Fleet management is a function, which enables enterprises track and maintain their vehicles in a cost effective, quick and accessible way. It helps businesses who depend greatly on transportation to lower or completely remove risks associated with reducing staff cost, enhancing efficiency and more. Vehicle management can include many functions such as vehicle tracking and diagnostics, financing, and driver management among others. The various benefits offered by fleet management include reduced fuel and overall running costs, enhanced safety, and optimized fleet operations, with real time fleet tracking and monitoring.
Numerous market drivers, restraints and opportunities have been responsible for shaping the future of the market. Advent and integration of IoT and ICT into industries such as automobiles, logistics, and transportation are favoring the market growth. Additionally, factors including proper compliance to government regulations by reducing CO2 emission & continuous tracking of driver behavior, vehicle tracking, real- time visibility, driver management and many more, have kept the market prospects high. However, restraints like less transparency and lesser integrity of information often hinder market growth. Logistics and transport sector is likely to create greater opportunities for fleet management market.
The market is segmented into solutions, services, technologies, industries and geography. In terms of solutions, the market is segmented into asset management, operation management and driver management solutions. Key industries served by the fleet management market include transportation and logistics, government, retail, and construction. The study segments the market into technologies such as satellite GNSS and cellular system. Major regions served by the market are North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (LAMEA).
Fleet management companies are now making their presence felt in new regions. Companies are collaborating to act upon climate pledge and save the environment. Product developers are constantly updating their products to provide real time solutions. Some of prominent vendors include Freeway Fleet Systems, Oracle, Fleet Management, Motorola Solutions, Trimble, IBM Corporation, Qualcomm, CAT, JDA Software, Garmin Ltd. and others.
KEY BENEFITS FOR STAKEHOLDERS
FLEET MANAGEMENT MARKET SEGMENTS
Market By Industry
Market By Solutions
Market By Technology (Connectivity)
Market By Geography
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