Increasing focus of fleet owners on operational efficiency and growing adoption of cloud computing and big data analytics solutions to streamline fleet management operations to magnify growth in the global Vehicle Fleet Management System Market
The global Vehicle Fleet Management System market size is expected to reach close to USD 55.10 billion by 2029 with an annualized growth rate of 10.41% through the projected period.
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global vehicle fleet management system market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global vehicle fleet management system market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global vehicle fleet management system market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global vehicle fleet management system market.
Aircraft Vehicle Type to be the Most Lucrative
The rise in number of aircraft fleet and increase in number of air passengers are the major factors that drive the growth of the market. As per AMR analysis, the fleet management market size is expected to grow at a significant rate during the forecast period. Furthermore, increase in aircraft fleet is observed in Asia-Pacific, and is expected to show 10% increase in aircraft fleet by 2033, as per the report published by AlixPartners, LLP.
GNSS Communication System to Generate More Revenue
Rise in adoption of GNSS in fleet management is driven by factors such as rapid urbanization in developing economies, quick access & benefits of GNSS, and government initiatives to strengthen their satellite navigation systems.
Automotive Industry is Expected to Show Maximum Benefit
Automotive sector dominated the fleet management market share. In Asia-Pacific, China is the leading economy with largest manufacturing facilities of automobiles and is expected to grow at a significant CAGR during the forecast period, followed by India and Australia.
APAC to account for the highest market growth during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The growth of the fleet management market in Asia Pacific is also driven by several factors including the region's untapped market strength, increase in awareness about driver safety and accident prevention, upcoming regulations to improve road safety, growth in transportation and logistics industries, and the advent of 4G LTE technology and smartphones.
Harnessing telematics data for making informed business decisions and green fleet initiative to reduce the environmental impact and ensure efficient functioning of fleets to offer new opportunities in the global vehicle fleet management system market
Fleet management enables enterprises to track and maintain their vehicles in a cost-effective, quick, and accessible way. It involves functions such as vehicle tracking & diagnostics, financing, driver management, and others. It helps business organizations that depend greatly on transportation to lower or completely eliminate the risks associated with staff cost, operations, and others. Reduced fuel & overall running costs, enhanced safety, and optimized fleet operations with real-time fleet tracking and monitoring are the benefits offered by fleet management.
Further, the fleet management solutions help increase the profit for fleet owners by optimizing routing, ensuring vehicle security, increasing driver safety, and improving the performance and life cycle of fleet vehicles. Moreover, reducing the risk associated with environmental degradation is another factor leads to fuels the growth of the market.
The increasing adoption of cloud computing systems and the integration of the Internet of Things (IoT) with the transportation industry, are among the key factors driving the growth of the market. In addition to this, rapid adoption of wireless technology and advancement in 4G and 5G technologies offering wide area coverage, enhanced productivity, along with quick access and response to the users, are also creating a positive impact on the market.
Forward-looking players in the global vehicle fleet management system market are furthering investments towards developing advanced vehicle fleet management system. The increasing awareness level is significantly pushing the enterprises to deploy comprehensive accounting solutions.
The availability of services, including asset management, two-way communication and customer relationship management, are also resulting in the increased utilization of the FM systems. Moreover, the implementation of favorable policies to promote smart transport systems, coupled with innovations, such as in-vehicle cameras with telematics compatibility and remote tachograph reporting, are projected to drive the market in the upcoming years.
Companies operating in the fleet management industry are emphasizing on strategic partnerships to enhance their capabilities. For instance, in January 2021, Wheels Inc. partnered with General Motors to extend its vehicle connectivity services. As a part of this partnership, both the companies are offering fleet management solutions based on the OnStar embedded hardware platform to their mutual customers.
The major players of the global Vehicle Fleet Management System market are U.S. General Services Administration, Uber Technologies, Inc., Ola Cabs (ANI Technologies Pvt. Ltd.), Lyft, Didi Chuxing, Grab, European GNSS Agency (GSA), Spireon, Inc., Trimble Transportation & Logistics, Fleet Robo Fleet Management Solutions.
The vehicle fleet management system market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the global Vehicle Fleet Management System Market: a Snapshot
- October 2021 - Ctrack innovates by launching PC Secure. Ctrack PC Secure allows devices to be tracked and recovered in the same way that Ctrack has done for the past 30 years with stolen vehicles and other assets. Ctrack PC Secure makes any laptop or desktop computer visible for Ctrack to recover stolen laptops or desktops using innovative software.
- October 2021 - MiX Telematics, a leading global Software-as-a-Service (SaaS) supplier of connected fleet management solutions, recently announced the extension of a major logistics company's contract with MiX Telematics in Australasia. The company's decision to continue working with MiX Telematics is based on the positive results observed in their organization from implementing MiX's innovative technology across 3,700 cars and assets.
- May 2021 - Webfleet Solutions, Europe's prominent provider of telematics solutions, is expanding into Hungary. The Bridgestone-owned company will offer customized solutions and services to fulfill the needs of the local business fleet sector with its new presence in Budapest. As a first step, the company's award-winning WEBFLEET fleet management technology, connected with the Hungarian electronic toll system HU-GO, is available in Hungarian.
- March 2021 - Samsara partnered with Koffie Labs. This partnership enables Samsara's platform as the exclusive telematics system for Koffie Labs-insured motor carriers. Koffie will provide affordable, instant, and fully digital policies to motor carriers, utilizing Samsara's connected fleet technology to bring actionable data and insights into underwriting and loss control.
Vehicle Fleet Management System Market Scope
|Revenue forecast in 2029
|USD 55.10 billion
|CAGR of 10.41% during 2019-2029
|By Vehicle, By Component, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|TomTom N.V. U.S,General Services Administration,Fleetmatics Group PLC,Telogis,Freeway Fleet Systems,IBM Corporation,AT&T Inc.,Navico,Grupo Autofin de Monterrey,Grab,Scope Technologies,Troncalnet,FAMSA,Ola Cabs,I.D. Systems,MiTAC International Corporation,Cisco Systems,Trimble Transportation & Logistics,Uber Technologies,Didi Chuxing ,DC Velocity,Fleet Robo,European GNSS Agency (GSA)
Key Segments of the global Vehicle Fleet Management System Market
Vehicle Type Overview, (USD Billion)
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Component, (USD Billion)
Communication Technology, (USD Billion)
- Cellular System
Industries, (USD Billion)
- Transportation & Logistics
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of APAC
Middle East and South Africa
- Middle East