Fleet Management Market with strategies and analysis to 2028.

(I-SoftwareNews.Com, September 28, 2021 )

Market Overview

Fleet management includes management of commercial motor vehicles, private vehicles, aviation machinery, ships, rail cars and non-powered assets.

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Market Dynamics

The market is driven by the rising demand for fleet management solutions due to their efficiency in saving fuel, lowering the maintenance costs, and securing the management for the vehicle and customers

Fleet management is widely used by couriers, oil and gas delivery, utilities, repair, and service businesses to ensure responsible vehicle use with confirmed safety and enable real-time tracking. Effective fleet management helps in reducing fuel costs, optimizing the routes, increasing productivity, and enhancing customer satisfaction.

The market is witnessing the technological advancement for the development of fleet management solutions with wireless technology, obligatory incorporation of ELD, and other technologies. Consequently, there is an increase in the launch of novel fleet management solutions. For instance, in February 2020, Shell had launched fleet management solutions in India for reducing the total cost of ownership (TCO) for fleet owners. In July 2018, WABCO had launched the TRAXEE, its new fleet management system (FMS). This novel fleet management system is designed to meet the specific needs of operators of small to medium-size commercial fleets. TRAXEE FMS provides the smaller fleet operators several business-critical functions without incurring large capital investment or management overhead expenses. TRAXEE enables operators to better coordinate fleet capacity, manage driver activity, and improve administrative efficiency. The system provides real-time status updates on individual trucks and drivers while helping to address the tachograph legal compliance requirements across Europe and Turkey.

However, the low rate of adoption of fleet management solutions among small fleet owners is hindering market growth. Several factors such as lack of awareness, limited operation scale, smaller budgets, limited compliance norms, high capital requirements, and a rise in operational costs have led to the low rate of adoption of the fleet management solutions among the small fleet owners.

Segment Analysis

By Fleet Type

• Commercial Fleets

• Passenger Cars

By Solution

• Operations Management

• Asset Management

• Information Management

By Service

• Professional Services

• Managed Services

By Deployment

• On-Premises

• Cloud

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Geographical Presentation

By region, the global fleet management market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa

Among all of the regions, North America dominated the global fleet management market and is expected to grow at the highest CAGR during the forecasted period owing to the high adoption of the fleet management solutions for vehicle & driver tracking, asset management, two-way communication, driver safety & time management, after-sales services, customer relationship management, and others. Fleet management provides better access to plan maintenance of vehicles, enhanced driver safety, and proper routing of fleets. There is the presence of prominent market players providing fleet management solutions and services in various different public and private organizations. For instance, as of 2021, the US Department of Homeland Security has adopted fleet management solutions to provide its fleet managers access to data-driven insights for managing the daily operations of the fleet. There are several government regulations for the improvement of the management and enhance the performance of a fleet. For instance, as of 2021, the United States General Services Administration has provided centralized procurement for the federal government that is comprised of certain rules and regulations for the management of public sector fleet in the United States.

The Asia-Pacific region is expected to have positive market growth due to the growing investment and funding by several small and medium organizations for the adoption of technologically advanced solutions and cloud-based software services for fleet management for streamlining operations. There is growing awareness regarding the cost benefits of fleet management shall boost the demand for the fleet management solutions and services over the forecasted period.

Competitive Analysis

The global fleet management market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. AT&T, Inc., Cisco Systems, Inc., Fleetmatics Group Plc, Omnitracs LLC, IBM Corporation, Astrata Group, Tomtom NV, and Wheels Inc. are the leading market players with significant market share.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for fleet management and their expansion across the globe. For instance, in June 2020, Targa Telematics had entered into a multi-year agreement for fleet management solutions for business customers in the European market. The initiative covers all FCA connected models in the EMEA area.

In January 2020, General Motors had entered into the collaboration with Geotab to launch the new Geotab Integrated Solution for GM vehicles. This solution pairs up with the pre-embedded OnStar module found in GM vehicles that allows the fleet operators to access data from their GM fleet vehicles within the MyGeotab platform. This prevents the need for them to install an aftermarket system to track and manage their fleet vehicles, leveraging the OnStar module that already comes with the vehicle.

Related Topic's

Compound Management Market, Fuel Management Systems Market, IT Asset Management Software Market, Fall Management Market, Waste Management Market,

DataM Intelligence

Sai Kiran

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Fleet Management Market with strategies and analysis to 2028.