According to BlueWeave Consulting, The Global Fleet Management Market is expected to grow with a significant rate during the forecast period 2019-2025, due to increased emphasis on energy/fuel efficiency in vehicle operations in addition to the need for high-speed networks. Growing adoption of wireless technology in fleet management owing to its advantages such as quick access & response, wide-area coverage, and cost reduction, which help the vendors to increase their productivity, efficiency, and ROI, will foster the global Fleet Management Market in the forecast period.
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Moreover, the major factor driving the Global Fleet Management Market is rising adoption of it such as improvement in maintenance planning, vehicle performance and schedule of fleet routing which enhances the fleet safety and also customer satisfaction. Furthermore, upsurge in the application of fleet management like organizations needs to streamline the operations for greater connectivity and reduce the hardware cost needed to perform the necessary fleet management will accelerate the growth of the Fleet Management market. Additionally, growth in adoption of wireless technology, obligatory incorporation of ELD, need of operational competency in fleet management, and increase in international trades will contribute to Fleet Management market growth during the forecast period.
Also, various government organizations of various countries have policies to improve management as well as enhance the performance of a fleet are expected to boost the Fleet Management market in the upcoming year.
On the basis of Vehicle Type, the Fleet Management market has been segmented into Light Commercial Vehicle, Heavy Commercial Vehicle, Aircraft, Railway, and Watercraft. Aircraft segment dominates the global Fleet Management owing to its rise in demand for aircraft fleet. Watercraft will influence by fleet management applications like focused on theft detection & theft recovery and extensive device and reporting frequency option.
On the basis of Components, the Fleet Management market has been categorized into Solution and Services. Solution segment will lead the market owing to its application which includes a range of software and hardware capabilities to improve the overall operations of the transport industry. Services segment will grow by its features like vehicle financing, vehicle maintenance, vehicle telematics (tracking and diagnostics), driver management, speed management, fuel management, and health and safety management.
On the basis of Communication Technology, the Fleet Management market has been categorized into GNSS and Cellular System. GNSS will lead the segment due to the rise in adoption of GNSS in fleet management coupled with government initiatives to strengthen their satellite navigation systems. Cellular systems will trigger by its application to help OEMs continually improve their vehicles and develop new applications to enhance the driving experience.
On the basis of region, the Fleet Management market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world Fleet Management market over the forecast period owing to growth rapid pace of digital transformation in the US is high, high growth of telematics, and the advent of the 4G technology in the transport industry. The Asia Pacific market will be the fastest growing market owing to increasing stringency in regulations and rising transportation facilities in countries including India, China, and Japan.
Companies such as U.S. General Services Administration, Uber Technologies, Inc., Ola Cabs (ANI Technologies Pvt. Ltd.), Lyft, Didi Chuxing, Grab, European GNSS Agency (GSA), Spireon, Inc., Trimble Transportation & Logistics, Fleet Robo Fleet Management Solutions, DC Velocity, Scope Technologies, Troncalnet, FAMSA, CARSSA Courier Company, Altos Hornos de Mexico (AHMSA), Grupo Autofin de Monterrey, The Goodyear Tire & Rubber Company, Mercedes-Benz and Renault, are the key players in the global Fleet Management market.