Fleet Management Solution Market

Increasing Adoption of Fleet Management Solutions to Boost Fleet Management Solution Market Growth

UNITED STATES, May 16, 2023 /EINPresswire.com/ -- Coherent Market Insights has announced the publication of a new report titled Fleet Management Solution Market 2023, which provides regional and global market data expected to increase in value between 2023 and 2030. The in-depth analysis of the global Fleet Management Solution Market offers critical insights into the industry's changing dynamics, value chain analysis, prominent investment pockets, competitive scenarios, geographical landscape, and key segments. It also includes a comprehensive examination of the driving and restraint components for the global market. Also provides superior information on the global market's working tactics and potential opportunities. This will assist industry participants, policymakers, stakeholders, investors, and new entrants in the Fleet Management Solution Industry in identifying and grasp innovative opportunities.

The global fleet management solution market is estimated to be valued at US$ 37.89 million in 2021 and is expected to exhibit a CAGR of 22.6 % over the forecast period (2021-2028).

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This study provides detailed information on emerging trends, market drivers, development opportunities, and market restraints that have the potential to influence the dynamics of the Fleet Management Solution market. The study assesses the global Fleet Management Solution market size and examines the approach trends of the key international players. The study also estimates the market's size in terms of revenue over the forecast period. All data numbers, including percentage share splits and breakdowns, are derived from secondary sources and cross-checked with primary sources. The report conducted a Porter's five forces analysis, SWOT analysis, regulatory landscape, and prominent buyers to examine the industry's primary influencing variables and entry barriers.

Market Overview:
Fleet management solution helps companies organize, manage, and coordinate work vehicles from a central information system to keep overall fleet operation running smoothly. A solution helps users track shipments and inventory, schedule shipments, optimize delivery routes, and reduce risk factors. It helps bring down operational costs, delivery times, and fuel consumption. Fleet management is the processes used by fleet managers to monitor fleet activities and make decisions about proper asset management. The solution helps to ensure that a fleet is meeting compliance requirements. The purpose of fleet management solution is to improve efficiency and productivity, stay compliant, reduce costs, and improve customer satisfaction.

Competitive Landscape:
Major players operating in the global fleet management solution market 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.

Market Segmentation:
Global Fleet Management Solution Market, By Deployment:
Cloud
On-Premise

Global Fleet Management Solution Market, By Type:
Vehicle Management
Driver Management
Operations Management

Global Fleet Management Solution Market, By End-use Industry:
Transportation & Logistics
Automotive
Retail
Government
Shipping

Global Fleet Management Solution Market, By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa

Key Market Drivers:
◆Increasing focus of fleet owners on operational efficiency is expected to propel growth of the fleet management solution market during the forecast period. For instance, in October 2021, CalAmp announced its subsidiary, Tracker Network (UK) Ltd., launched CalAmp's iOn fleet and asset management software in the U.K. iOn provides a fully integrated view of mixed fleets of vehicles, drivers, and associated assets to drive greater workforce productivity and enhance operational efficiency.

◆Moreover, high adoption of cloud-based solutions to streamline fleet management operations is expected to augment the growth of the fleet management solution market. For instance, in April 2019, WABCO launched a new cloud-based vehicle monitoring and trailer diagnostics solution to support the transport industry’s digital transition. The solution is the first of its kind, combining both trailer tracking and advanced remote diagnostic in one solution at a price level which allows fleet-wide deployment across all trailer types.
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Key Takeaways:
◈ The fleet management solution market is expected to exhibit a CAGR of 23.5% during the forecast period owing to the introduction of novel solutions. For instance, in June 2022, Bridgestone launched Fleetcare, an integrated tyre and fleet management solution designed to fast forward business for fleets. With Fleetcare, fleet owners can reduce their total cost of ownership thanks to a complete package from a single mobility partner.

◈Among regions, North America and Asia Pacific are expected to witness robust growth in the fleet management solution market due to the increasing focus on operational efficiency, strict government mandates creating new revenue streams for vendors, increasing adoption of fleet management analytics, growing shift towards smaller fleets, and rise in adoption of cloud-based or IOT-enabled solutions, .
For instance, in July 2020, Tata Motors announced the launch of Fleet Edge a connected vehicle fleet management solution for informed decision making. The product will offer real-time insights for track, trace, and checking the health of the commercial fleet.

◈In February 2020, Shell announced the launch of fleet solutions portfolio in India. Aiming to reduce the total cost of ownership for fleet owners, the portfolio of products and services comprising Shell Fuels, Shell Fleet Prepaid Program and Shell Telematics provide better control over operations and increased protection against fraud, the company said.

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FAQ’S:
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About Coherent Market Insights
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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