North America Fleet Management Solutions Market 2021 by Technology Advancements-PowerFleet, Inc., Geotab, Inc., Verizon Communications Inc

North America Fleet Management Solutions Market - Growth, Trends, and Forecasts (2020 - 2025)

The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of North America Fleet Management Solutions Market on the basis of stating current situation of the industry in 2021.

This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.

The North America fleet management solution market is expected to grow at a CAGR of 7.47% during the forecast period. 

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Competitive Landscape

The North America fleet management solutions market is competitive and is dominated by a few major players like PowerFleet, Inc., Geotab, Inc., Verizon Communications Inc. (Connect), Omnitracs, LLC and GPS Trackit, Inc. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Key Developments:
- June 2020 - Geotab announced the North American launch of its Geotab Public Works solution. The all-in-one solution offers fleet managers full visibility into the operational data of all government vehicle types on one single platform and provides the toolsets to effectively remain compliant, reduce costs, and maintain road safety. It is designed to assist government agencies better manage vehicles such as salt spreaders, snowplows, street sweepers and waste management vehicles.
- May 2020 - Omnitracs, LLC partnered with McLeod Software, a provider of transportation management and trucking software solutions to the trucking industry. The integration with the McLeod LoadMaster transportation management system (TMS) will enhance the interoperability of the Omnitracs One platform, delivering more value to fleets globally.

The growing adoption of wireless technology, increasing investment in fleet management solutions to optimize the fleet operating expenses, rising international trades are some of the major factors driving the growth of the fleet management solution market in North America.
- The rapid expansion of communication technologies has turned the world into a cluster of billions of connected vehicles where the driver can communicate with other cars on the road (vehicle-to-vehicle), roadside infrastructure (vehicle-to-infrastructure), and the cloud (vehicle-to-cloud) to yields higher productivity, agility, and efficiency and is expected to drive the market.
- Moreover, most of the key vendors are collaborating to develop and launch new and advanced fleet management solutions to seize the growing demand. For instance, in 2019, I.D. Systems, Inc partnered with Jungheinrich to develop a highly integrated telemetry platform for Jungheinrich vehicles combined with sophisticated fleet management software. This technology partnership will power-up Jungheinrich customers ability to run safer, more cost-effective intralogistics operations.
- Additionally, the rapid expansion of 5G availability is driving the growth of fleet management systems in various industries. For instance, as per Ericssons 2019 report on the mobile industry has predicted that by 2024 there will be 1.9 billion 5G cellular subscriptions that will drive the growth of connecting vehicles. North American market is expected to grow most with 63% of mobile subscriptions with 5G service, and 47% of cellular subscribers in East Asia will have 5G access as well. Much of the growth will be credited to reductions in chipset prices and the expansion of cellular technologies such as NB-IoT and Cat-M1.
- However, lack of data security in cloud and server-based services is hampering the growth of the market. Cloud-based services bring many unique security issues and challenges. Data is stored with a third-party provider and accessed in the cloud. This means visibility and control over that data is limited.

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Key Market Trends: 

Transportation Sector Will Experience Significant Growth
- The growing number of smart transportation projects under the smart city concept is expected to boost the demand for fleet management solutions over the forecast period. The goal of smart transportation projects is to reduce the reliance on private cars, make public transport more attractive, and incentivize city residents and visitors to switch from private to public transport to address the escalating traffic problems. For instance, smart transport systems can limit private cars to certain routes and reserve priority lanes or even entire roads for other modes of transport.
- Increasing the adoption of commercial vehicles by various businesses in the United States and Canada to enhance their transportation offerings is expected to boost the market in North America. For instance, in 2019, the United States secured the first rank and registered a sale of 12,764,999 commercial vehicles; moreover, Canada was third on the list with 1,479,252 commercial vehicles.
- Moreover, the United States increasing efforts to expand the production of most competitive industries and products through exports in order to achieve the scale of economies and strengthen its economic growth is expected to fuel the market. For instance, according to the report, in 2019, the total value of United States trade goods amounted to USD 4.14 trillion which reflects the growing demand for fleet management solutions to track route progress, receive automatic updates, improve client experience and reduce call volume by sharing arrival times and delays.

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