26-Nov-2021 | Zion Market Research
As per the findings of Zion Market Research study, Fleet Management Systems industry garnered revenue of about US$ 30.01 billion in 2020 and is set to earn revenue of nearly US$ 50.11 billion by 2028. Moreover, Fleet Management Systems market is prognosis to record CAGR of nearly 20.3% in 2021-2028. Expansion of fleet management systems market over forecast timespan can be credited to incorporation of ELD and surge in trading activities across globe. In addition to this, rise in acceptance of wireless systems in fleet management owing to its quick response time, cost reduction, wide area network coverage, efficiency, and high returns will drive elevation of size of fleet management systems market. Massive sale of commercial as well as passenger cars across globe has culminated into extensive growth of fleet management systems market.
Commercial Vehicle Segment To Account Majorly Towards Overall Market Revenue By 2028
Growth of segment over forecast timeframe can be credited to massive demand for improving driving practices in commercial vehicle sector. Apart from this, rise in acceptance of IoT by fleet operators will further enlarge scope of commercial vehicle segment. With vehicle owners searching for cost-efficient options and low fuel emitting vehicles for effectively handling fleet operations, the segment is projected to expand leaps & bounds over coming years. Apparently, thriving construction and e-commerce sectors have generated massive need for smart commercial vehicles for transporting goods from one place to another, thereby creating lucrative growth avenues for commercial vehicle segment.
Manufacturing Segment To Dominate End-Use Industry Space By 2028
Proficiency observed in supply chain activities across manufacturing sector due to use of fleet management systems is predicted to drive demand for fleet management systems in manufacturing segment. In addition to this, players in manufacturing sector are installing advanced fleet management tools for effectively handling complicated fleet functions. This is predicted to embellish growth of segment over assessment period.
Asia Pacific Market To Register Highest CAGR Over 2021-2028
Growth of fleet management systems market in Asia Pacific over forecast period is due to presence of strong infrastructure in countries such as Japan, China, South Korea, India, Singapore, and Australia. Escalating awareness about safety of commuter & driver and need for preventing road collisions will boost growth of fleet management systems market in Asia Pacific zone. Thriving transport & logistics activities and onset of 5G LTE technology as well as smartphone penetration in sub-continent will drive regional market trends. Enacting of laws pertaining to road safety for preventing accidents on roads will further accelerate industry landscape in region.
Key players have prominently influenced growth of fleet management systems market and are likely to retain leading market positions even in coming years. We have profiled them in our report and they are I.D. Systems, Cisco Systems, Inc., Navico, ABB Ltd., IBM Corporation, Fleetmatics Group PLC, Freeway Fleet Systems, TomTom N.V., Telogis, MiTAC International Corporation, AT&T Inc., and Honeywell International Inc.
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, And Construction): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021–2028.” Report at https://www.zionmarketresearch.com/report/fleet-management-systems-market
The global Fleet Management Systems Market is segmented as follows:
By End-Use Industry
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