Fleet Management Market Driven by Innovations in Telematics, Data Analytics, RFID, and Predictive Maintenance: FMI Report
The demand for fleet management solutions is rising through 2020, although at a slower rate than pervious years, owing to the impact of the coronavirus outbreak on the transportation and logistics sector. As per a new report by Future Market Insights, the industry is expected to display impressive growth between 2020 and 2030. The study states that the fleet management market will gain from innovations in data analytics and automotive telematics in the years to come.
Fleet Management Market
A recent market study published by Future Market Insights on the fleet management market i...
Analysts from Future Market Insights have indicated that businesses in the transportation industry will be the primary user of fleet management solutions, becoming a key contributor to market revenue with geofencing and fleet tracking applications. The fleet management sector is expected to reflect very strong growth through the assessment period owing to growing industry collaborations between market players towards product development endeavors.
Further, the transition towards electric vehicles, coupled with the growing niche applications in marine and aviation fleets will aid market growth in the long term. While the prospects for the market are largely positive, the risks over data security, and the lack of standardization in safety regulations and data management could potentially hinder market growth.
The FMI report covers an in-depth overview of the industry, encompassing essential dynamics of the market. Some of the critical takeaways of the report include:
- The fleet management market was valued at US$ 10.1 billion in 2019, with growth of the market moderately impacted by the covid-19 outbreak, owing to lockdown restrictions on transport and logistics
- Transportation industry applications of fleet management products and services hold major market share, with the growth of domestic and international trade and the burgeoning global ecommerce industry
- Fleet tracking and geofencing functionality of fleet management platforms reflecting greater demand in comparison to vehicle maintenance & diagnostics, driver behaviour monitoring, and fuel management among others. However, driver monitoring applications are likely to reflect faster growth owing to safety rules and standardization
- North America remains a leading market, supported by earlier adoption of fleet management software. However, Europe is likely to reflect faster growth and become the dominant market by the end of the forecast period on the back of corporate vehicle leases and purchases
“The rise of the fleet management market is driven by the growing popularity of mobility-as-a-service (MaaS) and telematics innovations. Key factors supporting the industry include stricter government rules and demand for optimization in operating expenses and a steady decline in hardware and software expenses,” said a lead analyst at FMI.
Coronavirus Impact on Fleet Management Market
The coronavirus pandemic has moderately impacted the global fleet management industry. Governments around the world have implemented nationwide and regional lockdowns, which has impacted fleet operations, especially for the transport of non-essential goods for domestic and international trade.
In addition, the restrictive impact of the outbreak on the automotive and component production has disrupted operations, and hurt maintenance, which is likely to hamper short term growth prospects in the sector.
The continued uncertainty over the severity and the duration of the pandemic is likely to restrain the rate of recovery in the post pandemic period. As people continue to avoid public transport and air travel, the demand for fleet management is likely to decline in the short term.
Who is Winning?
In its latest report, Future Market Insights has provided an exhaustive analysis of the varying strategies being used by market players in the fleet management market. Leading players are increasingly focusing on strategic collaborations within the industry and with large-scale end user businesses, aimed towards product development and generating sustainable sources of revenue.
Some of the major players in the industry include TomTom N.V., Zebra Technologies Corp., GoFleet Corporation, Geotab Inc., Digital Matter, GPS TrackIt, Trimble Inc., Fleetmatics Group plc, Cisco Systems Inc., GoGPS, Wireless Links, Embitel, Gurtam, Teletrac Navman, and Linxio.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
- Global Internet Of Everything Market
- Smart Fitness Market
- Mena Digital Transformation Market
- Poland It Software And Service Market
- Global Mobile Application Market
- Global E Tailing Market
- Global Head Mounted Display Market
- Russian It Software And Services Market
- Head Up Display Market
- Global Residential Robotic Vacuum Cleaner Market
- Global Flat Panel Display Market
- Advanced Distribution Management Systems Market
- Wearable Computing Devices Market
- Global Enterprise Asset Management Market
- Metrology Software Market