ALBANY, New York, January 21, 2019 /PRNewswire/ --
Transparency Market Research (TMR) witnesses the global fleet management solution market has a highly consolidative vendor landscape. Some of the companies dominating the global fleet management solution market are TomTom Telematics BV, Element Fleet Management Corp., Magellan Navigation, Inc., and Wheels, Inc. The top five companies accounted for the leading share of 80% in the global fleet management solutions market. Additionally, these players are taking initiatives such as acquisitions and collaborations for business expansion and expanding reach to their customers.
According to TMR, the global fleet management solution market secured the revenue of US$12.57 bn in the year 2015 and expected to attain a value of US$91.94 bn by the end of the year 2025. The market is anticipated to expand with a CAGR of 22.6 % over the forecast period from 2017 and 2025.
Based on the deployment, the cloud-based deployment segment dominated the global fleet management solutions market and is expected to remain dominant over the forecast period. On the basis of type, operations management solutions segment is expected to dominate the global market by accounting leading share over the forecast period. Based on the region, North America dominated the global fleet management solutions market owing to the presence of the key players in the region.
Growing Demand for Cost Cutting is Propelling Adoption of Fleet Management Solutions
The global fleet management solution market is gaining traction due to growing adoption of analytics linked to fleet management from numerous end-use industries. The industries spend substantial share of their available operational costs on transportation. Efficiency of the fleet management solutions helps to lower the operational cost by the activities such as vehicle monitoring, driver management, and operations management. The numerous end use industries are adopting the fleet management solutions for lowering cost of the operations and likely to propel growth of the global fleet management solutions market.
These analytics helps to monitor and lowering the consumption of fuel is boosting growth of the global fleet management solutions market. Additionally, numerous governments have imposed the regulations on the consumption of fuel; fleet management solutions help to maintain their fuel consumption and pass the regulations. These factors are promoting growth of the global fleet management solutions market.
Benefits of Small Fleets Is Propelling Growth of the Fleet Management Solutions
Additionally, growing inclination toward the companies of fleet management solutions to construct the smaller fleets is augmenting adoption of the global fleet management solutions. Smaller fleets lowers the total cost of ownership, which is further propelling adoption of the fleet management solutions and likely to boost growth of the global fleet management solutions market.
Despite these growth prospects, the high manufacturing cost coupled with fluctuating process of the fuel is restraining growth of the global fleet management solutions market. Additionally, the market is price-sensitive, which is hampering growth of the global fleet management solutions market.
This information is encompassed in the report by TMR, titled "Fleet Management Solution Market (Deployment - Cloud and On-Premise; Type - Vehicle Management, Driver Management, and Operations Management, End-Use Industry - Transportation & Logistics, Automotive, Retail, Government, and Shipping) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
For the study, the fleet management solution market has been segmented as follows:
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