The North America market for fleet management solutions is estimated to contribute a massive share in the global market over the forecast period 2021- 2025
ALBANY , NY, US, October 18, 2021 /EINPresswire.com/ — The global fleet management solution market will chart a stellar CAGR of 22.6% from 2017 to 2025 over the forecast period. The demand is generated due to introduction of reduction in running costs by these solutions in the business operations of logistics and transport companies. Besides these also lead to better safety and monitoring of fleet, leading to optimization of operations.”
Certain factors that are supporting the growth of this market are associated with technological adoption and advancement in the field. For instance, it is significant to note here that the market is hugely benefitted from adoption and advancement of wireless technology, ELD, and so on. Besides, as international trade is increasing, so is the need for seamless fleet management solutions. As prices of these solutions decrease due to innovation, local players are also set to get on-board the fleet management solutions bandwagon.
Also, as mentioned above, certain benefits that market players accrue by adoption of these solutions is a major factor of growth in the market. Some of these that are not mentioned above include wide area coverage, quick response and quick access, increase in productivity and efficiency, and thus achieving better ROI (Return on Investments).
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Asia Pacific Region to Present Global Fleet Management Solution Market Players with Untapped Growth Opportunities over the Forecast Period
Due to United States’ massive contribution in terms of revenue, North America will account for a major chunk of market share over the forecast period. Besides, the country will reap benefits from the presence of several top players existing in the regional landscape. Besides, support would build up from the OEM corner.
However, as per TMR, “Lead in terms of growth would be demonstrated by Asia Pacific (APAC) due to demand arising from countries such as Japan, China, and India due to trade volumes, robust logistics infrastructure and improving disposable income levels over the forecast period.” This region will thus create new opportunities which will keep players hooked.
Europe is expected to follow North America in terms of market revenue. The presence of several local industry players, increasing trade through Pan-European corridor and the growing awareness about technology and solutions is expected to drive the market in the region. Favorable regulatory initiatives in the region are also expected to add to the market growth. The market in Asia Pacific is expected to be lead in terms of growth rate over the report’s forecast period. This growth is expected to be driven by demand across countries such as China, Japan, and India, while South East Asian countries with their superior infrastructure and impressive communication network are also expected to contribute substantially to the region’s growth.
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The Global Fleet Management Solution Market to Witness Fragmented Landscape over Forecast Period
Top players dabbling in the global fleet solution management solution market are Trimble Inc., Element Fleet Management Corp., Daimler Fleet Management GmbH, JDA Software Group, Inc., Wheels, Inc., MiX Telematics Ltd., TomTom Telematics BV., Magellan Navigation, Inc., Emkay, Inc., and Telogis, Inc., among others. The number of players is decent and this makes it fragmented. Players are deploying a number of organic and inorganic strategies to gain edge over market competitors to gain a better hold on market share. Some of the prominent strategies observes by experts are strategic mergers and collaborations.
In recent years, there is considerable growth in the acceptance of Software as a Service model. As a result, the vendors from the global fleet management solution market are experiencing high demand for the cloud deployment. Vehicle management, driver management, and operations management are some of the solutions included in the scope of fleet management solutions.
In recent few years, there is considerable growth in acceptance of fleet management analytics. Majority of companies across the globe are inclined toward smaller fleets. These factors are projected to stimulate sales opportunities in the fleet management solution market in the next few years. Apart from this, the market for fleet management solution is likely to gain the advantage of recent technological advancements the automatic vehicles sector.
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The recent COVID-19 pandemic has impacted adversely on the growth of the companies working in the global fleet management solution market. Many companies in the market for fleet management solution have experienced sudden drop in their sales as well as revenues. Thus, many industry leaders are investing time to develop strategies, which will help them in coming out of the losses occurred due to this pandemic. This scenario confirms that the global fleet management solution market will experience short-term downward growth curve; however, the market will bounce back in the forthcoming years.
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