LONDON--(BUSINESS WIRE)--The global commercial vehicle fleet management system CVFMS market is expected to register a CAGR of over 14% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key factor driving the market’s growth is the high cost pressure on fleet operators. Rising cost pressure due to price fluctuation of fuels and inefficiency of fleet operation has become a crucial challenge for fleet operators. Thus, they are adopting cost optimization strategies. For instance, fleet managers are increasingly adopting advanced FMS to optimize fuel consumption and enhance fuel efficiency.
This market research report on the global commercial vehicle fleet management system market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing popularity of 360 degree fleet management systems as one of the key emerging trends in the global commercial vehicle fleet management system market:
Global commercial vehicle fleet management system market: Growing popularity of 360 degree fleet management systems
In the recent years, FMS has evolved from mere vehicle tracking system to holistic driving performance solution. The introduction of camera technology as a support system for the FMS to monitor various activities has increased the scope of FMS in enhancing fleet efficiency. The camera technology allows fleet managers to efficiently interpret safety-related issue.
“A major vendor released a fleet management system in 2017 that expands on on-demand video capability by triggering up four cameras based upon safety risks such as collisions. The feed from these cameras are analyzed by an expert driving analyst within an hour and confirmed collisions and alerts are sent to customers so that they can react quickly to the incident,” says a senior analyst at Technavio for research on automotive electronics.
Global commercial vehicle fleet management system market: Segmentation analysis
This market research report segments the global commercial vehicle fleet management system market into the following products (third-party FMS and OEM FMS) and key regions (the Americas, APAC, and EMEA).
The third-party FMS segment held the largest market share in 2017, accounting for more than 92% of the market. This product segment is expected to project an increase in market share of about 4% during the forecast period.
The Americas held the highest share of the global commercial vehicle fleet management system market in 2017, accounting for a market share of approximately 49%. The market share occupied by this region is anticipated to decrease by almost 6% during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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