Growing need for operational automation, flexibility, maintenance assistance, and cost reduction are factors shaping the sales outlook of fleet management market. Future Market Insights uncovers hidden growth opportunities for the market in its latest study. The survey divulges insights into factors enabling growth across key segments, including component, fleet type, application, and industry.
DUBAI, U.A.E, July 28, 2021 /PRNewswire/ -- Increasing demand for improvements in transportation operations is projected to drive fleet management market growth, finds FMI in a recent market survey. Incorporation of technological advancements in software systems is anticipated to fuel sales.
As per ESOMAR-certified consulting firm Future Market Insights (FMI), the market valuation is forecast to exceed US$ 11.5 Bn in 2021, expanding at an impressive 10.4% CAGR.
Advancements in vehicle connectivity to offer improved road safety will further drive market growth. As per the World Health Organization (WHO), nearly 1.3 million people succumb to road accidents every year. Alarming rise in death toll is creating a pressing need for flexible and more data-driven fleet management systems.
Introduction of connectivity-driven technologies such as artificial intelligence (AI), cloud computing, and big data analytics is boosting sales in the global fleet management market. Apart from this, government subsidies aimed at encouraging production and fleet management software adoption will shape the demand outlook positively.
In 2020, the coronavirus outbreak compelled manufacturers operating in the fleet management market to seek out impactful solutions for small and large-sized fleet operators. In addition to this, companies are actively providing consultation services to help end-users navigate through concerns pertaining to operations and revenue, which in turn is keeping the market afloat.
In terms of large-sized fleet operators, a spike in demand for on-demand trucking services has been witnessed in recent years. Cost-reduction and automated task management will continue shouldering demand for fleet management systems, thereby propelling sales in the market.
As per FMI, North America is forecast to dominate the fleet management market during the assessment period. The presence of key players in the region, along with increasing innovations and rapid adoption of latest technologies are chief factors expected to drive sales in fleet management market through 2031.
"Increasing demand for effective, flexible, and affordable fleet management systems is propelling sales in the market. Incorporation of connective technology such as artificial intelligence and cloud computing will further provide tailwinds to sales growth through 2031," says the FMI analyst.
Top players in the fleet management market are focusing on automation and novel digital technologies to offer products launches. Key strategies adopted by market players also include partnerships and collaborations to strengthen the product portfolio. For instance:
In June 2021, Dtac Business and Cartrack Technology announced a partnership to offer fleet management technologies to small and medium scale enterprises in Thailand.
In February 2018, Cisco Inc. launched comprehensive multi-domain automation solutions for greater network visibility and data-driven insights. These solutions will help the company to integrate advanced technologies in the future with low additional expenditure.
Leading players operating in Fleet Management Market profiled by FMI include:
Zebra Technologies Corp.
Cisco Systems, Inc.
Fleetmatics Group PLC
WebEye Telematics Group
More Insights on FMI's Fleet Management Market
The latest market study on fleet management market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Key Questions Covered in the Fleet Management Market Report
The report offers detailed insights into fleet management demand outlook for 2021-2031.
The market study also highlights projected sales growth for fleet management market between 2021 and 2031.
Fleet management market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Fleet management market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.