Owing to increase in volume of transport operations, the demand for solutions on the fleet management front is increasing too. As per Transparency Market Research study on the market, “The global fleet management solution market will chart a stellar CAGR of 22.6% from 2017 to 2025 over the forecast period. The demand is generated due to introduction of reduction in running costs by these solutions in the business operations of logistics and transport companies. Besides these also lead to better safety and monitoring of fleet, leading to optimization of operations.”
Certain factors that are supporting the growth of this market are associated with technological adoption and advancement in the field. For instance, it is significant to note here that the market is hugely benefitted from adoption and advancement of wireless technology, ELD, and so on. Besides, as international trade is increasing, so is the need for seamless fleet management solutions. As prices of these solutions decrease due to innovation, local players are also set to get on-board the fleet management solutions bandwagon.
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Also, as mentioned above, certain benefits that market players accrue by adoption of these solutions is a major factor of growth in the market. Some of these that are not mentioned above include wide area coverage, quick response and quick access, increase in productivity and efficiency, and thus achieving better ROI (Return on Investments).
Asia Pacific Region to Present Global Fleet Management Solution Market Players with Untapped Growth Opportunities over the Forecast Period
Due to United States’ massive contribution in terms of revenue, North America will account for a major chunk of market share over the forecast period. Besides, the country will reap benefits from the presence of several top players existing in the regional landscape. Besides, support would build up from the OEM corner.
However, as per TMR, “Lead in terms of growth would be demonstrated by Asia Pacific (APAC) due to demand arising from countries such as Japan, China, and India due to trade volumes, robust logistics infrastructure and improving disposable income levels over the forecast period.” This region will thus create new opportunities which will keep players hooked.
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The Global Fleet Management Solution Market to Witness Fragmented Landscape over Forecast Period
Top players dabbling in the global fleet solution management solution market are Trimble Inc., Element Fleet Management Corp., Daimler Fleet Management GmbH, JDA Software Group, Inc., Wheels, Inc., MiX Telematics Ltd., TomTom Telematics BV., Magellan Navigation, Inc., Emkay, Inc., and Telogis, Inc., among others. The number of players is decent and this makes it fragmented. Players are deploying a number of organic and inorganic strategies to gain edge over market competitors to gain a better hold on market share. Some of the prominent strategies observes by experts are strategic mergers and collaborations.
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