Fleet Management System Market is estimated to be US$ 49.71 billion by 2030 with a CAGR of 10.5% during the forecast period.
Fleet Management System Market accounted for US$ 18.3 million in 2020 and is estimated to be US$ 49.71 million by 2030 and is anticipated to register a CAGR of 10.5%. Vehicles such as automobiles, vans, trucks, specialty vehicles, and aviation gear are managed through fleet management systems to decrease vehicle investment risks, cut transportation and staff costs, improve transport efficiency, and increase productivity. Large and medium-sized fleet operators are increasingly turning to fleet management systems to streamline operations. Due to constraints such as lack of awareness, limited operating scale, lower budgets, limited compliance norms, expensive capital requirements, and rising operational costs, the rate of adoption among small fleet owners has been slow.
The report "Global Fleet Management System Market, By Type (Solutions (Operations Management, Information Management, Risk Management, Vehicle Maintenance and Leasing, Safety and Compliance Management, and Others (carbon emission reporting, toll management, and in-cab coaching) and Services, Professional services, and Managed services), By Deployment Type (On-Premises, Cloud, and Hybrid), By Fleet Type (Light Commercial Vehicles (LCVs) and Medium and Heavy Commercial Vehicles (M&HCVs)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
· In July 2020, Tata Motors announced the launch of Fleet Edge, a next-generation connected vehicle fleet management solution with informed decision making. The Tata Motors Fleet Edge offers real-time insights for tracking and tracing of its commercial vehicles, their health, driving behavior, fuel-efficiency and fuel-loss alert, among others.
· In August 2021, eBikeGo, India's electric two-wheeler mobility platform, has launched a unique artificial intelligence powered fleet management system. The unique IoT (Internet of Things) system called EBG-Matics. The system uses AI (artificial intelligence) and machine learning to analyze rider and vehicle behavior to track and improve efficiency.
Analyst View:
The global fleet management system market is being driven by the growing requirement for operational efficiency in fleet-owning businesses, as well as the expanding acceptance of cloud computing for streamlining fleet management operations. Furthermore, the increasing use of ELD mandates given by various suppliers is likely to move the target market forward throughout the forecast period. Furthermore, cost-effectiveness in terms of hardware and connection has increased demand for fleet management solutions, which has fueled the worldwide fleet management system market's rise. However, the cost sensitivity of vehicle owners is a major impediment to the deployment of advanced fleet management technology, which is a factor limiting the target market's growth.
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Key Market Insights from the report:
The Global Fleet Management System Market accounted for US$ 18.3 million in 2020 and is estimated to be US$ 49.71 million by 2030 and is anticipated to register a CAGR of 10.5%. The Global Fleet Management System Market is segmented based on the type, deployment type, fleet type and region.
· By Type, the market is segmented into Solutions (Operations Management, Information Management, Risk Management, Vehicle Maintenance and Leasing, Safety and Compliance Management, and Others (carbon emission reporting, toll management, and in-cab coaching) and Services, Professional services, and Managed services.
· By Deployment Type, the market is segmented into On-Premises, Cloud, and Hybrid.
· By Fleet Type, the market is segmented into Light Commercial Vehicles (LCVs) and Medium and Heavy Commercial Vehicles (M&HCVs).
· By Region, the Global Fleet Management System Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to account for major revenue share as compared to that of other regions.
Competitive Landscape:
The key players operating in the global Fleet Management System market includes AT&T Inc., Donlen Corporation, Geotab Inc., LeasePlan USA, Inc., Masternaut Limited, Merchants Fleet Management, Omnitracs, LLC, Teletrac Navman (UK) Ltd, Trimble Inc., Verizon Telematics, Inc., Wheels, Inc., and WorkWave, LLC.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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