MarketsandMarkets forecasts the global Fleet Management Market size to grow from USD 19.9 billion in 2020 to USD 34.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. Fleet management is a discipline of asset management that enables companies to manage the entire fleet operations, thus resulting in controlled costs, maximized profitability, improved fleet efficiency, and fleet-related risk mitigation.
The fleet analytics and reporting segment to record a higher growth rate during the forecast period
In the fleet management market by solution, the fleet analytics and reporting segment is expected to record a higher growth rate during the forecast period. Fleet management solutions aim at reducing risks, improving safety and security, monitoring fleets, and optimizing fleet operations. They help in reducing the total cost of ownership, protecting investments in assets, assisting asset inventory management, facilitating preventative maintenance in compliant with vehicles’ Original Equipment Manufacturers (OEM) guidelines, and reducing repair costs by improving fleet safety.
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Among services, the professional service provider segment to have a larger market size during the forecast period
In the fleet management market by service, the professional service provider segment is expected to have a larger market share during the forecast period. Currently, the fleet management market is emerging and expected to grow during the forecast period. Professional service providers study the fleet operations of logistics companies, thereby comprehending business constraints, providing major insights that help these companies optimally utilize all available resources, and making the most of their technological investments.
The key and emerging market players in the fleet management market include ARI Fleet Management (US), Azuga (US), Chevin Fleet Solutions (Australia), Inseego (US), Donlen Corporation (US), Geotab (Canada), GPS Insight (US), Masternaut (UK), MiX Telematics (South Africa) , Nextraq (US), Omnitracs (US), Teletrac Navman (US), Trimble (US), Verizon Connect (US), Wheels, Inc (US), Samsara (US), Bestmile (US), Tourmaline Labs(US), KeepTruckin (US), Avrios (Switzerland), ThingTech (US), Automile Inc. (US), Fleetonomy (Israel), Fleetroot (UAE), Autofleet (Israel), ClearPathGPS (US). These players have adopted various strategies to grow in the global fleet management market.
Trimble has been providing technology solutions for over 38 years. The company markets its products in over 150 countries through a strong network of distributors, dealers, and channel partners. It generates revenue from the US, Europe, Asia, and the Rest of the World (RoW). The overall revenue of Trimble increased in 2019, due to the adoption of organic growth strategies across segments and major regions. In January 2020, the company acquired Kuebix, a leading transportation management system (TMS) provider to grow its fleet management segment. Trimble has a strong presence in the fleet management market across industry verticals, such as construction, utilities, government, and transportation and logistics. The company focuses on a mix of organic and inorganic growth strategies to cater to its global clientele.
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Azuga is another leading company in the fleet management market. The company focuses on organic growth strategies to expand its business in the fleet management market with latest innovations and developments. It is working toward keeping its offerings in line with latest industry trends for improving its market position. For instance, it offers the smartphone edition of its fleet management enterprise software to improve user handling and provide ease of access to its solutions and services through increased customer engagement. It also offers the basic version of its software at no cost to its users for increasing its user base. The company has also adopted inorganic growth strategies, for instance, in March 2020, the company partnered with Service Roundtable to offer comprehensive fleet management and GPS tracking for contractors, electricians, service, and repair industries.
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