This report covers market characteristics, size and growth, segmentation, regional breakdowns, competitive landscape, market shares, trends and strategies
PUNE, INDIA, November 8, 2019 /EINPresswire.com/ — Fleet management solutions enable a combination of software and personnel for managing a fleet of vehicles. This is not limited to roads but extends to airways and seas as well. Fleet management software comprises tools for managing accounts, leasing of vehicles, tracking and monitoring of large fleets, vehicle safety, and other pertinent functions. The global fleet management market is expected to experience a massive demand in the coming years due to continuous exchange of trade between countries.
Procurement of cars and other heavy vehicles by fleet owners to extend their offerings can drive the global fleet management market growth. Expansion of logistics and transportation sectors as well as stringent government policies regarding tracking and monitoring of assets are other factors primed to spur the market growth. Purchase of fleet management systems due to lowering prices of hardware and software can work in augmenting the total market valuation to a considerable degree.
Key Players :
Introduction of autonomous fleets can gain traction due to immense demand for fleet monitoring in real-time and tracking to reduce transportation costs. The rising inclination of clients towards smart fleet management systems due to a host of attractive features such as route management, fuel consumption, and driver performance can influence the adoption considerably and boost the global fleet management market growth. The trend is supported by advances in internet of things (IoT).
The global fleet management market is segmented on the basis of type and application. By type, it is segmented into security and safety management, operational fleet monitoring and management, condition based maintenance, driver scheduling, vehicle dispatch, and asset tracking. Asset tracking is touted to be one of the biggest segments due to rise in number of accidents globally. According to statistics published by the Association for Safe Road Travel, accident is one of the leading causes of death and costs close to 2% of the country’s GDP. On the other hand, security and safety management can account for a respectable portion of the fleet management market share with driver registration and risk analysis and management taking top priority. Furthermore, the use of these systems for monitoring driver performance and studying driver behavior for improvements can drive the segment growth.
Major applications of the market include taxi, refrigerator lorry, transportation truck, logistics fleet, and others. The logistics fleet segment is touted to be one of the biggest applications in the coming years. It can rely on software to reduce operational costs. On the other hand, refrigerator lorry can account for a significant market share due to implementation of cold chain solutions for the secure transportation of processed foods and beverages.
Regionally, the global fleet management market report covers the latest trends across Japan, China, India, Southeast Asia, United States, and EU. The United States is estimated to dominate the market due to early adoption of fleet management software and the installation of electronic logging devices for tracking driving hours. Rise in the establishment of warehouses from logistic players can contribute to the regional valuation.
The global market is characterized by numerous players, rise of original equipment manufacturers, and product differentiation.
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Source: EIN Presswire