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Global Fleet Management Solutions Market 2021 Size, Share, Growth, Trends and Forecast, Business Opportunities and Future Investments

Fleet Management Solutions

The report focuses on the favorable Global “Fleet Management Solutions market” and its expanding nature. The Fleet Management Solutions market report provides a comprehensive study of the market segmentation, service providers, stockholders, sponsors, and important market players, size, and share, market dynamics such as the growth drivers, restraints, challenges, and opportunities.

Market Overview:

  • The fleet management solutions market was valued at USD 5.12 billion in 2018, and is expected to reach a value of USD 15.4 billion by 2024, at a CAGR of 20.07% over 2019-2024. Recently, businesses are increasingly adopting transportation to enhance their offerings. Thus, commercial fleets have witnessed a considerable rise over the past few years.
  • According to the data from the Automotive Fleet, in the United States, sales of vehicles to commercial fleets, from eight major manufactures, increased by 2.1%, to 69,145, in May 2018, as compared to the previous year.
  • The fleet management market has been greatly affected by rising operational costs, rooting from the increased demand for utility vehicles, rising expenditure on maintenance, and steady growth in compliance costs.
  • Fleet management solutions are being widely used by large- and medium-scale fleet owners for streamlining operations. The rate of adoption among small fleet owners has been slow, owing to factors, like lack of awareness, limited operation scale, smaller budgets, limited compliance norms, high capital requirements, and rise in operational costs.
  • According to AT&T, the annual accident rate for commercial fleets is about 20%. Fleet accidents have the most expensive injury claims for businesses, with an average cost of about USD 70,000 per accident. This has emphasized the need to manage the commercial fleet.

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    Key Manufacturers

  • Cisco Systems Inc.
  • AT&T Inc.
  • Ctrack (Inseego Corp. )
  • I.D. Systems
  • IBM Corporation
  • Astrata Group
  • Mix Telematics Limited
  • Omnitracs LLC
  • Tomtom NV
  • Trimble Navigation Limited
  • Verizon Communications Inc.
  • Wheels Inc.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    Fleet Management Solutions market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Fleet Management Solutions market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Fleet Management Solutions market have also been involved in the study.

    Scope of the Report:

  • Fleet vehicle management can include a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics, such as tracking and diagnostics, driver management, speed management, fuel management, and health and safety management.

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    TOC of Fleet Management Solutions Market Report Covered:

    Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Fleet Management Solutions market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market, and continued…

    Reasons to Purchase Fleet Management Solutions Market Report Covered:

    • The report analyses how Fleet Management Solutions market will grow in the future.
    • Analyzing various perspectives of the Fleet Management Solutions market with the help of Porter’s five forces analysis.
    • Study on the product type that is expected to dominate the market and regions that are expected to witness the fastest growth during the forecast period
    • Recognize the new developments, Fleet Management Solutions market shares and policies employed by the major market players.
    • Competitive landscape including the Fleet Management Solutions market share of major players along with the key policies accepted for development in the past five years
    • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major Fleet Management Solutions market players

    Key Market Trends:

    Driver Management Segment Expected to Hold Significant Share

    The driver management systems in fleet management solutions include applications, such as driver registration, insurance risk management, and analysis. The prime motive of driver management systems is to study the driver behavior and make necessary changes to driving styles, which will reduce fuel consumption and improve the vehicle’s maintenance.
    These systems promote better driving behavior and continuously send feedback indicating the driving style, with alerts. Organizations are adopting this solution, as it provides them fuel savings, lowers maintenance costs, and makes them feel secure about the management of the vehicle and customers.
    According to a recent safety report by Volvo Trucks, more than 90% of the accidents were caused due to human factors. The survey indicates that more than 13% of the accidents caused fatalities to heavy goods vehicle occupants.
    In North America alone, there has been a severe increase in the number of warehouses form third-party logistics players, like DHL, XPO, Ryder, and Geodis. It is estimated that during 2016 to 2017, DHL increased its warehouse count in North America by 60%, XPO Logistics by 18%, and NFI Logistics by 11%.

    to Witness Significant Growth

    The US government is currently assessing the potential of telematics to reduce cost of accidents, which, in turn, is driving the market for fleet management services. The US fleet market is dominated by Ford, General Motors, and Fiat-Chrysler. OEMs are moving fleet sales to retail channels to increase their profitability.
    Increasing awareness about the cost benefits of fleet management and leasing may attract more new customers. Additionally, reduced government spending and anxieties of a double-dip recession could restrain the growth in the market.
    According to the EPA, combustion of fossil fuels, such as diesel and gasoline, to transport goods and people, is the second-largest source of carbon dioxide emissions, totaling to about 31% of the US carbon dioxide emissions, and more than one fourth of the US greenhouse gas emissions.
    Apart from various industries adopting fleet management solutions, the US Department of Homeland Security has also taken fleet management solutions to provide its fleet managers access to data-driven insights to manage the daily operations of fleet. The Department of Homeland Security (DHS) landed a telematics contract with WEX Inc., in order to supply vehicle telematics products and services. According to WEX, the Homeland Security operates a fleet of around 52,000 vehicles, making it one of the largest federal agency fleets in the United States.

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    Study objectives of Fleet Management Solutions Market Report:

    • To provide a detailed analysis of the market structure along with the Fleet Management Solutions market forecast of various segments and sub-segments of the Fleet Management Solutions market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Fleet Management Solutions market trends that influence the global Fleet Management Solutions market

    Detailed TOC of Fleet Management Solutions Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Renewed Emphasis on Streamlining Fleet Operations
    4.3.2 Availability of a Wider Range of Reporting and Analytics Services
    4.3.3 Affordable Hardware and Access to Greater Connectivity
    4.4 Market Restraints
    4.4.1 Lack of Awareness among Smaller Fleet Owners
    4.4.2 Rising Operational Costs for Fleet Vendors
    4.5 Value Chain Analysis
    4.6 Industry Attractiveness- Porters Five Forces Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Deployment Model
    5.1.1 On-premise
    5.1.2 On Demand
    5.1.3 Hybrid
    5.2 By Solution
    5.2.1 Asset Management
    5.2.2 Information Management
    5.2.3 Driver Management
    5.2.4 Safety and Compliance Management
    5.2.5 Risk Management
    5.2.6 Operations Management
    5.2.7 Other Solutions
    5.3 By End User
    5.3.1 Transportation
    5.3.2 Energy
    5.3.3 Construction
    5.3.4 Manufacturing
    5.3.5 Other End Users
    5.4 Geography
    5.4.1 North America
    5.4.1.1 United States
    5.4.1.2 Canada
    5.4.2 Europe
    5.4.2.1 Germany
    5.4.2.2 United Kingdom
    5.4.2.3 France
    5.4.2.4 Rest of Europe
    5.4.3 Asia-Pacific
    5.4.3.1 China
    5.4.3.2 Japan
    5.4.3.3 India
    5.4.3.4 Rest of Asia-Pacific
    5.4.4 South America
    5.4.4.1 Brazil
    5.4.4.2 Argentina
    5.4.4.3 Rest of South America
    5.4.5 Middle East & Africa
    5.4.5.1 United Arab Emirates
    5.4.5.2 Saudi Arabia
    5.4.5.3 South Africa
    5.4.5.4 Rest of Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Cisco Systems Inc.
    6.1.2 AT&T Inc.
    6.1.3 Ctrack (Inseego Corp. )
    6.1.4 I.D. Systems
    6.1.5 IBM Corporation
    6.1.6 Astrata Group
    6.1.7 Mix Telematics Limited
    6.1.8 Omnitracs LLC
    6.1.9 Tomtom NV
    6.1.10 Trimble Navigation Limited
    6.1.11 Verizon Communications Inc.
    6.1.12 Wheels Inc.

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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