HOME › Press Releases › Fleet Management Market worth 27.90 Billion USD by 2021
Fleet Management Market worth 27.90 Billion USD by 2021
The 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", 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 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"
Early buyers will receive 10% customization on reports.
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.
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).
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India