The global fleet management market is anticipated to witness growth over the forecast period. Fleet Management is managing all the aspects of a vehicle in a company. Fleet vehicles are those that have significance in the business or which affect the business in a significant manner. Fleet management has three basic components namely position and material monitoring, production monitoring and equipment assignment, and optimization. Fleet management includes features such as driver behavior, mechanical diagnostics, and vehicle tracking. It incorporates fuel management, risk management, telematics, accident management, remarketing, fleet vehicle financing, etc. The applications of fleet management include the service sector, oil and gas chemicals, mining, construction, logistics, retail, utilities, public transport, government and waste management, academia, etc. Fleet management covers all types of vehicles such as trucks and trailers, buses and trams, container ships, rail and cruise ships, light goods vehicles, corporate fleets, commercial & freighter aircraft, etc.
Several opportunities for the fleet management market have come up due to increased demand for logistics and transport. Key drivers for the market are a rise in fuel cost, an increase in pollution issues, connectivity costs, demand for operational efficiency, and decreasing management system components. Fleet management has advantages such as maintenance planning, vehicle performance, enhanced driver safety, scheduling of fleet proper routing which leads to cost-effective operations for the fleet owners, simple acquisition process, fleet safety, and customer satisfaction. Additionally, connected vehicles and smart transportation concepts integrated with partnerships with production facilities can be beneficial for new entrants. However, challenges like promoting safety, greater compliance standards lesser integrity of data, lesser flexibility, less transparency, fewer follow-ups, and greater efficiency expectations can turn into restraints if not catered to at the right time. These challenges can be overcome by management involvement, proper coaching, engaging people, and understanding of risk. Fleet Management software is an important tool that helps in database management, scheduling, tracking, and customer feedback. Software solutions provide the user with higher efficiency, consistent performances, reduced costs, and streamlined processes.
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Key Fleet Management Market participants include Fleetmatics, Garmin, Accenture, Masternaut, IBM Corporation, Qualcomm, Motorola Solutions, TomTom, Trimble navigation, Mixtelematics, Fleet Management, Daimler, Oracle, Toyota, CAT, Scania, JDA Software, E-Drive Technology, Garmin Ltd, Freeway Fleet Systems, Chevin Fleet, BW Fleet Management, FML World, Höegh LNG, BP Global, LeasePlan
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