By 2027, the global Fleet Management Market size is anticipated to rise to USD 36.5 billion from USD 16.9 billion in 2019 and growing at a Compound Annual Growth Rate (CAGR) of 16.4% during the projected period.
All the perspectives of a vehicle in a company are handled by fleet management. Fleet vehicles refer to those vehicles that have relevance in the business or which influence the business in a substantial manner. Position and material monitoring, production monitoring and equipment assignment and optimization are the three essential elements of fleet management. The characteristics of fleet management comprises of driver behaviour, mechanical diagnostics and vehicle tracking. Fuel management, risk management, telematics, accident management, remarketing, fleet vehicle financing, etc are its other attributes. Fleet management is applicable in various industries such as service sector, oil and gas chemicals, mining, construction, logistics, retail, utilities, public transport, government and waste management, academia, etc. Trucks and trailers, buses and trams, container ships, rail and cruise ships, light goods vehicle, corporate fleets, commercial & freighter aircrafts, and many more are the different vehicles enclosed under fleet management.
The prominent players of Fleet Management Market are Fleetmatics, Garmin, Accenture, Masternaut, IBM Corporation, Qualcomm, Motorola Solutions, TomTom, Trimble navigation, Mixtelematics, Fleet Management, Daimler, Oracle, Toyota, CAT, Scania, JDA Software, E-Drive Technology, Garmin Ltd, Freeway Fleet Systems, Chevin Fleet, BW Fleet Management, FML World, Höegh LNG, BP Global, LeasePlan, Mercury Associates Inc, Enterprise Fleet Management, Verizon, SMH Fleet Solutions, Total Motion Vehicle Management, FMG, Mycompanyfleet, Nexfleet, Wheels Inc, Union Leasing Inc, TPC Management Company, Total Motion Ltd, TKS Tankkarten service, The Motorlease Corp, Southeastern Fleet Management, GPS Fleet Solutions, Go Fleet Canada, EMKAY Inc, BBL Fleet, ABS National Auto Services, etc.
Within the forecast period, due to the enhanced concentration on primary operations by major companies the managed services segment is projected to account a higher CAGR among all services. In the fleet management ecosystem, these services provide technical skills that are imperative to manage and upgrade the software. Under the managed services, all pre- and post-deployment concerns and demands of customers are addressed. For offering scheduled deliveries to customers, companies usually outsource such services. Some of the imminent managed services fleet operators need include integrated facility management, consultancy, and round-the-clock helpdesk. The advancement in acceptance of outsourced managed services around fleets is driving the managed services segment.
Fleet Management Market Asia-Pacific has garnered the highest growth rate and by 2023 it is expected to rise at a significant growth rate of 11% per annum, registering with 4.2 billion devices. Speedy urbanization in establishing economies, prompt access & benefits of GNSS, and government measures to enhance their satellite navigation systems, is attributed by advancement in acceptance of GNSS in fleet management.
The essential tasks of fleet manager are tracking and follow-up of the fleet as well as the driver. An essential matter to be managed by the fleet owners is the substantial growth in number of accidents globally. Accident is one of the dominant causes of death, and costs individual countries around 1-2% of their GDP, as per the statistics released by the Association for Safe International Road Travel.
Segmentation in Fleet Management Market are:
o Operations Management
o Performance Management
o Vehicle Maintenance and Diagnostics
o Fleet Analytics and Reporting
o Others (crash management and toll management)
o Professional Services
o Managed Services
Fleet Management Market By Fleet Type
• Commercial Fleets
• Passenger Cars
• North America
• Latin America
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