Research outlines reasons for stocks of market players in the Fleet Management System market reaching record high

Global Fleet Management System Market Overview:

The Global Fleet Management System Market was valued at $5,035 million in 2012, and is estimated to reach $33,291 million by 2022, growing at a CAGR of 22.3% from 2017 to 2022.

Fleet management is a function, which enables enterprises to track and maintain their vehicles in a cost effective, quick, and accessible way. It helps businesses, which depend greatly on transportation to lower or completely remove risks associated with reducing staff cost, enhancing efficiency, and more. Vehicle management can include many functions such as vehicle tracking and diagnostics, financing, and driver management.

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Rise in adoption of web-based services and advanced communication technology provides immense growth opportunities for fleet management businesses. Major technologies used in the market include telematics, GPS tracking system, M2M communication, and others. Moreover, the vehicle replacement market is in its growth phase, especially in Canada and Mexico, followed by the U.S. With this growth, fleet management businesses can experience growth by providing their solution with less additional costs. Several North American, European, and Asian countries including Canada, U.S., UK, Germany, Netherlands, Spain, Sweden, India, China, Japan, and others are rapidly investing in economic development. With growth in industrial production, industry participants have realized the importance of efficient logistics applications such as route planning, order management, dispatch scheduling, asset tracking, and others, which in turn is anticipated to fuel the growth of fleet management system market in the coming future.

Based on product, the market is segmented into operational fleet monitoring and management, vehicle dispatch, driver scheduling, asset tracking, condition based maintenance, and security & safety management. By application, the market is bifurcated into logistics & transportation and public transportation. Based on region, it is divided into United States, Europe, Japan, China, India, Southeast Asia, and rest of the world (RoW).

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Market Dynamics

Drivers

Growth in demand from retail and FMCG industry
Growth potential from developing economies
Restraints

Slow ICT spending in underdeveloped regions
Market Players

The top players in the global fleet management system market include AssetWorks LLC, CalAmp Corp., Daimler Fleetboard GmbH, Emkay, FleetCor Technologies, Inc., Omnitracs, LLC, Scania AB, Telenav, Inc., Teletrac Navman US Ltd, TomTom International N.V. Trimble Inc., Fleetmatics Group PLC., and Others.

KEY TAKEAWAYS

MARKET LANDSCAPE

By Product

Operational fleet monitoring and management
Vehicle dispatch
Driver Scheduling
Asset Tracking
Condition based maintenance
Security & safety management

By Application

Logistics & transportation
Public transportation

By Region

U.S.
Europe
Japan
China
India
Southeast Asia
Rest of the World

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