As studied and analyzed by Transparency Market Research (TMR), the global fleet management solutions market is forecasted to gain traction and experience immense growth owing to the technological advancement of the automatic vehicle sector. The world market for the fleet management solutions is largely a consolidated one, marked with the presence of few companies, as suggested in a publication by Transparency Market Research. It is also revealed in the analysis that top five companies of the market hold for around 80% of the total market. The leading companies of the said market are TomTom Telematics BV, Magellan Navigation, Inc., Element Fleet Management Corp., and Wheels, Inc. These leading companies are focusing on technological advancements, product innovation and tailored-made solutions so as to expand their market share. Collaborations and acquisitions are mostly preferred by the companies to increase growth of the revenue.
The international market for fleet management solutions was estimated around US$12.57 bn in the year 2015, and is estimated to reach an amount of around US$91.94 bn over the forecast timeframe that stretches from 2017 to 2025. The world market for fleet management solutions is most likely to expand at a double digit CAGR of 22.6% over the forecast timeframe.
Growing Requirement for Fleet Management Analytics to Lead the Market
The world market for fleet management solutions is prophesized to substantially gain advantage from the increasing adoption of analytics that is related to fleet management across various end-use industries. These end-use industries spend a considerable chunk of their operational costs on the transportation system. Efficient and technologically advanced analytical tools in the fleet management solutions enable various players to reduce costs that are incurred during various activities like vehicle management, operations management, and driver management. These analytics also helps in monitoring. Furthermore, effective analytical data also help in diminishing the consumption of fuel by vehicle for work purposes and also helps the vehicles to comply with various government regulations. These growth promoting factors are the core drivers of the world market for fleet management solutions.
The said market is further prophesized to gain advantage from the growing inclination of companies of fleet management towards smaller fleets and it is also expected to spearhead the augmented requirement for fleet management solutions in the forthcoming years. These days fleet management companies are opting for smaller and lighter vehicles so as to gain from lower total cost of ownership (TCO) as opposed to heavy vehicles. Besides, smaller vehicles come with better fuel efficiency.
However, the flipside of the market lies in the fluctuating cost of the fuel and severe competition that is cost-based. Such cost-based competition leads to burgeoning demand for solutions that are low cost.
Asia Pacific to Stimulate the Market with Improved Infrastructure
The international fleet management solution market is foretold to be steered by the region of North America over the forecast period. The market for fleet management solutions in this region is forecasted to hold a massive chunk of the market during the timeframe of forecast. The U.S. generate most of the market revenue. The region has the existence of leading industry vendors who together with the backing from original equipment manufacturers is foretold to fuel the regional market.
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North America is expected to be followed by Europe when it comes to market revenue. With the existence of numerous local players, growing trade via Pan-European corridor and increased technological awareness is forecasted to fuel the regional market. Asia Pacific is estimated to offer a very promising market owing to improved infrastructure and excellent network communications.