May 21, 2020
As per the report titled ‘Global Fleet management Market Size study, by Deployment Model (Cloud, On-premise, Hybrid), by Solutions (Driver Management, Information Management, Operation Management, Safety and Compliance Management, Risk Management, Asset Management, Others), By End User (Construction, Energy, Transportation, Manufacturing, Other End Users) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global fleet management market share worth USD 6.15 billion in 2019 and is projected to expand with a growth rate of 20% over 2020-2026.
Fleet management facilities enable enterprises to maintain and track their vehicles through vehicle maintenance, vehicle telematics, vehicle financing, driver management, health & safety management, speed management, and fuel management.
Increasing cross-border trade, growing adoption of wireless technology in consort with mandatory integration of ELD (Electronic Logging Device), and escalating need for solutions that can improve the operational competency in fleet management are the key growth drivers of global fleet management market.
Spike in road accidents has also boosted the demand for fleet management solutions. According to the WHO report 2018, about 1.35 million road traffic deaths occur annually across the globe. This has motivated fleet owners to adopt fleet management software, to encourage better driving behavior and constantly monitor and send feedback & alerts regarding the driving style, thereby considerably reducing the risk of accidents.
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An array of benefits like reduced maintenance costs, fuel saving benefits, improved safety, and efficient management of automobile and customers have bolstered the adoption of fleet management solutions, especially among big organizations. Furthermore, escalating demand for logistics and transport globally is expected to present new growth opportunities for this business sphere in the coming years. However, cost sensitivity and stringent compliance standards may restrain the market growth over the forecast period.
As per the regional analysis, the market is divided into North America, Europe, Asia Pacific, Latin America, and South America. Among these, North America fleet management market will continue to display strong growth due to high adoption rate of fleet management solutions across several industries in the region.
Meanwhile, Asia Pacific fleet management market is also set to register a strong CAGR over the forecast timeline, owing to stringent regulations regarding road safety, and upsurge in transport facilities in developing nations such as India, China, and Japan.
Key players operating in global fleet management market are Ctrack (Inseego Corp), Cisco Systems Inc., I.D. Systems, Astrata Group, IBM Corporation, Mix Telematics Limited, Tomtom NV, Omnitracs LLC, and Trimble Navigation Limited.