(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Fleet Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Fleet Management Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Highlights of This Report:
The global fleet management market is anticipated to achieve a CAGR of around 12% during the forecast period, i.e. 2020-2025.
Global Fleet Management Market Analysis – 2020-2025
The integration of hardware, software, and communication technologies together forms the fleet management system. The platform is used to control, track, and monitor commercial vehicles efficiently by a fleet operator so as to increase the overall operational efficiency. The technology is also used for increasing fuel efficiency of vehicles by efficient fuel management solutions, coupled with other factors such as monitoring driver's activity, and capturing tracking information of vehicles.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
The global fleet management market is anticipated to achieve a CAGR of around 12% during the forecast period, i.e. 2020-2025. Factors such as the rising need of fleet operators to decrease their operational costs and increase efficiency so as to gain a competitive advantage, coupled with the stringent norms such as the electronic logging device or ELD mandate for tracking a driver's total working hours to comply with the labor regulations and the growing commercial fleet around the world are some of the factors anticipated to drive the growth of the global fleet management market.
Additionally, the ability of fleet management systems to be customized depending upon the requirement of the fleet owner, which has raised greater adoption of fleet management systems amongst businesses worldwide along with the trends of the fleet operators who are opting for advanced technologies including telematics that are related to big data, artificial intelligence and others are some of the factors anticipated to contribute significantly towards the growth of the global fleet management market.
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The global fleet management market consists of various segments that are segmented by function and by region. The function segment is further sub-divided into operational fleet monitoring and management, vehicle dispatch, asset tracking, security & safety management, driver scheduling, and condition-based maintenance. Out of these, the operational fleet monitoring and management segment are anticipated to grow with a modest CAGR over the forecast period owing to the rising need of fleet owners to decrease their operational expenditure and track their fleets properly.
Based on the region, the global fleet management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific is primarily driven by nations such as China, Japan, the Philippines, and India, as the majority of the nations are dependent on road transport and have a large road network connectivity for the transportation of goods.
Leading Companies:
Some of the affluent industry leaders in the global fleet management market are Webfleet Solutions B.V., Geotab Inc., Verizon, Omnitracs, Trimble Inc., Alphabet (GB) Limited, Telenav, Inc., Arvento Mobile Tracking and Fleet Management Systems, Teletrac Navman US Ltd. and Emkay.
Business Questions answer by the report
- How will the market drivers, restraints and opportunities affect the market dynamics?
- What will be the market size in terms of value and volume and market statistics with detailed classification?
- Which segment dominates the market or region and one will be the fastest growing and why?
- A comprehensive survey of the competitive landscape and the market participant players
- Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority. And that's why Kenneth Research offers customization according to Company's specific needs. The following customization options are available for the report:
Additional Company Information
- Additional company detail analysis.
- Additional country analysis.
- Detailed segment analysis.
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About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations, and organizations with the aim of helping them to take prominent decisions. Our research library comprises more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both the macro level as well as micro-level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides a significant analysis of various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keeps a track of the international and domestic market for any economic changes impacting the products' demand, growth, and opportunities for new and existing players.
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