Fleet management market worth US$30.45 billion by 2018

MarketsandMarkets recently conducted a study on the "Fleet Management Market (Fleet Analytics; Vehicle Tracking & Fleet Monitoring; Telematics; Vendor Services) By Vehicles (Trucks; Light Goods; Buses; Corporate Fleets; Container Ships; Aircrafts) Worldwide Market Forecasts and Analysis (2013 - 2018)", which analysed and studied the major market drivers, restraints and opportunities in North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. The study indicates that the fleet manageme
December 18, 2013 Read time: 3 mins
6418 MarketsAndMarkets recently conducted a study on the "Fleet Management Market (Fleet Analytics; Vehicle Tracking & Fleet Monitoring; Telematics; Vendor Services) By Vehicles (Trucks; Light Goods; Buses; Corporate Fleets; Container Ships; Aircrafts) Worldwide Market Forecasts and Analysis (2013 - 2018)", which analysed and studied the major market drivers, restraints and opportunities in North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. The study indicates that the fleet management market is expected to grow from US$10.91 billion in 2013 to US$30.45 billion by 2018, at a Compound Annual Growth Rate (CAGR) of 22.8 per cent from 2013 to 2018.

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 endeavours 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. Organisations 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 technologies, customised solutions, and acquiring relatively small domain expert players. Some of the major players in this market are 1968 Accenture, 96 Motorola Solutions, 1692 TomTom, 213 Qualcomm, 748 Masternaut, 1985 Trimble Navigation, 490 Garmin International, 1058 FleetMatics, Pointer Telocation, 1984 Verizon 2251 Networkfleet, among others.

This MarketsAndMarkets report provides key insights into the market dynamics, industry trends, and adoption trends in the Fleet Management Market. It explores business potential of fleet management solutions across varied industry verticals such as academia, government and waste management, public transport, utilities, retail, logistics, construction, mining, oil, gas and chemicals, service sectors, and others. The report talks about revenues expected from the fleet management solutions and services offered to different types of vehicles.

The report analyses market sizes and revenue forecasts across different regions. The report also draws the competitive landscape of the Fleet Management Market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors.
Location Based Systems

For more information on companies in this article

Related Content

  • Europe expected to hold the largest share in smart transportation by 2021 say researchers
    April 7, 2017
    According to a new market research report from MarketsandMarkets, Europe is expected to hold the largest share of the smart transportation market, which is expected to grow from US$72.05 billion in 2016 to US$220.76 billion by 2021. The major drivers for an upsurge in demand for smart transportation include the rising requirement for integrated security and safety to enhance public safety and government initiatives to incorporate smart technologies into the existing transportation infrastructure. The
    Read More
  • Global ANPR market 2010-2014
    May 21, 2012
    Research and Markets has announced the addition of the "Global Automatic Number Plate Recognition Market 2010-2014" report to its offering. TechNavio's analysts forecast that the global ANPR market is expected to grow at a CAGR of 30 per cent and will reach US$579.8 million in 2014.
    Read More
  • Global lane departure warning system market 2014-2018
    March 7, 2014
    TechNavio's analysts forecast the global lane departure warning system market to grow at a CAGR of 25.86 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing demand for autonomous vehicles. The global lane departure warning system market has also been witnessing the increasing number of mergers and acquisitions. However, the recent economic slowdown could pose a challenge to the growth of this market. TechNavio's report, the Global Lane Depart
    Read More
  • RFID market will be worth over $70 billion over next five years
    April 17, 2012
    The market for RFID transponders, readers, software, and services will generate US$70.5 billion from 2012 to the end of 2017. The market was boosted by a growth of $900 million in 2011 and the market is expected to grow 20 per cent YOY per annum. Government, retail, and transportation and logistics have been identified as the most valuable sectors, accounting for 60 per cent of accumulated revenue over the next five years. “To date, the automotive sector has been a strong proponent of RFID, largely for immo
    Read More

Highlighted Content