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Fleet Management Market Worth

Natasha Tasha | Wednesday 29 January 2014 ( 0 Comment)

MarketsandMarkets, an international market research company, recently conducted a research on the fleet management market which analyzed the major players in the market, challenges and opportunities in Asia-Pacific, North America, Latin America, Europe, Africa and Middle East.

Here is a preview of that comprehensive report which is spread in 211 pages. For more comprehensive information about this Markets&Markets report, you can check here.

Fleet Management Sector

The increasing demand for transportation and logistics has created many business opportunities for fleet management vendors. fleet management is all about incorporating smart solutions into the day to day operations of fleet vehicles. Smart fleet management solutions use advanced technologies, like GPS-based telematics, to help fleet operators manage their operations efficiently.

The increasing need for fleet management system in fleet vehicle operation can be attributed to the stiff competition in the transportation service industry, the need to control CO2 emission, soaring fuel prices, operational efficiency requirements, increasing pollution issues, connectivity costs and low number of management system components.

The use of on-premise software in management increased the popularity of fleet management solutions. But today, cloud-based software is the preferred solution to on-premise software due to its operational cost efficiency. With the efficient management of transportation, fleet management market offers increased car performance and mileage, improved operational safety and reliability, maintenance planning, driver control, enhanced navigation, proper routing and fleet schedule which make management extremely important for the transportation and logistics sector. All this ensures fleet business operation is cost effective which a very essential element in today’s competitive business world.

The increase in the number of vehicles globally has affected the fleet management industry positively, particularly in the emerging economies such as Asia-Pacific. For example, the fleet management market revenue in this region is projected to record the highest growth among different regional markets.

Some governments are also coming up with laws that require all the new cars to be operated in their regions to be incorporated with GPS tracking features and this shows the increasing growth prospects for the fleet management industry. fleet management providers are getting more business opportunities in the public transport sector, logistics, service sectors and retail industries.

Fleet Management Challenges

Despite tremendous growth in the fleet management industry, it faces some challenges such as delivering greater efficiency, promoting safety and ensuring greater compliance. There are transportation capacity challenges at freight terminals, motor carrier hubs, airports and seaports as well as on waterways, roadways, railways and airways.

The road network that offers domestic inland distribution may contribute to seaport congestion problems if imported freights are not picked up in time. CO2 emission regulations, energy efficiency requirements, hazardous material control, speed limits and many other policies and rules are enacted to promote various social objectives and protect the public, but they can negatively affect the transportation and trade sector.

On the other hand, energy efficiency and emission regulations can also give fleet management providers an opportunity to provide quality services to their clients. The smart transportation concept is also offering opportunities for new entrants in the market to earn some revenue by getting into partnerships with the product manufacturers. The rapid growth of the fleet management market has prompted most companies to increase their product portfolio by merging with competitors in order to increase their market share.

The Major Players In The Industry

The major players in the fleet management industry focus on using key strategies such as advanced technology and customized solutions. According to Klosters (Australian car dealer), the leading fleet management providers are:

  • Accenture
  • TomTom
  • Qualcomm
  • Motorola Solutions
  • Trimble Navigation Ltd.
  • Masternaut
  • Fleetmatics
  • Garmin International
  • Verizon Networkfleet and
  • Pointer Telocation Ltd.

Market Worth

With the increasing fleet size globally and the focus on smart fleet operations, this report puts the expected growth rate of the fleet management market at a 22.8% CAGR (Compound Annual Growth Rate) from 2013 to 2018. The fleet management market is estimated to be worth USD 10.91 billion now and is expected to grow as the transportation industry grows. According to the report, the market is projected to grow from 2013’s USD 10.91 billion to USD 30.45 billion by the year 2018. Some predictions are saying that

More: http://www.newsday.com/business/press-releases/fleet-management-market-expected-to-reach-30-45-billion-by-2018-new-report-by-marketsandmarkets-1.6506672

Fleet management market worth

Other Parts Of The Report

This Markets&Markets report also highlights the market dynamics and industry trends in the fleet management industry. It explores the business opportunities available for fleet management providers across different sectors including academia, government, waste management, utilities, public transport, retail, construction, logistics, oil, mining, gas and chemicals and service sectors, among others.

The report offers the projected revenues in the fleet management market. It analyzes the market size of different regions. The report takes you through the competitive fleet management market by providing a comprehensive comparative analysis of the different marketing and technological strategies employed by major companies to beat their competitors.

Why Read This Report?

This report has been compiled by Markets&Markets, which is a US-based market research company. The company conducts thorough market research and publishes strategically analyzed reports on the same. Moreover, it offers business intelligence services to Fortune 500 companies all over the world.

Related Reports

Transportation Systems and Analytics Market Report highlights the importance of the analytic solution, transportation control systems and management solutions in taking real-time decisions as well as the global market revenue market and analysis. According to the report, the market is expected to grow at a CAGR of 15.4% from 2013 to 2018 (from USD28.09 billion in 2013 to USD57.46 billion by 2018).

Traffic Management Market Report explains how traffic management solutions allow users to plan their journey in advance, find the shortest route and provide prompt help during the journey, thereby making commuting an enjoyable experience. The report forecasts the market to grow from USD8,249 million in 2013 to USD21,980 million in 2018.

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