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(I-BusinessNews.Com, July 20, 2019 ) What does this “Fleet Management Solutions Market “ report offers:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support

Market Overview
The Fleet Management Solutions Market was valued at USD 5.12 billion in 2018, and 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.

The fleet management market has been greatly affected by rising operational costs, rooting from the 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 businesses, with an average cost of about USD 70,000 per accident. This has emphasized the need to manage the commercial fleet.

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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.

Key Market Trends
Driver Management Segment Expected to Hold Significant Share

The driver management systems in fleet management solutions include applications, such as driver registration, insurance risk management, and analysis. The prime motive of driver management systems is to study the driver behavior and make necessary changes to driving styles, which will reduce fuel consumption and improve the vehicle’s maintenance.

These systems promote better driving behavior and continuously send feedback indicating the driving style, with alerts. Organizations are adopting this solution, as it provides them fuel savings, lowers maintenance costs, and makes them feel secure about the management of the vehicle and 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 during 2016 to 2017, DHL increased its warehouse count in North America by 60%, XPO Logistics by 18%, and NFI Logistics by 11%.

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United States to Witness Significant Growth

The US government is currently assessing the potential of telematics to reduce cost of accidents, which, in turn, is driving the market for fleet management services. The US fleet market is dominated by Ford, General Motors, and Fiat-Chrysler. OEMs are moving fleet sales to retail channels to increase their profitability.

Increasing awareness about the cost benefits of fleet management and leasing may attract more new customers. Additionally, reduced government spending and anxieties of a double-dip recession could restrain the growth in the market.

According to the EPA, combustion of fossil fuels, such as diesel and gasoline, to transport goods and people, is the second-largest source of carbon dioxide emissions, totaling to about 31% of the US carbon dioxide emissions, and more than one fourth of the US greenhouse gas emissions.

Apart from various industries adopting fleet management solutions, the US Department of Homeland Security has also taken fleet management solutions to provide its fleet managers access to data-driven insights to manage the daily operations of fleet.

The Department of Homeland Security (DHS) landed a telematics contract with WEX Inc., in order to supply vehicle telematics products and services. According to WEX, the Homeland Security operates a fleet of around 52,000 vehicles, making it one of the largest federal agency fleets in the United States.

Competitive Landscape
The fleet management solution market is characterized by high fragmentation, rising presence of original equipment manufacturers, low levels of product differentiation, and sinking hardware and connectivity costs. The level of competitiveness has been increasing steadily, due to high market consolidation by market leaders and increased R&D activities, leading to innovations in telematics and analytics solutions.

Moreover, companies have been investing in cloud technologies, owing to increasing data in the fleet management sector. For instance, Fleetonomy is focused on offering a cloud-based fleet management service for carmakers, car rental companies, and ride-sharing services.

Similarly, Chevin launched a SaaS package designed to support essential fleet, maintenance and compliance management responsibilities. Some of the major players include AT&T Inc. and Cisco Systems.

AT&T and Fleet Complete have done a partnership with Vision Zero Network to help different communities eliminate traffic fatalities and severe injuries, using connected vehicle technology.
Cisco Jasper introduced an automated mobility management platform, Control Center for Mobile Enterprise, which automates the management of enterprise mobile services and devices.

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Major Point of TOC:
Chapter One: INTRODUCTION
Chapter Two: RESEARCH METHODOLOGY
Chapter Three: EXECUTIVE SUMMARY
Chapter Four: MARKET DYNAMICS
Chapter Five: MARKET SEGMENTATION
Chapter Six: COMPETITIVE LANDSCAPE
Chapter Seven: MARKET OPPORTUNITIES AND FUTURE TRENDS

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