Fleet management solution is a methodical approach that allows transport or fleet operating companies to simplify their operations and coordinate their vehicles. The primary objectives of a fleet management solution to decrease costs, improve work efficiency, fuel management, driver management, and speed management. Solutions such as driver management, vehicle management, and operations management are encompassed in the scope of solutions. Among regions, North America holds dominant position in the global fleet management solution market, owing to a strong presence, of key market players in the region. Furthermore, Asia Pacific region is expected to be the fastest-growing region with increased traffic arising from the booming e-commerce industry in region.
The global fleet management solution market is expected to surpass US$ 166.23 Mn in terms of value by the end of 2028.
Global Fleet Management Solution Market: Driver
Growing adoption of cloud computing and Big Data analytics solution is expected to boost the global fleet management solution market growth during the forecast period. Cloud computing and Big Data analytics solution have been increasingly adopted in fleet management solutions. With the help of cloud computing, fleet management units can get rid of the physical infrastructure and get access to virtual machines, which are provided by cloud service providers. These machines can offer data processing, data storage, and necessary computing power for running their applications. Moreover, Big Data analytics is based on different data types including data from cloud, data from GPS, data from telematics, vehicle cameras, traffic cameras, etc. This data can provide valuable insight into the most common causes of accidents and also offer key information to avoid them. Such features make goods transportation safer and more secure.
Global Fleet Management Solution Market: Opportunity
Rising acceptance of telematics solutions can provide lucrative growth opportunities. Telematics is an interdisciplinary field that includes vehicular technologies, telecommunications, etc. where it can send, receive, and store information. Telematics system provides fleet management software with actionable information thereby helping to enhance productivity of the fleet. Thus, integration of combined systems can help fleet management companies more efficient smart data. Key companies in the market can capitalize on untapped potential opportunities and gain a competitive edge in the market.
Global Fleet Management Solution Market: Recent Developments
Global Fleet Management Solution Market: Restraint
Cost reduction initiatives are expected hamper the global fleet management solutions market growth over the forecast period. Reducing the already-reduced costs is expected to be one of the major restraints for market in the near future. Cost reduction initiatives generally originate from the top level of the hierarchy and then, they apply to every department. Fleet managers, especially, face a myriad of challenges in both forecasting and budgeting. Moreover, such instructions combined with factors such as driver reimbursement, resource sharing, and lifecycle costing; which are affected by external market factors; further challenge the fleet managers to cut down on costs. Reduction in some of the unanticipated expenses such as vehicle maintenance expenses, which cannot be controlled directly, should also be projected in budgeting and forecasting.
Global Fleet Management Solution Market - Impact of Coronavirus (Covid-19) Pandemic
Most industries across the globe have been negatively impacted due to the COVID-19 pandemic outbreak. This can be attributed to various countries adopting nationwide lockdown policies, stringent regulations on physical distancing, and temporary shutdown in international travels. The global fleet management solution market experienced significant declined since the outbreak of pandemic, typically due to the disruption in global supply chain industry. Fleet management solution plays a critical role in modern supply chain activities. Fleet management solutions allow companies to reduce risks associate with vehicle investment. However, the market is expected to regain its lost traction with many countries relaxing their COVID-19 restrictions.
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North America accounts for major share in the global fleet management solution market and is expected to continue its dominance during the forecast period. This is owing to presence of major market players and rising adoption of the latest fleet management solutions by fleet managers such as Big Data and artificial intelligence. Moreover, increasing merger and acquisition activities in Canada are expected to drive growth of the regional market.
Asia Pacific region is expected to be the fastest-growing region with increased traffic arising from the booming e-commerce industry in region. This is owing to increase in corporate fleet sales across emerging economies such as China combined with introduction of electric and hybrid vehicles in Japan.
Major companies operating in the global fleet management solution are Emkay, Inc., Element Fleet Management Corp., Magellan Navigation, Inc., Daimler Fleet Management GmbH, Telogis, Inc. (Verizon), JDA Software Group, Inc., Trimble Inc., Wheels, Inc., TomTom Telematics BV, and MiX Telematics Ltd.
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