Fleet Management Market Valued at $30.45 Billion by 2018

According to a recently conducted report by MarketsandMarkets, the Fleet Management Market is expected to grow from $10.91 billion in 2013 to $30.45 billion by 2018 —  at a compound annual growth rate (CAGR) of 22.8% 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.

Thus, Fleet Management in this era 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.

A number of additional trends come into plat: 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.

 

Category: General Update