The growth of fleet management is often a sign of growing industries and economies around the world. Based on “Fleet Management Market by Components, Technologies and Services (Fleet Analytics, Vehicle Tracking & Fleet Monitoring, Telemetric, Vendor Services), by Fleet Vehicle Types (Trucks, Light Goods, Buses, Corporate Fleets, Container Ships, Aircrafts) – Global Forecast to 2019, between 2014 and 2019”, a November 2014 research report, the global fleet management market is predicted to grow at 24% CAGR. By 2019, the market is projected to be at $35.35 billion.
The projected increase in the global fleet management market is fueled by some major areas of growth in various areas, which include:
- Middle East & Africa (MEA)
- Asia-Pacific (APAC)
- Latin America
These areas of growth represent quickly developing 2nd and 3rd world countries, overall global economic growth, and increased opportunities for transportation, fleet management, and trucking & logistics companies. For example, China is predicted to have 17 million sales of commercial vehicles annually in the common years. By 2020, India is posed to be the 4th largest automotive industry in the world.
Overall, Middle East & Africa, Asia-Pacific, & Latin America are all showing increased opportunities for fleet management companies in various industries. These economies are growing at 5% annually. Additionally, already developed economies that have traditionally dominated growth in these areas, such as North America, Japan, and Europe, are actually experiencing slowed growth.
Along with the growth of vehicle production and shipping opportunities, there is an increased emphasis on GPS tracking to protect these assets. Other factors influencing the increased use of GPS tracking include environmental concerns, CO2 emissions restrictions, and increased need for operational efficiencies.
Learn more about SkyBitz asset tracking solutions and fleet management software, which includes trailer tracking and GPS asset tracking.