Fleet Management Market 2017-2022 - Focus on Operations, Information, Risk, Vehicle Maintenance & Leasing, Safety & Compliance

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22 Sep, 2017, 17:30 GMT

DUBLIN, September 22, 2017 /PRNewswire/ --

The "Fleet Management Market by Solution (Operations Management, Information Management, Risk Management, Vehicle Maintenance & Leasing, Safety & Compliance Management), Service, Deployment Type, Fleet Type and Region - Global forecast to 2022" report has been added to Research and Markets' offering.

The fleet management market size is expected to grow from USD 13.78 Billion in 2017 to USD 28.66 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.8%

The major drivers of the market include the growing need for operational efficiency, resulting in increased demand for fleet management, adoption of cloud computing in fleet, thereby streamlining the fleet management operations, and declining hardware and connectivity costs, leading to increased deployment of fleet management solutions.

The scope of the report covers the fleet management market analysis by type (solutions and services), deployment type, fleet type, and region. The operations management solution is expected to have the largest market share during the forecast period, owing to the much needed functionalities, such as the real time-tracking of vehicle location, geo-fencing, and route optimization, aiding in optimizing the fuel usage. The vehicle maintenance and leasing solution is expected to grow at the highest CAGR during the forecast period because fleets are increasingly opting for leasing to cut down the expenses, and increasing the focus and spending on vehicle maintenance to increase the lifecycle of the vehicles and decrease the vehicle down time.

The professional services segment is expected to have the largest market share during the forecast period, owing to the need of technological consulting, and continuous support and maintenance activities for the deployment of fleet management technologies. Managed services is expected to grow at the highest rate, owing to the increased adoption of outsourced managed services across various fleets.

The cloud deployment type is estimated to have the largest market share during the forecast period as well as expected to grow at the highest rate during the forecast period, owing to the cost-effectiveness, scalability, and real-time accessibility to organizational content.

The passenger cars segment is estimated to hold the largest market share as well as expected to grow at the highest CARG during the forecast period, owing to its large presence and increased deployment by fleet leasing companies.

Market Dynamics

Drivers

  • Growing Need for Operational Efficiency in Fleet Owning Organizations
  • Increasing Adoption of Cloud Computing for Streamlining Fleet Management Operations
  • Declining Hardware and Connectivity Costs Leading to the Increased Deployment of Fleet Management Solutions
  • Eld Mandate is Driving New Revenue Streams for Vendors

Restraints

  • Cost Sensitivity of Fleet Owners is A Major Hurdle in the Deployment of Advanced Fleet Management Technologies
  • Growing Data Volumes Leading to Increased Cyber Threats

Opportunities

  • Telematics Data Can Be Harnessed to Make Informed Business Decisions
  • Green Fleet Initiatives Reduce the Environmental Impact and Ensure Efficient Functioning of Fleets

Challenges

  • Driver Safety and Productivity are the Major Concerns Affecting the Vehicle Uptime
  • Data Management is A Complex Process for Vendors
  • Fuel Price Volatility is A Major Factor Impacting the Planned Fleet Budget

Companies Mentioned

  • AT&T
  • Donlen Corporation
  • Geotab
  • Leaseplan USA
  • Masternaut
  • Merchants Fleet Management
  • Omnitracs
  • Teletrac Navman
  • Tomtom Telematics
  • Trimble
  • Verizon Telematics
  • Wheels, Inc.
  • Workwave

For more information about this report visit https://www.researchandmarkets.com/research/768mtq/fleet_management

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