New York, NY, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Fleet Management Systems Market by Vehicle (Commercial Vehicle, Aircrafts, Railways, and Watercrafts), by Component (Solution, and Service), by Technology (GNSS, and Cellular Systems), and by End-Use Industry (Automotive, Energy & Utilities, Manufacturing, Retail, Government Sector, Construction, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global fleet management systems market accounted for USD 11.9 billion in 2017 and is expected to reach USD 43.5 billion globally by 2024, at a CAGR of around 20.3% between 2018 and 2024.
Fleet management is a managerial approach that benefits various companies to coordinate and organize vehicle transit to improve their efficiency, curtail transport costs, and comply with government norms and regulations. Fleet management systems are widely used for vehicle tracking and mechanical operations. Various vendors of fleet management systems offer telematics, such as GLONASS, GPS, and GALILEO.
Browse through 103 Tables & 33 Figures spread over 176 Pages and in-depth TOC on “Global Fleet Management Systems Market: By Type, Size, Share, Trends, Growth Analysis, and Forecast, 2017–2024”.
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The fleet management systems market is projected to significantly in the forecast time period, owing to increasing trade activities among various countries. In 2016, goods worth USD 11 trillion were exported as compared to USD 8 trillion in 2006. Additionally, the global agricultural products exports have grown at an annual average rate of 5% in the same time period. Various countries have taken initiatives to improve their international trade relations. Regional free trade agreement between North America and the European Union is likely to further drive the fleet management systems market over the estimated timeframe. Rising investments made in the railway sector is anticipated to propel the fleet management systems market in the estimated timeframe. In 2017, the Australian government allocated USD 20 billion for rail projects. From 2000 to 2017, Indian railways related components had USD 897.09 million of foreign direct investments (FDI). Furthermore, from 2013 to 2015, the global rail market witnessed a growth of about 3%. About 1500 rail infrastructure projects worth USD 2.1 trillion are planned for the future. Thus, the fleet management systems market is likely to grow in the upcoming years.
The fleet management systems market is divided into vehicle, component, technology, and end-use industry. Based on the vehicle, the global fleet management systems market is segmented into commercial vehicle, aircrafts, railways, and watercraft. By technology, the fleet management systems market is bifurcated into GNSS and cellular systems. GNSS is projected to hold a significant share in the market in the estimated time period, due to technological advancements related to vehicle fleet systems. GNSS detects all the nearby satellites in its range and facilitates vehicle positioning. By component, the fleet management systems market comprises solutions and services. The solutions segment is likely to grow considerably in the future, due to the increasing investments made in manufacturing innovative products to cater to various end-user requirements. By end-use industry, this market includes automotive, energy and utilities, manufacturing, retail, government sector, construction, and others.
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North America is estimated to hold a considerable share in the global fleet management systems market during the estimated period. The U.S. is projected to make a significant contribution to the regional market, due to the country’s growing retail sector. Various retailers are investing in online shopping with Walmart, which makes for an ideal example. In 2018, Walmart announced that it will acquire 77% stake in Flipkart, and the deal is valued about USD 16 billion. Furthermore, in 2017, the U.S. e-commerce retail sales increased by 16% as compared to 2016. Thus, it is expected that the fleet management systems market will propel in the North American region during the estimated timeframe.
The European fleet management systems market is driven by the increasing export of motor vehicles. In 2017, the European Union exported about 5.9 million vehicles. The U.S. is a major importer, as about 1.16 million vehicles were imported from the European Union in 2017. Additionally, in the same year, EU-28 exported goods worth USD 2.18 trillion as compared to USD 2.03 trillion in 2016.
Browse the full "Fleet Management Systems Market by Vehicle (Commercial Vehicle, Aircrafts, Railways, and Watercrafts), by Component (Solution, and Service), by Technology (GNSS, and Cellular Systems), and by End-Use Industry (Automotive, Energy & Utilities, Manufacturing, Retail, Government Sector, Construction, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024" Report At https://www.zionmarketresearch.com/report/fleet-management-systems-market
Asia Pacific is projected to grow significantly in the global fleet management systems market over the estimated time period. China and India are anticipated to make substantial contributions to the region’s fleet management systems market, owing to the rising investments made in the aviation sector. The cumulative foreign direct investment in India’s air transport from 2000 to 2016 was USD 1.6 billion. From 2006 to 2017, the overall, Indian freight traffic grew by 7.08%. Furthermore, in the financial year 2017, Indian domestic air freight traffic was 1,123.18 million tons and international air freight traffic from India was 1,855.06 million tons. Owing to the increasing number of flights, the Chinese government in 2016 declared a funding of USD 12 billion for developing its aviation infrastructure. Thus, these factors are anticipated to fuel the fleet management systems market in the estimated period in Asia Pacific.
Latin America is likely to make a substantial contribution in the fleet management systems market in the estimated time period. In 2017, rail transportation in Brazil covered about 21% of the overall freight and was around 30% cost-effective in comparison to road transportation. The Brazilian government has announced investments of more than USD 7.5 billion for the railway sector.
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The Middle East and Africa is likely to a good growth rate in the global fleet management systems market in the upcoming years. In 2017, about USD 48.1 billion of petroleum gas exports were from UAE, Qatar, Nigeria, and Saudi Arabia. This, in turn, contributed to the expansion of the region’s fleet management systems market.
Certain players operating in the global fleet management systems market are TomTom N.V., Navico, MiTAC International Corporation, AT&T Inc., Fleetmatics Group PLC, IBM Corporation, Freeway Fleet Systems, I.D. Systems, Telogis, Cisco Systems, Inc., ABB, and Honeywell International Inc., among others.
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This report segments the global fleet management systems market as follows:
Global Fleet Management Systems Market: Vehicle Segment Analysis
- Commercial Vehicle
- Aircrafts
- Railways
- Watercrafts
Global Fleet Management Systems Market: Component Segment Analysis
- Solution
- Fleet Telematics
- Driver Information Management
- Vehicle Maintenance
- Others
- Service
- Installation and Integration
- After-Sales Support Services
- Consulting
Global Fleet Management Systems Market: Technology Segment Analysis
- GNSS
- Cellular Systems
Global Fleet Management Systems Market: End-Use Industry Segment Analysis
- Automotive
- Energy & Utilities
- Manufacturing
- Retail
- Government Sector
- Construction
- Others
Global Fleet Management Systems Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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