Fleet management is the process of managing the fleet of the vehicle in the organization. The operation of the company can be effected if the fleet of the vehicle is not managed properly. Fleet management are group of vehicles that are owned or leased by government agency or organizations. Fleet management does not involve any kind of individual acquisition of the vehicle or purchase of vehicle. The vehicles that are operated by car leasing companies such as cabs, public utilities, and among others are considered under fleet management market. According to a recent study report published by the Market Research Future, The global market of fleet management is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
People are attracted towards vehicle fleet leasing due to the benefits offered by vehicle management industry such as lower cost of hiring and superior operational management of fleet. There is a small investment required for a lease as compared to outright purchase. The other benefits of fleet leasing are access to fuel expenditure records, tracking of mileage and location, and assistance in insurance claims and repairs. The maintenance cost that is applicable in fleet leasing is low because there is a fixed cost for maintenance that is predictable and since the vehicle will be of newer model, the maintenance cost will be low.
Fleet management allows the companies that operates in transportation business to minimize the risk associated with the investment in vehicle, improving the fuel efficiency, productivity and reducing the overall cost of transportation. The fleet management allows tracking the vehicle, driver behavior, diagnosing of the vehicle through on-board computer, so as to gather data for the user.
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Major Key Players
Fleetmatics Group PLC (U.S.),
Verizon Telematics Inc. (U.S.),
Trimble Inc. (U.S),
Zonar Systems, Inc. (U.S.),
I.D. Systems, Inc. (U.S),
Cisco Systems, Inc. (U.S.),
The Global Fleet Management Market is expected to grow at a CAGR of 22% during the forecast period.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global Fleet Management market are that of new product development.
On January 2017, Bridgepoint had acquired Zenith, who is vehicle fleet management company. The acquisition will allow the company to focus on both the corporate car and consumer markets from funding company cars or commercial vehicles. This will provide fully outsourced fleet management services.
On August 2016, Verizon had entered in the agreement to acquire Fleetmatics. The acquisition will enable them to become leading provider of fleet and mobile workforce management solutions across the globe.
On December 2017, Cisco announced the intent to acquire Cmpute.io in order to enhance existing CloudCenter features and accelerate the product features to boost the product line.
In 2016, ARI began offering the fleet health card, which helps fleet managers identify problematic vehicles that have the biggest impact on cost and reliability. ARI has received the 2015 International Fleet Industry Award for its unique unbundled fleet management solutions, which deliver complete cost transparency.
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In North America, the finance and leasing sector has been exhibiting significant growth in the fleet management industry. The industry offers standardized financial services and products to all the commercial and non-commercial customers. Technological advancements and new mobility solutions like hybrid vehicles and electric vehicles are expected to encourage companies to come up with new personalized mobility services to satisfy the changing needs and preferences of consumers. Automotive market of the various European countries showing a significant growth, mainly due to cultural diversity and different economic situations. Moreover, there are new business opportunities due an increasing demand for leasing in the private sector and mobility services. The most prominent fleet leasing markets in Europe are United Kingdom, France and Germany, while Eastern European countries are emerging markets.
- Distributer & Supplier companies
- End Users
- Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
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