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Fleet Management Market - Global Industry Analysis, Size, Share, Growth by 2024
Global Fleet Management Market: OverviewFleet management refers to a vast array of telematics solutions designed primarily to empower commercial fleet-based organizations to increase profitability and become more sustainable by bringing a substantial reduction in fuel consumption, tracking average idling times per vehicle, providing better visibility about the performance of the vehicle and driver, mitigating overtime payouts, and a myriad of other benefits. Typical fleet management solutions incorporate features such as satellite positioning, data logging, and connectivity to a central network for real-time data transfer and data communication.
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Over the past many years, the global fleet management market has witnessed a steady rise in adoption of fleet management solutions on a global front and the introduction of technologically advanced, more sophisticated solutions with new capabilities that go beyond the standard GPS tracking capabilities. The major factors that have led to the increased adoption of fleet management solutions include the rising awareness of the vast benefits of fleet management systems, volatile fuel prices, rising concerns regarding CO2 emissions produced by the transportation industry and the subsequent implementation of several stringent emission-related regulations, and the need to properly manage the increasingly complex operations of commercial fleet-based companies.
The report on fleet management market presents a detailed overview of the market and analyzes its crucial segments, on a global as well as regional fronts. The report includes vast qualitative and quantitative facts about the key market elements, collected through primary and secondary research methodologies and narrowed down with the help of industry-best analytical methods.
Global Fleet Management Market: Key Trends and Opportunities
The global fleet management market is steadily making a shift from the dominance of standalone fleet management systems to subscription-based systems, which were earlier adopted mainly by small- and mid-sized companies. Cloud-hosted services based on recurring, usage-based service fees are emerging as the most popular choices among large-scale commercial fleet-based organizations as well.
Many established international commercial fleet vehicle manufacturers have started offering core telematics features as a part of the vehicles. Companies such as Volvo, Mercedes, Renault, and Scania are offering sophisticated fleet management systems in their new generation fleet vehicles in certain regional markets. Due to the rapid proliferation of high-speed internet, wireless connectivity mediums have become more approachable, and fleet-based companies have become more receptive of technological advancements. Especially in developing regions, the demand for fleet vehicles with inherent telematics capabilities would substantially rise worldwide.
Global Fleet Management Market: Region-wise Outlook
Developed regions such as Europe and North America are currently the dominant regional markets for fleet management. Adoption of a variety of fleet management systems in these regions is driven by the highly developed and vast expanse of wireless communication networks, several strict traffic regulations that mandate the installation of a variety of fleet management systems on fleet-based as well as consumer vehicles, and the high level of awareness among commercial fleet-based operators.
The increased availability of economic fleet management services through the cloud deployment medium is a major factor that would boost their adoption among small- and medium-sized fleet-based operators in the developing economies of Asia Pacific and Rest of the World. However, the limited proliferation of wireless communication networks and lack of technical know-how regarding advanced fleet management systems among drivers are the factors restraining the fleet management market in these regions.
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