Increased in need of operation competency, rising concerns regarding fleet safety, mandatory government regulations, and compulsion of ELD implements are expected to boost the growth of the global fleet management market. Moreover, surge in adoption of wireless technology owing to its falling price supplements the market growth. However, cost sensitivity in local players hampers market growth. On the contrary, strengthening communication network, growing vehicle replacement market, and increase in international trades of goods & services are expected to create lucrative opportunities in the near future.
Portland, May 20, 2019 (GLOBE NEWSWIRE) — According to the report, the global fleet management market accounted for $7.76 billion in 2015 and is projected to garner $34.63 billion by 2022, registering a CAGR of 24.5% from 2016 to 2022.
The global fleet management market is segmented on the basis of vehicle type, component, communication technology, industries, and geography. Based on vehicle type, the market is divided into light commercial vehicle, heavy commercial vehicle, aircraft, railway, and watercraft. The railway segment held the lion’s share in 2014, contributing more than one-fourth of the total market. However, the aircraft segment is expected to manifest the fastest CAGR of 26.3% during the study period.