Jersey City, New Jersey, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Fleet Management System Market” By Fleet Type (Passengers Cars and Commercial Fleets), By Component (Solutions and Services), and By Geography. According to Verified Market Research, the Global Fleet Management System Market size was valued at USD 19.51 Billion in 2020 and is projected to reach USD 42.75 Billion by 2028, growing at a CAGR of 10.82% from 2021 to 2028.
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Browse in-depth TOC on “Fleet Management System Market”
202 - Pages
126 – Tables
37 – Figures
Global Fleet Management System Market Overview
The benefits associated with the fleet management systems are multifold that effectively yields fuel savings, increased productivity, and enhance customer services. The fleet management system helps to increase the productivity of the vehicles by aiding the features through the deployment of telematics solutions. Government authorization plays one of the important roles in driving the growth of the fleet management systems market. Governments have imposed stringent mandates to overcome the problems associated with the safety of the citizens and also to authorize the trade between two parties.
Moreover, reducing the risk associated with environmental degradation is another factor leads to fuels the growth of the market. In accordance to the information cited from the United States Environmental Protection Agency (EPA), the combustion of fossil fuels to transport people and goods is considered as one of the larger sources of carbon dioxide emissions that contribute 31% of the U.S. carbon dioxide emissions and one-fourth of U.S. greenhouse gas emissions.
The restricting factor that hampers the growth of the fleet management systems market is atmospheric inference, which led to cause issues regarding GPS connectivity. However, owing to the huge travel time over the long distance, the signal needs to pass through different atmospheric conditions and need to change multiple satellites to reach the mobile phones. The accuracy of the signal decreases with the changing multiple satellites and acts as a restricting factor for the market growth.
Key Developments
- Inseego agreed to sell its South African branch of Ctrack to Convergence Partners, an investment management firm concentrating on the technology, media, and telecom industry in Africa, in February 2021. The sale of Ctrack’s activities in South Africa is part of the company’s goal to focus primarily on target areas that are closely associated with the expansion of their 5G technology.
- Build Your Own Report, a tool added to the DIRECTOR Analytics platform in April 2019, allows customers to transform data from telematics devices into accessible reports in any format with enhanced capabilities. This solution assists firms in focusing on key parameters.
Key Players
The major players in the market are Mix Telematics, Geotab, Teletrac Navman, Automotive Rentals Inc., Omnitracs, Trimble, Verizon Connect, Wheels, Inc., Chevin Fleet Solution, and Donlen Corporation.
Verified Market Research has segmented the Global Fleet Management System Market On the basis of Fleet Type, Component, and Geography.
- Fleet Management System Market, By Fleet Type
- Passengers Cars
- Commercial Fleets
- Fleet Management System Market, By Component
- Solutions
- Vehicle Maintenance and Diagnostics
- Operations Management
- Fleet Analytics and Reporting
- Others
- Services
- Professional Services
- Managed Services
- Solutions
- Fleet Management System Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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