HOME Research Insight New Product Launches have been the major strategical trend, followed by Partnerships, Agreements, and Collaborations in the Fleet Management Market



New Product Launches have been the major strategical trend, followed by Partnerships, Agreements, and Collaborations in the Fleet Management Market


The fleet management market size is estimated to be USD 13.78 Billion in 2017 and expected to reach USD 28.66 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.8%. Some of the major factors that are expected to drive the growth of the fleet management market include the growing need for operational efficiency, resulting in increased demand for fleet management, adoption of cloud computing in fleet, thereby streamlining the fleet management operations, declining hardware and connectivity costs, leading to increased deployment of fleet management solutions, and Electronic Logging Device (ELD) mandate, driving the revenue streams of vendors.

The key market players profiled in this report are AT&T (US), Donlen Corporation (US), Geotab (Canada), LeasePlan USA (US), Masternaut Limited (UK), Merchants Fleet Management (US), Omnitracs (US), Teletrac Navman (US),  Trimble (US), Verizon Telematics (US), Wheels, Inc. (US), and WorkWave (US). These players offer fleet management solutions and services to cater to the needs and demands of the market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches. New product launches have been the major strategical trend, followed by partnerships, agreements, and collaborations.

Teletrac Navman has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers and acquisitions, and business expansions. In 2017, Teletrac Navman announced its new DIRECTOR ELD solution, which helps customers minimize the operational risks and improve the business performance of the ELD solution in the fleet management software. Additionally, in 2017, Teletrac Navman partnered with Planung Transport Verkehr AG, a logistics and traffic software provider, to help the fleet managers reduce the time and workforce, the need to plan, optimize, and execute the delivery routes.

Similarly, Verizon Telematics has adopted a strategic mix of organic and inorganic growth strategies. For instance, in 2017, Verizon Communications made 2 acquisitions: it acquired Fleetmatics Group PLC, a fleet telematics solutions provider and Telogis Inc., a cloud-based mobile enterprise management software provider. These acquisitions enhanced the Verizon Telematics’ offerings in the fleet management space. Additionally, in 2015, GE Capital Fleet Services contracted with Verizon Networkfleet to offer its customers an electronic truck compliance system to satisfy the upcoming electronic hours of service regulation requirements.

Related Reports:

Fleet Management Market by Solution (Operations Management, Information Management, Risk Management, Vehicle Maintenance & Leasing, Safety & Compliance Management), Service, Deployment Type, Fleet Type and Region - Global forecast to 2022

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