Fleet Management Market Growth Overview And Forecast2021-2023
Fleetmanagement is the process of managing fleets in an organization. It utilizessoftware for checking on vehicle diagnostics, driver behavior, and monitoringof assets. It finds application in sectors of waste management, oil & gas,construction, chemicals, mining, retail and logistics, utilities, and publicand private transport. The global fleet management market report by MarketResearch Future (MRFR) predicts revenue and growth projections for the periodof 2018 to 2023 (forecast period) by looking at drivers, opportunities,obstacles, and challenges. The COVID-19 pandemic and its effects on theindustry are explained in a comprehensive manner.
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MarketScope
The globalfleet management market is expected to grow at a CAGR of 22% during theforecast period. The continuous demand for logistics and transportation,initiatives for curbing emissions, connectivity issues, and volatile fuelprices are major drivers of the market. Organization can utilize fleetmanagement software for tracking fleets and ensuring the safety of theirdrivers. Integration of electronic logging devices in fleets for compliancewith latest laws and rise of smart transportation can bolster the market demandsignificantly.
Enforcementof laws for ensuring more driver breaks and sleep for drivers can spur thedemand for fleet management software. This can ensure the efficiency ofoperations and reduce overall costs. Real-time alerts for managers and GPStracking for pinpointing vehicles coupled with sustainability initiatives canfavor the market in the coming years. Integration of artificial intelligenceand big data for gaining access to fleets in real-time as well as their routescan serve the market favorably.
Concernsfor cyberattacks and lack of network infrastructure in certain countries candampen the FleetManagement Market growth.
Segmentation
Byconnectivity type, it is divided into cellular system and satellite navigation.
Bydeployment type, it is segmented into cloud, on-premises, and hybrid. The cloudsegment is expected to dominate the market owing to its easy integration andcost-efficiency.
Byservices type, it is segmented into professional services, managed services,and integration and deployment services. The professional services segment canlead in the market owing to presence of various logistics and transportationcompanies and mandatory laws for curbing emissions.
Bymanagement type, it is segmented into operation management, asset management,and driver management.
RegionalAnalysis
TheNorth American and Europe regionsare expected to dominate the market due tostringent norms on vehicle emissions and huge innovations in the fleetmanagement technology deployment.Sustainability approaches by countries inthese regions combined with modernization of infrastructure for monitoringfleet vehicles can drive the demand for fleet management market. Presence ofreputed logistics companies and focus on efficiency and cost savings can bode wellfor the market. In order to encourage sustainability, the state of Californiahas mandated its vehicles to be emission-free by 2035.
TheAsiaPacific region is expected to be the fastest growing region with increasedopportunities in countries of China and India. Large scale adoption of web andmobile based business services in these countries is the primary driver for themarket in the region.Incorporation of low-emission vehicles and efforts forelectrification of transport infrastructure can drive the globalfleet management market demand.
CompetitiveOutlook
TrimbleInc., I.D. Systems, Inc., Verizon Telematics Inc., Cisco Systems, Inc.,WorkWave LLC, Fleetmatics Group PLC, and Zonar Systems, Inc. are key players ofthe global fleet management market. Acquisitions are the primary strategyundertaken by players for gaining the competitive edge in the market. Recently,Infobric acquired TelliQ AB, a Swedish telematics company, in 2020. The largenumber of clients in the construction industry by the former provides theacquisition a new path by engaging in a smart manner and integration of fleetmanagement systems in vehicles.
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