August 20, 2013
MarketsandMarkets has completed a study on the “Fleet Management Market By Vehicles Worldwide Market Forecasts and Analysis (2013 – 2018),” which analyzed and studied the major market drivers, restraints, and opportunities in North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa.
According to the research, the study observes that the fleet management market is expected to grow from $10.91 billion in 2013 to $30.45 billion by 2018, at Compound Annual Growth Rate (CAGR) of 22.8 percent from 2013 to 2018.
MarketsandMarkets says the number of vehicles is increasing globally with a major boom in the emerging economies, and this has a positive impact on the fleet management industry. Asia-Pacific is expected to exhibit the highest growth rate in the fleet management market revenue out of the various regional markets. There also are government endeavors to mandate the incorporation of GPS tracking features in all the new vehicles to be sold and operated in their specific regions, which clearly shows the opportunities for fleet management business growth, the study says. Organizations from public transport, service sectors, logistics, and retail industries are expected to bring huge business opportunities for the fleet management vendors, the study says.
For more information about the survey, CLICK HERE.