Fleet Management Market Growing at High CAGR by 2023

(IT-NEWSWIRE.COM, May 11, 2019 ) [154 Pages Report] The global fleet management market size is expected to grow from USD 15.9 billion in 2018 to USD 31.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.

The growth of the market can be attributed to the cost benefits versus Software-as-a-Service (SaaS) and cloud-based deployments of fleet management solutions. The primary factors driving the growth of market include the increasing government regulations and need for optimization of fleet operating expenses. The other factors supporting the market growth include the decreasing hardware and software costs and growing need for operational efficiency among fleet owners.

The key and emerging market players in the fleet management market include:

• ARI Fleet Management (US)

• Azuga (US)

• Chevin Fleet Solutions (Australia)

• Ctrack (US)

• Donlen Corporation (US)

• Geotab (Canada)

• GPS Insight (US)

• Masternaut (UK)

• MiX Telematics (South Africa)

• Nextraq (US)

• Teletrac Navman (US)

• Trimble (US)

• Verizon Connect (US)

• Wheels, Inc (US)

• Fleetroot (UAE)

These players have adopted various strategies to grow in the global fleet management market. Geotab is a leading player in the market. The company was the first to provide fleet telematics solutions. It is an established provider of the global positioning system and vehicle tracking offerings. The country is a leader in providing open platform fleet management solutions to businesses of all size.

North America is expected to hold the largest market size in the global fleet management market during the forecast period. The US has emerged as a larger country in terms of market size, due to the large scale implementation of fleet management solutions by the organizations and enterprises in the country.

In the fleet management market by solution, the fleet analytics and reporting segment is expected to record a higher growth rate during the forecast period. Fleet management solutions aim at reducing risks, improving safety and security, monitoring fleets, and optimizing fleet operations. They help in reducing the total cost of ownership, protecting investments in assets, assisting asset inventory management, facilitating preventative maintenance in compliant with vehicles’ Original Equipment Manufacturers (OEM) guidelines, and reducing repair costs by improving fleet safety.

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Fleet Management Market Growing at High CAGR by 2023