Dublin, Sept. 26, 2013 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/f4rvrn/global_fleet) has announced the addition of the "Global Fleet Management System Market 2012-2016" report to their offering.
The analysts forecast the Global Fleet Management System market to grow at a CAGR of 26.66 percent over the period 2012-2016. One of the key factors contributing to this market growth is the expansion of fleet size of commercial vehicles. The Global Fleet Management System market has also been witnessing an increasing number of in-vehicle technologies. However, the increasing operating cost of vehicles could pose a challenge to the growth of this market.
The key vendors dominating this space include Fleetmatics Ltd., Qualcomm Inc., TomTom International BV, and Trimble Navigation Ltd.
The other vendors mentioned in this report are Masternaut Ltd., Telogis Inc., and Traffic Master Ltd.
Commenting on the report, an analyst from the team said: Since the market is being affected by high operational costs, rising fuel prices, and difficulties in gaining adequate return on investment, fleet management system vendors are developing innovative offerings for their customers. In addition, to enhance the driving experience of end-users, vendors are developing technologically advanced products that give additional information to the driver, such as data analysis that can help modify the driving style of the driver, and increase the fuel efficiency.
The number of fleet operators using fleet management systems in their vehicles is increasing rapidly. Fleet operators are continually expanding their fleet size, which is driving the growth of the Global Fleet Management System market. In addition, vendors are also selling other products such as fuel cards, GPS navigation devices and third party complimentary devices, which is further driving the growth of the Global Fleet Management System market.
Further, the report states that the increase in the price of raw materials is increasing the overall cost of trucks. Further, increasing fuel prices is also impacting the total operating cost of fleet vehicles. Hence, fleet operators are trying to cut down costs and in an attempt to do so are reducing the expenditure on fleet management systems. They are using old systems without updating them or are delaying the process of buying new and updated fleet systems. This is proving to be a challenge for the growth of the Global Fleet Management System market.
For more information visit http://www.researchandmarkets.com/research/f4rvrn/global_fleet
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