Fleet Management Market Share, Size, Growth and Forecast Illuminated By New Report
Posted by Devanand on September 5th, 2022
The fleet management system uses vehicle tracking, financing, diagnostics, and driver management technology. The automotive organizations are highly inclined toward the Fleet management to meet the transportation demands along with staffing, vehicle operations, cost of staffing, etc. The system further reduces the risks involved in unprofessional ethics. These factors are driving the Fleet Management Industry at the global level.
The rise in demand and inclination towards public transport is a major market driver. The higher adoption of wireless technology increased the rate of international trade, operational competency, and obligatory incorporation of ELD with features like quick access, immediate response, and higher efficiency are chiefly accelerating the market at the global level.
The developments in the transportation sector to meet the public's demand with their consistent performance, operational works, and staffing are aiding the market. On the other hand, the government's regulations and policies for environmental management are also helping the market develop. Other technological advancements in the industry, such as web applications, online services, cloud technology, and mobile-based applications, are the developmental factors of the market.
The Fleet Management Industry will project a CAGR of 11 % in the forecast period by 2030, achieving a value of USD 37 Billion.
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The Fleet Management Industry is fragmented into types, components, technology, and end-users.
The type segments of the Fleet Management Industry are divided into major segments such as the Heavy Commercial Vehicle, Light Commercial Vehicle, Aircraft, Railway, and Watercraft.
The component segment of the market is segregated into various solutions and services. The solution fragment has Driver Management Solution, Driver Management, Asset Management, and Operation Management solutions. At the same time, the service segment of the component is categorized into Claim Inspection Services, Vehicle Tracking and Follow-Up Services, After-Sales Services, and Customer Relationship Management (CRM)).
Under the technology segment, the market is categorized into GNSS (Satellite) and Cellular systems.
The end-users segment of the market consists of industrial sectors such as Retail, Government, Transportation, Logistics, Automotive, Manufacturing, Construction, Oil, gas, energy, Research and Development, and Consultancy firms.
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According to the geographical growth analysis, the Fleet Management Industry covers the chief regions such as North American countries, European Unions, Asia-Pacific areas, and the Rest of the World.
North America's government is playing a major role in driving the fleet management sector, propelling the regional market's growth. The regulations and policies against the contributors to air pollution and carbon emissions are aiding the market. The region has become a massive hub for fleet management industries.
The European Union is the next prominent market region in the race to achieve the estimated CAGR. The development of highly efficient electric vehicles is contributing to the regional market growth of Europe.
The Asia-Pacific is a rapidly growing economic factor region. The presence of top developing countries such as China, India, etc., which are noticing high pollution, is driving the demand for fleet management systems in the region.
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About the AuthorDevanand
Joined: July 26th, 2022
Articles Posted: 713
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