Fleet Management Market Overview
The global fleet management market is growing continually, mainly due to the growing demand for improved communication mediums, performance monitoring solutions, and vehicle safety & security. Besides, the growth in fleet operations, especially in emerging nations, and an increase in demand for electric vehicles, escalates market shares. Increasing mobile phones and GPS technology usages boosts the market demand.
With increasing advances in communication technologies, the market is expected to touch significant heights in the next few years. In this regard, Market Research Future (MRFR) states that the global fleet management market is projected to gain exponential traction by 2027, growing at a colossal CAGR during the forecast period (2020-2027).
Additionally, developments in 3G/4G and 5G vehicle connectivity technologies fuel the market’s growth. Simultaneously, the penetration of autonomous and semi-autonomous vehicles and growth in cloud computing-based vehicle tracking systems boost the size of the market.
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Also, increased R&D expenditures and the expansion of transportation sectors influence market growth. On the flip side, technological limitations causing GPS and cellular-based trackers failures due to limited/failed cellular or wireless network coverage are major factors impeding the market growth.
Also, the high R&D investment requirements pose challenges to new market players. However, rapid advances and uptake of advanced vehicle safety technologies would support market growth throughout the review period.
Global Fleet Management Market – Segments
The report is segmented into types, components, technologies, end-users, and regions. The type segment is sub-segmented into light commercial vehicles, heavy commercial vehicles, aircraft, railways, watercraft, and others. The component segment is sub-segmented into solutions and services.
The sub-segment solution is bifurcated into driver management solutions, operation management solutions, driver management solutions, and others. Similarly, the sub-segment service is bifurcated into after-sales services, claim inspection services, vehicle tracking/follow-up services, customer relationship management (CRM), and others.
The technology segment is sub-segmented into GNSS (Satellite) and cellular systems. The end-users segment is sub-segmented into retail, transportation, logistics, automotive, construction, oil & gas, energy, manufacturing, government, research & development, consultancy firms, and others. The region segment is sub-segmented into Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Global Fleet Management Market – Regional Analysis
North America leads the global fleet management market, with the strong presence of key technology providers and operating units in the region. The availability of sophisticated technologies in the region boosts market growth.
Additionally, the increasing adoption of GPS services and cloud-based services drives the growth of the regional market. Increasing uses of navigation services in the region offers significant impetus to the regional market’s growth. Moreover, the proliferation of smartphones provides enormous opportunities across businesses.
Global Fleet Management Market – Competitive Analysis
Highly competitive, the fleet management appears to be fragmented due to several well-established players accounting for a substantial market share. To gain a larger competitive share, players incorporate acquisition, collaboration, partnership, expansion, and product & technology launch strategies.
Players leading the global fleet management market include US General Services Administration, TomTom N.V., Fleetmatics Group PLC, IBM Corporation, Telogis, Freeway Fleet Systems, AT&T Inc., ID. Systems, Navico, Grupo Autofin de Monterrey, MiTAC International Corporation, Trimble Transportation & Logistics, Cisco Systems, Uber Technologies, Grab, Scope Technologies, Didi Chuxing, Troncalnet, Ola Cabs, FAMSA, DC Velocity, European GNSS Agency (GSA), Fleet Robo Fleet Management Solutions, among others.
Industry/ Innovation/ Related News
Oct. 06, 2021 – CalAmp, a connected intelligence company, announced that its subsidiary, Tracker Network (UK) Limited, has launched a new fleet and asset management software in the UK, named CalAmp iOn. The deployment of CalAmp’s iOn software would enable commercial fleet operators in the UK to track driver’s behavior and vehicle usages and manage portable assets through a single, easy-to-use platform.
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