According to a new market research report “Fleet Management Market by Solutions (Operations & Asset Management, Fleet Analytics, Routing & Navigation, Vehicle Maintenance & Leasing, Driver Information Systems), by Connectivity Technology, Industry Verticals, Services – Global Forecast to 2020”, published by MarketsandMarkets, the global market is estimated to be valued at USD 8.03 Billion in 2015 and is projected to reach USD 22.35 Billion by 2020, at a CAGR of 22.7% from 2015.
Fleet Management solutions include operation management, asset management, and driver management. Fleet Management is the efficient management and administration of company’s vehicle fleet for the entire life-cycle, from vehicle financing, tracking and maintenance, fuel management, and vehicle and driver performance monitoring to remarketing. It includes a range of functions such as operation management, asset management, and driver management that helps companies to efficiently manage and operate their fleets with minimum risk by providing real-time information using advanced connectivity technology. With the increasing complexity of operations in transportations and logistics, companies want to limit downtime of both drivers and fleet; and therefore there is a significant demand for robust Fleet Management solutions and services among manufacturing, construction, mining and others.
Increasing need for operational efficiency is expected to be the primary driver for the Fleet Management Market during the forecast period. Increasing maintenance cost, fuel consumptions, regulations and accidents have mandated the need for effective and efficient Fleet Management solutions and services. Other driving factors include environmental concerns and decreasing hardware and connectivity cost. In addition, increasing demand for commercial vehicles in regions such as Middle-East and Africa and Latin America indicates a potential business opportunity for Fleet Management solutions. Also, integration of Internet of Things (IoT) technology with vehicles will increase the adoption of fleet management solutions in developed regions such as North America and Europe. However, cost sensitivity among small and medium fleet owners and government norms is expected to hinder the growth of fleet management.
Furthermore, the Fleet Management Market remains competitive with the presence of a large number of vendors. The major vendors in the Fleet Management Market are AT&T, Cisco Systems, IBM Corporation, Fleetmatics Group, and Verizon Communications, among others.
Services include professional services, system integration and deployment services, and managed services. Verticals consist of manufacturing, government, transportation and logistics, energy and utilities, retail, and construction. In addition, the report classifies the market according to the regions of North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
MarketsandMarkets forecasts that the global Fleet Management Market is estimated to grow from USD 8.03 Billion in 2015 to USD 22.35 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.7% during the forecast period. On geographical grounds, North America is estimated to be the largest market for Fleet Management Market due to technological advancement and early adoption of IoT. Asia-Pacific depicts a strong opportunity for the adoption of fleet management due to regulatory mandates regarding installation of Global Positioning System (GPS) in commercial vehicles and therefore is expected to witness growth at the highest CAGR during the forecast period.
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