2014-04-17 03:21:01 - Fleet Management Market: Worldwide Market Forecasts and Analysis 2013-2018 - a new market research report on companiesandmarkets.com
The global fleet management market is suggested to have reached a value of $10.91 billion at the beginning of 2013, and is forecast to grow to a total of $30.45 billion by 2018. This suggests a CAGR growth rate of around 22.8% between 2013 and 2018.
Fleet management is about smartening the fleet vehicles operations. Intelligent fleet management solutions based on technologies such as Global Positioning system (GPS)-based telematics are helping fleet operators to enhance operational efficiencies in terms of improving vehicle performance and mileage, enhancing operational reliability and safety, maintenance planning, driver control, and optimizing navigation and routes. The growing competitiveness among the transportation service providers, CO2 emission control norms, and rising fuel prices are making the Fleet Management System
(FMS) an essential component for the business operation of the fleet vehicle operators.
The number of vehicles is increasing globally with a major boom in the emerging economies; this has a positive impact on the fleet management industry. Asia-Pacific is expected to exhibit the highest growth rate in the fleet management market revenue out of the various regional markets. There are also government endeavors to mandate the incorporation of GPS tracking features in all the new vehicles to be sold and operated in their specific regions, which clearly shows the opportunities for fleet management business growth. Organizations from public transport, service sectors, logistics, and retail industries are expected to bring huge business opportunities for the fleet management vendors.
The key strategies followed by many of the leading companies in the fleet management market are new technology, customized solution, and acquiring relatively small domain expert players. Some of the major players in this market are Accenture, Motorola Solutions, TomTom, Qualcomm, Masternaut, Trimble Navigation Ltd., Garmin International, Fleetmatics, Pointer Telocation Ltd, Verizon Networkfleet, among others.
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