Increasing demand for improvements in transportation operations is projected to drive fleet management market growth, finds FMI in a recent market survey. Incorporation of technological advancements in software systems is anticipated to fuel sales.
As per ESOMAR-certified consulting firm Future Market Insights (FMI), the market valuation is forecast to exceed US$ 11.5 Bn in 2021, expanding at an impressive 10.4% CAGR.
Advancements in vehicle connectivity to offer improved road safety will further drive market growth. As per the World Health Organization (WHO), nearly 1.3 million people succumb to road accidents every year. Alarming rise in death toll is creating a pressing need for flexible and more data-driven fleet management systems.
Introduction of connectivity-driven technologies such as artificial intelligence (AI), cloud computing, and big data analytics is boosting sales in the global fleet management market. Apart from this, government subsidies aimed at encouraging production and fleet management software adoption will shape the demand outlook positively.
For instance, the https://www.gsa.gov/buying-selling/products-services/transportation-logistics-services/fleet-managementU.S. General Service Administration is a government body that facilitates vehicle purchasing, rentals, and short-term leasing for federal agencies and authorized entities. The organization also has announced FedFleet 2021, an educational program for federal employees seeking training in fleet management best practices.
In 2020, the coronavirus outbreak compelled manufacturers operating in the fleet management market to seek out impactful solutions for small and large-sized fleet operators. In addition to this, companies are actively providing consultation services to help end-users navigate through concerns pertaining to operations and revenue, which in turn is keeping the market afloat.
In terms of large-sized fleet operators, a spike in demand for on-demand trucking services has been witnessed in recent years. Cost-reduction and automated task management will continue shouldering demand for fleet management systems, thereby propelling sales in the market.
As per FMI, North America is forecast to dominate the fleet management market during the assessment period. The presence of key players in the region, along with increasing innovations and rapid adoption of latest technologies are chief factors expected to drive sales in fleet management market through 2031.
“Increasing demand for effective, flexible, and affordable fleet management systems is propelling sales in the market. Incorporation of connective technology such as artificial intelligence and cloud computing will further provide tailwinds to sales growth through 2031,” says the FMI analyst.
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- Fleet management hardware segment will remain dominant through 2031, accounting for 48% of the total market share.
- In terms of fleet type, trucks/cars/buses are anticipated to enhance growth prospects in the market.
- Fleet tracking and geofencing will exhibit high demand due to increased productivity and visibility in fleet management operations.
- Transportation sector is anticipated to remain the leading end user backed by the growing need for real-time location tracking and schedule management for effective delivery.
- North America is anticipated to emerge as the most lucrative market, owing to increasing demand from end-use industries for full-service leasing.
- Germany is forecast to witness positive growth, backed by government-led initiatives and increasing adoption of electric vehicles.
- Expansions in transportation and oil & gas industry will enhance growth prospects in China.
- Growth in adoption of connected vehicles in India is expected to spur demand for fleet management systems.
- Technological advancements to support safety and automation in transportation will drive sales in the market.
- Increasing adoption of connected vehicles will shape the demand outlook for fleet management market.
- Threats regarding cybersecurity and data breaches may hamper sales prospects.
- Lack of professional training to operate and launch fleet management software by fleet personnel may hinder the market growth.
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Top players in the fleet management market are focusing on automation and novel digital technologies to offer products launches. Key strategies adopted by market players also include partnerships and collaborations to strengthen the product portfolio. For instance:
- In June 2021, Dtac Business and Cartrack Technology announced a partnership to offer fleet management technologies to small and medium scale enterprises in Thailand.
- In February 2018, Cisco Inc. launched comprehensive multi-domain automation solutions for greater network visibility and data-driven insights. These solutions will help the company to integrate advanced technologies in the future with low additional expenditure.
Leading players operating in Fleet Management Market profiled by FMI include:
- TomTom N.V.
- Zebra Technologies Corp.
- Trimble Inc.
- Cisco Systems, Inc.
- GoFleet Corporation
- Geotab Inc.
- Digital Matter
- GPS Trackit
- Fleetmatics Group PLC
- Wireless Links
- Teletrac Navman
- Trakm8 Limited