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What's Driving the Fleet Management Market Trends? | Geotab, Automotive Rentals Inc., Teletrac Navman, Verizon Connect, Mix Telematics, Masternaut, Chevin Fleet Solutions, Inseego Corp
Fleet Management Market
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The advanced fleet management systems have a feature of driver-behavior monitoring, which will prevent rash driving behavior and reduce on-road accidents. The real-time fleet tracking reduces the chances of vehicle theft. The On-Board Diagnostics (OBD) feature in the fleet management system monitors the performance of vehicle engine components and provides alerts regarding maintenance requirements of engine components. The increase in the high initial capital expenditure required for the deployment of the fleet management system may hamper market growth. The growing concerns over the data privacy and security of data transmitted over the wireless network and lack of cellular network infrastructure in developing countries are also expected to hinder the fleet management market growth.
The APAC fleet management market is expected to grow rapidly over the forecast period due to the increase in the adoption of smart cities and increasing awareness regarding passenger safety in the public transportation system. The government authorities are emphasizing on the safety and security of passengers in public transportation, especially women and children in urban areas. For instance, in February 2019, the Indian Ministry of Road Transport and Highways mandated the installation of vehicle location tracking devices and emergency button for new public service vehicles registered after 1st January 2019 under rule 125H of the Central Motor Vehicle Rule 1989.
The major fleet management solution providers are forming strategic partnerships with technology companies to deliver fleet telematics services in the APAC region. For instance, in October 2018, Netstar, a provider of fleet management solutions and vehicle tracking devices partnered with IT solutions and services company, C Ahead to offer insurance and fleet telematics in India. This partnership helped the company to expand its customer base in the rapidly growing Indian fleet management market.
Fleet management systems help fleet managers in improving productivity by saving the time of drivers by planning routes efficiently and providing traffic updates and predicting the time of departure and arrival. It also helps transportation and logistics companies economically by reducing the consumption of fuel and idle time. This improves the fleet times and reduces the losses occurring due to delays in the delivery of logistics. The integrated tracking systems help customers to get real-time information about the location of their assets, improving the overall customer satisfaction. The fleet management systems improve driver safety by providing alerts regarding the road conditions for the planned path.
The major fleet management solution providers are strategically collaborating with other technology companies to provide innovate fleet management solution for logistics and transportation companies. For instance, in January 2017, Geotab selected Sequans Communication’s LTE Cat 1 technology for next-generation vehicle tracking systems.
This collaboration helped the company to offer advanced connectivity solutions and cost-effective future-proof fleet management solutions. The major players operating in fleet management market are Geotab, Automotive Rentals Inc., Teletrac Navman, Verizon Connect, Mix Telematics, Masternaut, Chevin Fleet Solutions, Inseego Corp, Omnitracs, Trimble, Wheels, Inc., GPS Insight, Nextraq, Azuga, Donlen Corporation, TomTom N.V., AT&T Inc., Freeway Fleet Systems, Cisco Systems, Inc. and Fleetmatics Group PLC.
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Fleet Management Market, By Component, 2014-2025 (USD Million)
o Solution
• Operation Management Solution
• Driver Management Solution
• Vehicle Tracking System
o Services
• Managed Services
• Professional Services
Fleet Management Market, By Deployment Model 2014-2025 (USD Milli
• On-Premises
• Cloud
Fleet Management Market, By Vehicle Type 2014-2025 (USD Million)
• Commercial vehicles
• Passenger vehicles
Fleet Management Market, By End-user 2014-2025 (USD Million)
• Retail
• Government
• Transportation & Logistics
• Automotive
• Manufacturing
• Agriculture
• Others
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Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, Application, renewable energy and bio Application.
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