The procedure of administering vehicle in an organization is known as fleet management. The operations of the organization can get negatively impacted when the vehicles within it are mismanaged. The process of fleet management typically comprises fleets such as cars, corporate fleets, trucks, freight aircrafts, commercial aircrafts, container ships, trams, and buses. Fleet management encompasses driver behavior, mechanical diagnostics, and vehicle tracking. Fleet management finds wide application primarily in sectors such as gas, oil, mining, chemicals, retail, construction, logistics, public transport, utilities, private transport, service sectors, and waste management. The fleet management market is largely driven by the consistent rise in the demand for transport and logistics. The key determinants of the market growth mostly include operational efficiency, connectivity issues, fluctuating fuel costs, collectively with the need to meet pollution standards. As per the reports published by Market Research Future (MRFR), the fleet management market is likely to expand at 22% CAGR over the forecast period concluding by 2023. Fleet management enables the organizations to ensure better driver safety, can have improved access to strategize preservation of vehicles. The organization’s appropriate routing of fleets can eventually lead to effectual operations of the fleet. In addition to that, smart conveyance and vehicle connectivity are progressively assisting the firms to corroborate safety operations of the fleets. Fleet management also aids in increased effectiveness, substantially reduced costs, and steady performances.
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The global fleet management market has been segmented based on management type, services, deployment type, and connectivity type. Based on management type, the fleet management market has been segmented into operation management, asset management, and driver management. By services, the fleet management market has been segmented into professional services, integration services, and deployment services. Based on deployment type, the global fleet management market has been segmented into on-premises, hybrid, and cloud. Based on connectivity type, the global fleet management market has been segmented into cellular system and satellite navigation.
Market Research Future has analyzed and segmented the global fleet management market on geographical basis into Asia Pacific, Europe, North America, and the Rest of the World (RoW). Europe and North America are the two major revenue pockets estimated to lead the growth trajectory of the global fleet management market. The incorporation of innovative technology is likely to propel the regional fleet management market in a positive direction. The European fleet management market has been dominated by two key trends. The trend of self-driven cars and the trend of sharing vehicles. This makes the OEMs invest more and more into the fleet management market. With the increased job opportunities in the region and the expanding businesses, the corporate sectors in Europe are gradually becoming one of the key consumers of the fleet management services. Additionally, several organizations offer cars to the employees in Europe, as a form of compensation, which is again, fueling the market for fleet management. Moreover, strict rules supporting the emission norms are projected to drive the growth of the market during the forecast period. Asia Pacific has been expected to develop as the fastest growing region in the worldwide fleet management market. The lucrative markets prevailing in the economies such as India and China are predicted to accelerate the development of the market during the forecast period. Besides, the region has been observing extensive espousal of mobile and web-based business services which is principally responsible for stimulating the expansion of the fleet management market.
The global fleet management market has been dominated by key players such as Verizon Telematics Inc.(U.S.), Fleetmatics Group PLC (U.S.), WorkWave LLC(U.S.), Trimble Inc. (U.S), Inc. (U.S.), Zonar Systems, Cisco Systems, Inc. (U.S.), and I.D. Systems, Inc. (U.S).
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