Market Overview

• The Fleet Management Solutions market was valued at USD 5.12  billion in 2018, and it is expected to reach a value of USD 15.4 billion by 2024, at a CAGR of 20.07% over 2019-2024. Recently, businesses are increasingly adopting transportation to enhance their offerings. Thus, commercial fleets have witnessed a considerable rise over the past few years. According to the data from the Automotive Fleet, in the United States, sales of vehicles to commercial fleets, from eight major manufactures, increased by 2.1%, to 69,145, in May 2018, as compared to the previous year.
• Fleet management market has been greatly affected by rising operational costs, rooting from increased demand for utility vehicles, rising expenditure on maintenance, and steady growth in compliance costs.
• Fleet management solutions are being widely used by large- and medium-scale fleet owners for streamlining operations. The rate of adoption among small fleet owners has been slow, owing to factors like lack of awareness, limited operation scale, smaller budgets, limited compliance norms, high capital requirements, and rise in operational costs.
• According to AT&T, the annual accident rate for commercial fleets is about 20%. Fleet accidents have the most expensive injury claims for business, with an average cost of about USD 70,000 per accident. This has emphasized on the need to manage the commercial fleet.

Scope of the Report

Fleet vehicle management can include a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics such as tracking and diagnostics, driver management, speed management, fuel management and health and safety management.

• MARKET SEGMENTATION
  • Deployment Model
    • On Premise
    • On Demand
    • Hybrid
  • Solution
    • Asset Management
    • Information Management
    • Driver Management
    • Safety and Compliance Management
    • Risk Management
    • Operations Management
    • Other Solutions
  • End User
    • Transportation
    • Energy
    • Construction
    • Manufacturing
    • Other End Users
  • Geography
    • North America
      • US
      • Canada
    • Europe
      • Germany
      • UK
      • France
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Middle East and Africa
      • UAE
      • Saudi Arabia
      • South Africa
      • Rest of Middle East and Africa

Key Market Trends

MARKET SEGMENTATION - BY SOLUTION - DRIVER MANAGEMENT

• The driver management systems in fleet management solutions include applications, such as driver registration, insurance risk management, and analysis. The prime motive in most of the driver management systems is to study the driver behavior and make necessary changes to the driving styles, which will reduce the fuel consumption and improve the vehicle’s maintenance.
• The driver management system promote better driving behavior and continuously sends feedback indicating the driving style with alerts. The organizations are adopting this solution as it provides them fuel savings and lower maintenance cost, and makes them feel secure about the management of the vehicle and the customers.
• According to a recent safety report by Volvo Trucks, more than 90% of the accidents were caused due to human factors. The survey indicates that more than 13% of the accidents caused fatalities to heavy goods vehicle occupants.
• In North America alone, there has been a severe increase in the number of warehouses form third-party logistics players, like DHL, XPO, Ryder, and Geodis. It is estimated that in the period from 2016 to 2017, DHL increased its warehouse count in North America by 60%, XPO Logistics by 18%, and NFI Logistics by 11%.