Commercial Vehicle Fleet Management Market to Grow at 14%

The global commercial vehicle fleet management system CVFMS market is expected to register a CAGR of over 14% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.

A key factor driving the market’s growth is the high cost pressure on fleet operators. Rising cost pressure due to price fluctuation of fuels and inefficiency of fleet operation has become a crucial challenge for fleet operators. Thus, they are adopting cost optimization strategies. For instance, fleet managers are increasingly adopting advanced FMS to optimize fuel consumption and enhance fuel efficiency.

This market research report on the global commercial vehicle fleet management system market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

In the report, Technavio highlights the growing popularity of 360 degree fleet management systems as one of the key emerging trends in the global commercial vehicle fleet management system market:

In the recent years, FMS has evolved from mere vehicle tracking system to holistic driving performance solution. The introduction of camera technology as a support system for the FMS to monitor various activities has increased the scope of FMS in enhancing fleet efficiency. The camera technology allows fleet managers to efficiently interpret safety-related issue.

“A major vendor released a fleet management system in 2017 that expands on on-demand video capability by triggering up four cameras based upon safety risks such as collisions. The feed from these cameras are analyzed by an expert driving analyst within an hour and confirmed collisions and alerts are sent to customers so that they can react quickly to the incident,” says a senior analyst at Technavio for research on automotive electronics.

Category: Connected Fleet News, General Update