The fleet management system market has been forecast to increase at a compound annual growth rate (CAGR) of 26.66% through 2016, driven by the expansion of fleet size of commercial vehicles, and the increasing number of in-vehicle technologies.
Since the market is being affected by high operational costs, rising fuel prices, and difficulties in gaining adequate return on investment, fleet management system vendors are developing innovative offerings for their customers.
In addition, to enhance the driving experience of end-users, vendors are developing technologically advanced products that give additional information to the driver, such as data analysis that can help modify the driving style of the driver, and increase the fuel efficiency.
Intelligent fleet management solutions based on technologies such as Global Positioning system (GPS)-based telematics are helping fleet operators to enhance operational efficiencies in terms of improving vehicle performance and mileage, enhancing operational reliability and safety, maintenance planning, driver control, and optimising navigation and routes.
The growing competitiveness among the transportation service providers, CO2 emission control norms, and rising fuel prices are making the fleet management system, an essential component for the business operation of the fleet vehicle operators.
The number of vehicles is increasing globally with a major boom in the emerging economies; this has a positive impact on the fleet management industry. Asia-Pacific is expected to exhibit the highest growth rate in the fleet management market revenue out of the various regional markets.
There are also government endeavours to mandate the incorporation of GPS tracking features in all the new vehicles to be sold and operated in their specific regions, which clearly shows the opportunities for fleet management business growth.
Companies such as Fleetmatics and Qualcomm provided fleet management systems to more than 300,000 vehicles in 2012. The number of fleet operators using fleet management systems in their vehicles is increasing rapidly. Fleet operators are continually expanding their fleet size, which is driving the growth of the market.
Key players currently dominating the fleet management system market include Fleetmatics Ltd., Qualcomm Inc., TomTom International BV, and Trimble Navigation Ltd.
For more information on the fleet management systems market, see the latest research: Fleet Management Systems Market
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