Research Nester has released a report titled “Fleet Management Market – Global Demand Analysis & Opportunity Outlook 2025” which delivers detailed overview of the global fleet management market in terms of market segmentation by function and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global fleet management market is segmented by function into operational fleet monitoring and management, vehicle dispatch, asset tracking, security & safety management, driver scheduling and condition-based maintenance, out of which, the vehicle tracking component is the most basic function all fleet management systems. Vehicle tracking components are usually GPS-based and the tracking information acquired by the system from the vehicle is often used by the fleet owner to quickly respond on events in the field. The dispatch function segment is anticipated to grow with a significant CAGR over the forecast period owing to the increasing adoption of app-based cab services around the world. Dispatch function segment deals with assigning vehicles to customers and are mostly used in industries such as taxicabs, couriers and emergency services amongst others.
The global fleet management market is anticipated to achieve a CAGR of around 12% during the forecast period, i.e. 2019-2025. Increasing trends of the fleet operators who are opting for advanced technologies including telematics that are related to bigdata, artificial intelligence and others, coupled with the ability of fleet management systems to be customized depending upon the requirement of the fleet owner, which has raised greater adoption of fleet management systems amongst businesses worldwide, are some of the factors anticipated to contribute towards the growth of the global fleet management market. growth of the global fleet management market. The market was valued at around USD 8000 million in the year 2018 and is expected to garner a value of around USD 17000 by the end of 2025 and further achieve an absolute $ opportunity of around USD 9900 million during the assessment period.
Regionally, the global fleet management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the presence of the commercial fleet in the region which plays an essential role in the regional economy, coupled with the presence of several key players in the region. Additionally, in Europe, the fleet management market is anticipated to gain significant market share over the years to come owing to the presence of a large number of commercial fleet, which is majorly used by mobile workers in the region for activities which include distribution of goods and parcels, coupled with the presence of several number of truck manufacturers which contributes widely to the overall commercial fleet in the region.
Growing Need to Increase Efficiency of Fleet Owners
The cost of operations for fleet owners have increased massively over the years owing to fluctuating oil prices and vehicle parts and accessories. Owing to such a factor, it is very much necessary for a fleet owner to monitor and track its fleet and continuously check the performance of the overall business. Additionally, implementation of several norms and regulations, such as the electronic logging device (ELD) mandate, by the government of nations around the world, which helps to understand and track a driver’s total driving hours in order to ensure that they comply with the labor regulations, coupled with the growing commercial fleet are some of the factors anticipated to drive the growth of the global fleet management market.
However, concerns regarding lack of presence of a proper technological infrastructure across several nations around the globe that restricts data communication over the fleet management system are some of the factors anticipated to limit the growth of the global fleet management market.
This report also provides the existing competitive scenario of some of the key players of the global fleet management market, which includes company profiling of Webfleet Solutions B.V., Geotab Inc., Verizon, Omnitracs, Trimble Inc. (NASDAQ: TRMB), Alphabet (GB) Limited, Telenav, Inc. (NASDAQ: TNAV), Arvento Mobile Tracking and Fleet Management Systems, Teletrac Navman US Ltd. and Emkay. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fleet management market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.