According to the report analysis, ‘Global Fleet management Market to reach USD 22 billion by 2026’ states that in the international fleet management market there are numerous companies which recently operating more effectively for leading the highest market growth and dominating the great worth of market share across the globe in the coming years while establishing the numerous research and development programs, accepting the policies of profit making, delivering the better consumer satisfaction, decreasing the associated price, employing the young and talented work force, analyzing and witnessing the strategies and policies of the competitors and government, developing the applications and features of such, spreading the awareness connected to the applications, productivity and benefits of such and advancing the specifications of the technologies employed Cisco Systems Inc., Ctrack (Inseego Corp), I.D. Systems, IBM Corporation, Astrata Group, Mix Telematics Limited, Omnitracs LLC, Tomtom NV, Trimble Navigation Limited and several others.
Whereas, the worldwide Fleet management Market is worth approximately at USD 6.15 billion during 2019 and is predicted to grow with a vigorous growth rate of more than 20% over the review period of 2020-2026. Fleet management simplifies enterprises to manage and track their vehicles, such as vehicle maintenance, vehicle sponsoring, vehicle telematics, speed management, driver management, health and security management and fuel management. The effective augment in the international trades, implementation of wireless technology along with the obligatory integration of ELD (Electronic Logging Device), requirement of functional competency in fleet management are the foremost driving forces that propel the growth of the fleet management market across the globe. Considerable augment in the amount of accidents worldwide has become a vivacious matter to be maintained by the fleet owners.
As per the WHO report 2018, the amount of road traffic deaths causes approximately 1.35 million deaths per year around the world. This annual death rate is projected to be reduced with the implementation of fleet management software, as fleet management systems reassure better driving behavior and continuously send feedback representing the driving style, with signals. Corporations are assumption this solution, as it offers them depresses maintenance costs, fuel savings, and creates them feel safe about the management of the automobile and regulars. Furthermore, augmented demand for logistics and transport across the globe is likely to generate the significant growth opportunity in the market over the review period.
Whereas, the regional analysis of worldwide Fleet management market is measured for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/significant economy across the world in terms of market share due to numerous industries implementing fleet management solutions. Whereas, the Asia-Pacific is also projected to parade the highest growth rate / CAGR over the review period of 2020-2026. Aspects such as surge in transport conveniences in developing regions such as China, Japan and India and stringent protection regulations, would generate the lucrative growth prospects for the Fleet management market across the Asia-Pacific region. Therefore, in the near duration, it is anticipated that the market of fleet management will increase around the globe more positively over the inflowing duration.
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Ankur Gupta, Head Marketing & Communications