fleetmatics Group Plc
- At&T Inc.
- Mitac International Corporation
- Ibm Corporation
- D. Systems
- Telogis
- Cisco Systems, Inc.
- Freeway Fleet Systems
- Others
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Fleet Management Market By Vehicle Type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Aircraft
- Railway
- Watercraft
Fleet Management Market By Component
Solution
- Driver Management Solution
- Operation Management Solution
- Driver Management Solution
Services
- After-Sales Services
- Claim Inspection Services
- Vehicle Tracking/Follow-Up Services
- Customer Relationship Management (Crm)
Fleet Management Market By Communication Technology
- Gnss (Satellite)
- Cellular System
Fleet Management Market By Industries
- Retail
- Government
- Transportation & Logistics
- Automotive
- Others (Manufacturing, Construction, And Energy
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Reports Related to The Subsegments of Fleet Management Market Report:
1. Global IoT Fleet Management Market
With the increasing number of fleet vehicles, higher maintenance costs, and unpredictable fuel prices around the globe, fleet companies are increasingly concerned about achieving high operational performance with reduced costs. IoT makes this possible by facilitating real-time control and data transmission over the cloud server using networking system such as 4 G or future 5G, thus allowing efficient management and reducing fleet management costs. Further to achieve optimum results, IOT fleet management provides predictive maintenance and data analysis
The global market size of IoT Fleet Management in 2017 was US$ 3810 million and is expected to reach US$ 17500 million by the end of 2025, with a CAGR of 21.0 percent between 2018 and 2025.
The key factors driving the IoT fleet management market's growth are increased demand for streamlined business operations, real-time fleet tracking, and an increasing number of fleet security government mandates. Routing management represented the IoT fleet management market's largest share with 38.4 percent in 2016. This segment's growth can be attributed to increasing global road freight traffic and ongoing R&D initiatives aimed at developing innovative products.
The IoT fleet management market is expected to have the largest share in the North America region with 38 percent in 2016. Growth in this region's IoT fleet management market can be attributed to increased fleet vehicle purchases, high adoption rates of advanced technology products, and government regulatory innovations.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-L394/global-iot-fleet-management-market
2. Global Automotive OEM Fleet Management Market Analysis
Global Automotive OEM Fleet Management is a framework designed to control, track and monitor commercial vehicles effectively by fleet operators.
In 2018, the global market for automotive OEM Fleet Management Services was xx million US$ and is expected to reach xx million US$ by the end of 2025, rising at a CAGR of xx% between 2019 and 2025.
The light commercial vehicles sub-segment of the market in North America is expanding at a substantial pace due to the extensive usage of these vehicles to transport daily goods in the region. Due to high vehicle production in the region, Asia Pacific is likely to hold a prominent share of the global market. During the forecast period, the demand in Latin America is projected to expand at a significant rate of growth. Further, the market is expected to grow with a significant increase in the number of passenger and commercial vehicle production facilities in Mexico and Brazil.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2Z205/automotive-oem-fleet-management-services-market
3. Global Fleet Management Software Market
Fleet management software is developing rapidly with the preamble of big data analytics solutions. Big data analysis increases the health and actions of drivers. Predictive analytics, a big data analytics division, helps fleet operators handle corporate fleets proactively in the highly competitive automotive fleet industry. Fleet management businesses that spend on cloud computing and Big Data Analytics solutions will remain strong on the software market for fleet management as these technologies provide numerous benefits.
In 2018, the global Fleet Management Software market size was xx million US$ and it is expected to reach xx million US$ by the end of 2025, with a CAGR of xx% between 2019 and 2025.
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4. Global Commercial Vehicle Fleet Management System
Commercial Fleet Management System for Vehicles (CV FMS) is a centralized system that provides operators with efficient fleet management. FMS covers functions such as car finance, vehicle maintenance, telematics for cars, driver control, speed management, fuel management, and health and safety management. FMS combines technologies for hardware, applications, and networking.
Based on market research it is expected that North American countries will contribute significantly over the forecast period to the growth of commercial vehicle fleet management systems.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-4J165/commerical-vehicle-fleet-management-system-market
5. Global Automotive Fleet Management Market
Due to rapid technological advancements in the automotive industry, today's vehicles are incorporated with advanced technology to directly manage fuel purchases and record telematics data to manage driver behavior and predictive maintenance scheduling.
Market growth can be attributed to the increasing ecommerce sector and cab services that have significantly increased the need for efficient fleet management solutions. The rising size of the automotive fleet for transport and logistics is the main factor in the growth of automotive fleet management solutions worldwide.
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