Fleet management market worth US$30.45 billion by 2018

6418 MarketsAndMarkets recently conducted a study on the "Fleet Management Market (Fleet Analytics; Vehicle Tracking & Fleet Monitoring; Telematics; Vendor Services) By Vehicles (Trucks; Light Goods; Buses; Corporate Fleets; Container Ships; Aircrafts) Worldwide Market Forecasts and Analysis (2013 - 2018)", which analysed and studied the major market drivers, restraints and opportunities in North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. The study indicates that the fleet management market is expected to grow from US$10.91 billion in 2013 to US$30.45 billion by 2018, at a Compound Annual Growth Rate (CAGR) of 22.8 per cent 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.

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 endeavours 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. Organisations from public transport, service sectors, logistics, and retail industries are expected to bring huge business opportunities for the fleet management vendors.

The key strategies followed by many of the leading companies in the fleet management market are new technologies, customised solutions, and acquiring relatively small domain expert players. Some of the major players in this market are 1968 Accenture, 96 Motorola Solutions, 1692 TomTom, 213 Qualcomm, 748 Masternaut, 1985 Trimble Navigation, 490 Garmin International, 1058 FleetMatics, Pointer Telocation, 1984 Verizon 2251 Networkfleet, among others.

This MarketsAndMarkets report provides key insights into the market dynamics, industry trends, and adoption trends in the Fleet Management Market. It explores business potential of fleet management solutions across varied industry verticals such as academia, government and waste management, public transport, utilities, retail, logistics, construction, mining, oil, gas and chemicals, service sectors, and others. The report talks about revenues expected from the fleet management solutions and services offered to different types of vehicles.

The report analyses market sizes and revenue forecasts across different regions. The report also draws the competitive landscape of the Fleet Management Market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors.