DUBAI, U.A.E/PRNewswire/ -- 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-management U.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.

Key Takeaways:

  • 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.

Prominent Drivers:

  • 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.

Key Restraints:

  • 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.

Competitive Landscape

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
  • GoGPS
  • Wireless Links
  • Embitel
  • Gurtam
  • Teletrac Navman
  • Linxio
  • StreetFleet
  • TigerFleet
  • Ruptela
  • Trakm8 Limited
  • WebEye Telematics Group

More Insights on FMI's Fleet Management Market

The latest market study on fleet management market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:

Component:

  • Hardware
    • GPS Tracking Devices
    • Dash Cameras
    • Bluetooth Tracking Tags (BLE Beacons)
    • Data Loggers
  • Software
    • Fleet Management Software
    • Telematics Software
  • Services
    • Professional Services
      • Consulting & Advisory
      • Integration & Implementation
      • Support & Maintenance
    • Managed Services

Fleet Type:

  • Trucks/Cars/Buses
  • Ships/Vessels
  • Aircrafts
  • Railcars

Application:

  • Fleet Tracking and Geofencing
  • Vehicle Maintenance and Diagnostics
  • Driver Behavior Monitoring
  • Fuel Management

Industry:

  • Construction
  • Manufacturing
  • Mining
  • Transportation
  • Oil and Gas

Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Questions Covered in the Fleet Management Market Report 

  • The report offers detailed insights into fleet management demand outlook for 2021-2031.
  • The market study also highlights projected sales growth for fleet management market between 2021 and 2031.
  • Fleet management market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
  • Fleet management market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

Explore FMI's Extensive Coverage on Technology Domain

Industrial 3D printing Market: The global industrial 3D printing market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market's competitive landscape.

Variable Data Printing Market: Future Market Insights gives a detailed segmentation on the global variable data printing market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.

Micro Printing Market: The micro printing's market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies along with competitive landscape of the upcoming decade.

-Ends-

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com 
For Media Enquiries: press@futuremarketinsights.com  
Website: https://www.futuremarketinsights.com/  
Report: https://www.futuremarketinsights.com/reports/fleet-management-market  
Press Release Source: https://www.futuremarketinsights.com/press-release/fleet-management-market 

SOURCE Future Market Insights

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.