Global Fleet management Market is valued approximately at USD 6.15 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20% over the forecast period 2020-2026.
Fleet management facilitates enterprises to maintain and track their vehicles, such as vehicle maintenance, vehicle financing, vehicle telematics, speed management, driver management, health and safety management and fuel management. Growing international trades, adoption of wireless technology along with obligatory integration of ELD (Electronic Logging Device), need of operational competency in fleet management are the key driving forces that fuel the growth of the fleet management market worldwide. Considerable increase in number of accidents worldwide has become a vital matter to be managed by the fleet owners.
Corporations are embracing Fleet Management Solutions, as it offers them lowers maintenance costs, fuel savings, and makes them feel safe about the management of the automobile and customers. Furthermore, increased demand for logistics and transport worldwide is likely to create significant growth opportunity in the market over the forecast period. However, cost sensitivity and strict compliance standards impedes the growth of the market over the forecast period of 2020-2026.
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