The increasing need for operational automation, flexibility, maintenance assistance and cost reduction are factors shaping the sales forecast for the fleet management market. Future Market Insights reveals hidden growth opportunities for the market in its latest study. The survey reveals insights into the factors enabling growth across key sectors, including component, fleet type, application, and industry.
Dubai, The United Arab Emirates, 28 July 2021 /PRNewswire/ — Growing demand for improvements in transportation operations is expected to drive the growth of the fleet management market, FMI found in a recent market survey. The incorporation of technological developments into software systems is expected to increase sales.
According to ESOMAR-approved advisory firm Future Market Insights (FMI), the market valuation is expected to exceed 11.5 billion US dollars In 2021, expanding at an impressive compound annual growth rate of 10.4%.
Advances in vehicle interconnection to provide improved road safety will drive the market growth further. According to the World Health Organization (WHO), approximately 1.3 million people succumb to road accidents each year. The alarming rise in fatalities is creating an crucial need for flexible and more data-driven fleet management systems.
The introduction of connectivity-based technologies such as artificial intelligence (AI), cloud computing, and big data analytics is boosting sales in the global fleet management market. Apart from this, government subsidies to urge production and fleet management programs will shape the demand outlook favorably.
For example, https://www.gsa.gov/buying-selling/products-services/transportation-logistics-services/fleet-managementU.S. The General Services Administration is a government body that facilitates the purchase, rental, and short-term rental of vehicles to federal agencies and authorized bodies. The organization also announced FedFleet 2021, an educational program for federal employees seeking training in fleet management best practices.
In 2020, the outbreak of the Coronavirus forced the manufacturers operating in the fleet management market to search for impactful solutions for operators of little and big sized fleets. Additionally, companies actively provide consulting services to aid end users navigate operations and revenue concerns, which in turn preserve the market afloat.
With regard to operators of big fleets, a significant rise in demand for on-demand trucking services has been observed in recent years. Cost reduction and automated task management will persevere to meet the demand for fleet management systems, thus driving sales in the market.
As per FMI, North America It is expected to dominate the fleet management market during the evaluation period. The presence of key players in the region, along with increasing innovations and rapid adoption of the latest technologies, are some of the key factors that are expected to drive sales in the fleet management market until 2031.
“Increasing demand for efficient, flexible and affordable fleet management systems is driving sales in the market. The integration of connected technology such as artificial intelligence and cloud computing will provide more tailwinds for sales growth through 2031,” says the FMI analyst.
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The main takeaway:
- The fleet management devices segment will remain dominant until 2031, accounting for 48% of the whole market share.
- In terms of fleet type, trucks/cars/buses are expected to boost the growth prospects in the market.
- Fleet tracking and geofencing will show lofty demand due to increased productivity and visibility in fleet management operations.
- The transportation sector is expected to remain the leading end user supported by the growing need for real-time location tracking and efficient delivery schedule management.
- North America It is expected to emerge as the most lucrative market, due to increased demand from end use industries for packed service rental.
- Germany It is expected to see positive growth, supported by government-led initiatives and increased adoption of electric vehicles.
- Expansions in the transportation, oil and gas industry will boost growth prospects in China.
- Growth in the adoption of connected vehicles in India It is expected to motivate demand for fleet management systems.
- Technological developments to support safety and automation in transportation will increase sales in the market.
- Increased adoption of connected vehicles will shape the demand outlook for the fleet management market.
- Cyber security threats and data breaches may hinder sales prospects.
- Lack of professional training to operate and launch fleet management software by fleet personnel may hamper market growth.
Find out more about the fleet management market with figures and spreadsheets, along with a table of contents. Request [email protected] https://www.futuremarketinsights.com/customization-available/rep-gb-3186
Major players in the fleet management market are focusing on automation and unused digital technologies to deliver product launches. Key strategies adopted by market players also include partnerships and collaborations to enhance the product portfolio. for example:
- in a June 2021Dtac Business and Cartrack Technology have announced a partnership to bring fleet management technologies to little and medium-sized enterprises in Thailand.
- in a February 2018, Cisco Inc. Launched comprehensive, multi-domain automation solutions for greater network visibility and data-driven insights. These solutions will aid the company integrate advanced technologies in the coming with low additional expenses.
The leading companies operating in the fleet management market identified by FMI include:
- TomTom NV
- Zebra Technologies Corp.
- Trimble Company
- Cisco Systems, Inc.
- GoFleet Company
- Geotab company
- digital material
- GPS tracking
- Fleetmatics PLC Group
- Wireless links
- Teletrack Navman
- Trakm8 Ltd.
- WebEye Telematics Group
More Ideas About FMI’s Fleet Management Market
The latest market study on the Fleet Management Market by Future Market Insights provides a detailed breakdown of the forecast period 2021-2031. In order to have a better perspective on the global market potential, growth, trends, and opportunities, the market is segmented on the basis of:
- GPS trackers
- dash cameras
- Bluetooth tracking tags (BLE Beacons)
- data loggers
- fleet management software برنامج
- Telematics Software
- Professional Services
- Consulting and Consulting
- Integration and Implementation
- Support and maintenance
- Managed Services
- Trucks / cars / buses
- ships / ships
- Fleet tracking and geofence
- Vehicle maintenance and diagnosis
- Monitor driver behavior
- fuel management
- oil and gas
- North America
- Latin america
- East Asia
- South Asia & Pacific
- Middle east And Africa (Middle East Airlines)
For any queries related to the report, ask someone [email protected] https://www.futuremarketinsights.com/ask-interrogate/rep-gb-3186
The main questions addressed in Fleet management Market Report
- The report provides detailed insights into the demand outlook for fleet management for the period 2021-2031.
- The market study also highlights the expected sales growth of the fleet management market between 2021 and 2031.
- The Fleet Management Market survey identifies the major growth drivers, restraints, and other forces influencing the prevailing trends, and assesses the current market size, forecast, and technological advancement within the industry.
- Analyzing the Fleet Management market share of key industry companies and covering strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, and others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in more than 150 countries. The headquarters of FMI is located in Dubaiand has delivery centers in the UK, US and India. FMI’s latest market research reports and industry analysis aid companies confront challenges and make critical decisions with confidence and clarity amidst intense competition. Our customized and syndicated market research reports provide actionable insights that drive sustainable growth. The expert-led team of analysts at FMI always track emerging trends and events in a wide range of industries to ensure our clients are prepared for the evolving needs of their clients.
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