MarketsandMarkets recently conducted a study on the "Fleet Management Market (Fleet Analytics; Vehicle Tracking & Fleet Monitoring; Telematics; Vendor Services) By Vehicles (Trucks; Light Goods; Buses; Corporate Fleets; Container Ships; Aircrafts) Worldwide Market Forecasts and Analysis (2013 – 2018)", which analyzed and studied the major market drivers, restraints, and opportunities in North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. The study observes that the fleet management market is expected to grow from $10.91 billion in 2013 to $30.45 billion by 2018, at an Compound Annual Growth Rate (CAGR) of 22.8% from 2013 to 2018.
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The global fleet size is increasing rapidly in response to the ever-growing need for transportation of man and material. This in turn is increasing the lucrativeness of the transportation service market; the competition among the market players has also intensified. How to achieve business and operational efficiencies is the question of the moment; and the answer is smart ways of fleet management.
Fleet management is about smartening the fleet vehicles
operations. Fleet management has covered the distance from being used only for
vehicle registration and bills generation to becoming an integral part of the
business operation for the fleet owners. Today’s Global Positioning System
(GPS) telematics-based intelligent Fleet Management Systems (FMS) are capable
of providing analytical solutions for improving vehicle performance and
mileage, enhancing operational reliability and safety through real-time vehicle
tracking, optimizing navigation and routes, monitoring, controlling, and
guiding the drivers.
The fleet owners are experiencing the need for achieving operational efficiencies to fight the fuel price hike. Specific norms have been introduced to reduce the CO2 emission from transportation and logistics activities, as transportation is responsible for almost one-quarter of the global CO2 emissions. These factors in turn are making fleet performance monitoring and fuel consumption management extremely important for the fleet owners.
The number of vehicles is increasing globally with a major boom in the emerging economies. There are government endeavors to mandate the incorporation of GPS tracking features in all the new vehicles to be sold and operated in their specific regions. The vehicle manufacturers are also focusing on producing smart vehicles suitable for the intelligent transportation systems. These factors clearly indicate the growth potential of the fleet management market in the coming years.
In the current scenario, the public transport vertical continues to be the largest industry vertical, in terms of spending and adoption, for fleet management solutions. This is followed by service sectors. In terms of regions, the North American market projects the largest market opportunity for Fleet Management Systems (FMS) and solutions. Europe is the second largest contributor in the fleet management market. Asia-Pacific is expected to exhibit the highest growth rate in the fleet management market revenue out of the various regional markets. In 2018, Asia-Pacific is expected to become the largest regional contributor in the global fleet management revenue.
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