Market Research Report
Fleet Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|Fleet Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: May 18, 2022
IMARC Services Private Limited
Content info: 147 Pages
Delivery time: 2-3 business days
The global fleet management system market reached a value of US$ 21.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39 Billion by 2027, exhibiting a CAGR of 10.75% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Fleet management (FM) refers to the administration and control of commercial automobiles, including cars, vans, trucks, marine vessels and aircraft. It involves performing functions such as vehicle acquisition, fuel management, vehicle maintenance, driver safety and compliance. FM systems are also integrated with software programs to streamline routine tasks and improve employee efficiency. They help in managing fuel and maintenance costs, provide real-time access to the fleet, improve the life span of vehicles, increase customer retention rates and driver satisfaction. Owing to these benefits, these systems find extensive application across energy and utilities, automotive, manufacturing, retail, construction, logistics and transport industries.
The increasing adoption of cloud computing systems and the integration of the Internet of Things (IoT) with the transportation industry, are among the key factors driving the growth of the market. Furthermore, a significant increase in the mining industry that utilizes FM systems to monitor driver behavior, enhance overall safety and reduce maintenance costs, have provided a boost to the market growth. In addition to this, rapid adoption of wireless technology and advancement in 4G and 5G technologies offering wide area coverage, enhanced productivity, along with quick access and response to the users, are also creating a positive impact on the market. The availability of services, including asset management, two-way communication and customer relationship management, are also resulting in the increased utilization of the FM systems. Moreover, the implementation of favorable policies to promote smart transport systems, coupled with innovations, such as in-vehicle cameras with telematics compatibility and remote tachograph reporting, are projected to drive the market in the upcoming years.