Fleet Management Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3598
Fleet Management Market size is expected to grow rapidly over the forecast period due to increasing demand for improving the operational efficiency of logistics and transportation companies, development of the wireless technology, and advancements in the automotive sector such as connected vehicles and autonomous driving. The increase in mobile network connectivity, network range, and steps for commercialization of next-generation 5G network are helping to deliver high performance and excellent usability for fleet management systems. The increase in government support for Intelligent Transport Systems (ITS) to enhance road safety and reduce traffic congestion is another factor fueling fleet management market growth. The other factors contributing to the growth of the market are the increasing demand for smart logistics and the proliferation of car leasing and rental companies.
Fleet management systems help fleet managers in improving productivity by saving the time of drivers by planning routes efficiently and providing traffic updates and predicting the time of departure and arrival. It also helps transportation and logistics companies economically by reducing the consumption of fuel and idle time. This improves the fleet times and reduces the losses occurring due to delays in the delivery of logistics. The integrated tracking systems help customers to get real-time information about the location of their assets, improving the overall customer satisfaction. The fleet management systems improve driver safety by providing alerts regarding the road conditions for the planned path.
The advanced fleet management systems have a feature of driver-behavior monitoring, which will prevent rash driving behavior and reduce on-road accidents. The real-time fleet tracking reduces the chances of vehicle theft. The On-Board Diagnostics (OBD) feature in the fleet management system monitors the performance of vehicle engine components and provides alerts regarding maintenance requirements of engine components. The increase in the high initial capital expenditure required for the deployment of the fleet management system may hamper market growth. The growing concerns over the data privacy and security of data transmitted over the wireless network and lack of cellular network infrastructure in developing countries are also expected to hinder the fleet management market growth.
North America is expected to hold a significant fleet management market share over the forecast period due to an increase in the number of commercial vehicle and the adoption of IoT technology in the region. For instance, according to the International Organization of Motor Vehicle Manufacturers, commercial vehicle sales in the U.S. crossed 11 million mark in 2017. The transportation companies are deploying fleet management solutions to increase their operational efficiency. The increase in the number of vehicle theft incidents is enabling rapid adoption of the fleet management systems across the transportation companies to reduce losses occurring due to accidents. For instance, according to the Canadian Centre for Justice Statistics, in 2017, 85,000 motor vehicle thefts were reported by police in Canada, 5,900 more than 2016. The rate of vehicle theft increased by 6% from 2016 in the country.
The APAC fleet management market is expected to grow rapidly over the forecast period due to the increase in the adoption of smart cities and increasing awareness regarding passenger safety in the public transportation system. The government authorities are emphasizing on the safety and security of passengers in public transportation, especially women and children in urban areas. For instance, in February 2019, the Indian Ministry of Road Transport and Highways mandated the installation of vehicle location tracking devices and emergency button for new public service vehicles registered after 1st January 2019 under rule 125H of the Central Motor Vehicle Rule 1989. The major fleet management solution providers are forming strategic partnerships with technology companies to deliver fleet telematics services in the APAC region. For instance, in October 2018, Netstar, a provider of fleet management solutions and vehicle tracking devices partnered with IT solutions and services company, C Ahead to offer insurance and fleet telematics in India. This partnership helped the company to expand its customer base in the rapidly growing Indian fleet management market.
The major fleet management solution providers are strategically collaborating with other technology companies to provide innovate fleet management solution for logistics and transportation companies. For instance, in January 2017, Geotab selected Sequans Communication’s LTE Cat 1 technology for next-generation vehicle tracking systems. This collaboration helped the company to offer advanced connectivity solutions and cost-effective future-proof fleet management solutions. The major players operating in fleet management market are Geotab, Automotive Rentals Inc., Teletrac Navman, Verizon Connect, Mix Telematics, Masternaut, Chevin Fleet Solutions, Inseego Corp, Omnitracs, Trimble, Wheels, Inc., GPS Insight, Nextraq, Azuga, Donlen Corporation, TomTom N.V., AT&T Inc., Freeway Fleet Systems, Cisco Systems, Inc. and Fleetmatics Group PLC.
Fleet Management Market, By Component, 2014-2025 (USD Million)
- Operation Management Solution
- Driver Management Solution
- Vehicle Tracking System
- Managed Services
- Professional Services
Fleet Management Market, By Deployment Model 2014-2025 (USD Milli
Fleet Management Market, By Vehicle Type 2014-2025 (USD Million)
- Commercial vehicles
- Passenger vehicles
Fleet Management Market, By End-user 2014-2025 (USD Million)
- Transportation & Logistics
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Geotab Inc.
- Automotive Rentals Inc.
- Teletrac Navman US Ltd
- Verizon Wireless Inc.
- MiX Telematics International (Pty) Ltd
- Masternaut Limited.
- Chevin Fleet Solutions
- Inseego Corp
- Omnitracs, LLC
- Trimble Inc.
- Wheels, Inc.
- GPS Insight, LLC
- NexTraq, Inc.
- Azuga, Inc.
- Donlen Corporation
- TomTom N.V.
- AT&T Inc.
- Freeway Fleet Systems Inc
- Cisco Systems, Inc.
- Fleetmatics Group PLC
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability
Why Global Market Insights, Inc.?
- GMI is unparalleled when to comes to the quality of research and information provided to clients. Our unique methodology is designed to ensure a minimum of 90% accuracy to give our clients excellent value on their investment.
Over 200 experts are available across various time-zones, ready to serve clients for their research needs. Our industry experts help clients to design reports customized to their needs.
An interactive business analytics platform; designed to assist clients in accessing and analyzing market data on real-time basis.Start Your Free Trial