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Fleet Management Market Expected to Reach $34,629 Million by 2022 | Key Player - TomTom N.V., Freeway Fleet Systems , Navico , Fleetmatics Group PLC , AT&T Inc.
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End users across the globe invest into fleet management activities to enhance various features of vehicle management solutions and to increase operational competency. Furthermore, rapid urbanization and increase in safety concerns have driven the market growth. However, cost sensitivity among local businesses hinders the growth of the global fleet management market.
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By vehicle type, the railway segment dominated the fleet management industry with around 26% market share in 2014. The aircraft segment is projected to grow at the highest CAGR of 26.3% during the forecast period. Based on the communication technology, the market is categorized into global navigation satellite system (GNSS) and cellular system. The cellular system generated around 62% of total market revenue, whereas GNSS segment is projected to grow at the highest CAGR during the forecast period.
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Among included industries, transportation & logistics segment accounted for 26% of the total market revenue, and is anticipated to grow at the highest CAGR of 26.2%. Government fleet management market is expected to register second highest growth rate during the forecast period. This is attributed to the fact that government organizations use outdated systems & services in fleet management, but have the potential to replace them with modern and automated systems. Key market players in the industry are either joining forces or acquiring other companies to strengthen their market position. These players introduce novel products and services to cater to the rising demand for efficient and productive fleet management. For example, in December 2016, Uber Technologies, Inc. launched a fleet app UberFLEET in India, which aimed to improve the productivity for the fleet owners by reducing the process downtime and efficient driver management.
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Key Findings of the Fleet Management Market:
• Among components, the solution segment led the overall fleet management market, in terms of revenue, and is projected to grow at a CAGR of 23.5% during the forecast period.
• Global fleet management market size is expected to reach $34,629 million by 2022 at a significant CAGR during the forecast period.
• The railway fleet management segment dominated the market in 2014, and is projected to grow at the highest CAGR.
• Cellular system segment generated the maximum revenue in 2014, and is anticipated to grow at a CAGR of 23.9%.
• Among industries, the transportation & logistics segment generated the highest revenue, and is projected to continue its dominance.
• In 2014, Asia-Pacific was the dominant region, and is expected to grow at the fastest CAGR, with China leading the market.
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