Information and Communication Technology FLEET MANAGEMENT MARKET IS PROJECTED TO GROW UP TO 15.6% CAGR DURING THE FORECASTING PERIO...


FLEET MANAGEMENT MARKET IS PROJECTED TO GROW UP TO 15.6% CAGR DURING THE FORECASTING PERIOD 2021-2027.

Enterprises may use fleet management to track and maintain their vehicles in a cost-effective, timely, and open manner. Vehicle monitoring and diagnostics, finance, driver management, and other tasks are all part of it. It enables companies that rely heavily on transportation to minimise or eliminate the risks associated with manpower, operations, and other factors. Fleet management advantages include lower fuel and overall operating costs, increased protection, and optimised fleet operations, as well as real-time fleet tracking and monitoring. The fleet management system also contains software that allows organisations to organise and monitor all of their work vehicles in an information system through a single control panel, ensuring that the company operates smoothly. As a result, the programme assists the organisation in synchronising all operations in the most cost-effective manner. The key aim of this management is to keep track of both vehicle efficiency and repairs in order to improve productivity and keep the company running smoothly.

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Key Driving Factors: Electronic Logging Device (ELD) Implementation is Forced

ELD stands for electronic logging device, which is connected to the engine of a commercial vehicle and collects data on driving hours. The driving hours of commercial truck and bus drivers are regulated by a set of laws known as hours of service (HOS). For the safety of the fleet and passengers, the Federal Motor Carrier Safety Administration (FMCSA) requires these regulations for commercial vehicles. The adoption of fleet management software and services has risen dramatically as a result of the ELD mandate, especially in the United States.

This report offers the major market player’s profiles, such as ARI Fleet Management, Azuga, Chevin Fleet Solutions, Donlen Corporation, GPS Insight, Masternaut, Nextraq, Keeptruckin, Avrios, ThingTech, Automile Inc, Fleetonomy, Fleetroot, Autofleet, and ClearPathGPS

Opportunities:  Growing public understanding of the financial advantages:

The increased use of fleet management aids the company in creating a more organised and sophisticated atmosphere on the floor. Many businesses have been encouraged to adopt fleet management software as a result of technological advancements in this area, and it can be predicted that demand for such software will increase in the coming years, owing to growth in market share by the major fleet management producers.

By Service:

During the forecast period, the technical service provider segment is projected to have a larger market share in the Fleet Management Market by service. The Fleet Management Market is currently developing and is expected to expand over the forecast period. Professional service providers investigate logistics companies' fleet activities, gaining a better understanding of their market constraints and offering key insights that help these companies make the most of their technical investments.

The Fleet Management market report has been categorized as below

By Solutions

  • Operations Management
  • Performance Management
  • Vehicle Maintenance and Diagnostics
  • Fleet Analytics and Reporting
  • Others

By Service

  • Professional Services
  • Managed Services

By Fleet Type

  • Commercial Fleets
  • Passenger Cars

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : March-2021