Fleet Management Market 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. The global Fleet Management market report by Market Research Future (MRFR) predicts revenue and growth projections for the period of 2018 to 2023 (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.
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.
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.
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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 size.
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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