- Green fleet initiatives, increasing penetration of cloud solutions to drive market growth.
- Adoption of cloud based solutions will improve fleet efficiency at reduced cost.
- Increasing adoption of smart fleet management solutions will fuel market growth
Technological advancements and stringent government regulations in automotive industry have resulted in increased deployment of autonomous vehicles. The adoption of autonomous fleets for commercial and passenger movement is anticipated to increase during coming years. The cost of fleet management hardware and software is decreasing with advancement in technology thereby supporting growth of the fleet management solution market across the globe.
Rising deployment of cloud based solutions offers fleet managers to track and manage the fleet in real time, thereby increasing the efficiency of fleet operations. This is anticipated to be the prime factor governing the market growth during the forecast period. The global fleet management solution market is anticipated to grow at a healthy CAGR of 15% during forecast period 2020-2030. Additionally, stringent government regulations to monitor and reduce greenhouse emissions from vehicles is anticipated to be another factor bolstering the growth of fleet management solution during the forecast period.
The Fleet Management Solution Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, sales network, business strategies, research & development activities, major production and consumption, supply chain analysis, competitive landscape, and market composition analysis.
The fleet management solution market is segmented based on type, solution, deployment, end user, and geography. Based on type, the market is segmented into traditional and smart fleet management solutions. The traditional fleet management solutions marginally dominated the market in 2018, however is anticipated to witness a steady growth during the forecast period. The smart fleet management solutions are anticipated to be fastest growing segment during the forecast period. With increasing penetration of cloud and deployment of Software-as-a-Service, the fleet management solutions are getting more advanced and sophisticated. Smart fleet management solutions allows real time fleet visibility, and monitors vehicle uptime, which helps fleet managers to optimally manage the fleet, thereby optimizing operational cost of fleet movement.
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On the basis of deployment, the market is segmented into on-premises, hybrid, and cloud. Among these, cloud based fleet management solutions dominated the market in 2018 and is anticipated to be the fastest growing segment during the forecast period. Cloud based solutions offers real time fleet monitoring along with significant reduction in cost associated with hardware requirements of counter parts of cloud solutions. Moreover, the data generated from the fleet can be analysed in real time to improve operational efficiency, customer satisfaction and reduce cost, through informed decisions.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America and Europe collectively contributed 1/3rd of the global fleet management in 2018 and are anticipated to be the dominating markets during forecast period. Rising deployment of green fuel vehicles and adoption of cloud & big data in managing fleets are anticipated to be the major growth contributors during coming years. Asia pacific is anticipated to grow at a prominent double digit growth during the forecast period owing to rising awareness and government initiatives to reduce the carbon footprint of commercial fleets along with reducing cost of fleet operations.
Major players operating in the global fleet management market include Astrata Group, AT&T Inc., Cisco Systems Inc., Ctrack (Inseego Corp.), I.D. Systems, IBM Corporation, Mix Telematics Limited, Omnitracs LLC, Tomtom NV, Trimble Navigation Limited, Verizon Communications Inc., and Wheels Inc.