PUNE, India, September 15, 2016 /PRNewswire/ --
According to a new market research report "Fleet Management Market by Deployment Type, Solution (Operation, Asset, Driver Management, Vehicle Maintenance & Leasing, and Driver Information System,) Connectivity Technology, Industry, Service, and Region - Global Forecast to 2021", published by MarketsandMarkets, the Fleet Management Market is estimated to grow from USD 9.54 Billion in 2016 to USD 27.90 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.9%.
Browse 92 market data Tables and 46 Figures spread through 165 Pages and in-depth TOC on "Fleet Management Market - Global Forecast to 2021"
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Increasing need for operational efficiency is expected to be the primary driver for the fleet management market during the forecast period. The Fleet Management Market is growing rapidly because the increasing maintenance cost, fuel consumption, regulations, and accidents have mandated the need for effective and efficient fleet management solutions and services.
Managed service to grow at the highest CAGR from 2016 to 2021
Managed services are considered crucial, as they are directly related with customer experience; companies cannot afford to compromise on this factor as it helps them sustain their position in the market. The widespread integration of ICT in transportation and logistics is a major technological trend for fleet management. The need for increasing operational efficiency and concern for driver security are attracting various industries towards fleet solution management services.
Manufacturing vertical to have the largest market size in 2016
The Fleet Management Market is segmented into various industry verticals; out of which, the adoption of fleet management solutions is expected to be the highest in the manufacturing vertical. Various industry specific systems such as Warehouse Management Systems (WMS), Radio Frequency Identification (RFID), Electronic Data Interchange (EDI), sensor technologies, and Global Positioning System (GPS) tracking, among others, increase the applicability of fleet management in the manufacturing sector. Moreover, government, transportation & logistic, energy & utilities, retail, and construction verticals are also expected to gain traction during the forecast period.
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North America is expected to dominate the Fleet Management Market in 2016
North America is expected to hold the largest share of the Fleet Management Market in 2016 due to the technological advancements and early adoption of fleet management in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The major driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India and China.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, business expansions, and product developments, adopted by major players to increase their market share. Some of the major technology vendors include AT&T Inc. (U.S.), Verizon Communications (U.S.), Zonar Systems (U.S.), Fleetmatics Group (U.S.), Trimble Navigation Ltd. (U.S.), Telogis (U.S.), ID Systems Inc. (U.S.), Workwave LLC (U.S.), Eresource Infotech Pvt. Ltd. (India), Magellan (U.S.), and CarTrack Technologies Co. Ltd. (SA).
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