12 Million Fleet Management Systems in Vehicles by 2018
By the fourth quarter of 2013, there were 4 million fleet management systems
in commercial vehicle fleets. That number is expected to grow at a compound annual growth rate of 15.3 percent, putting 12 million systems in fleet vehicles come 2018. In Latin America, the number of systems will increase from 1.9 million to 3.9 million during the same period at a CAGR of 16.1 percent.
Despite a plethora of fleet management companies, there is still a surplus of untapped market potential given the number of fleet vehicles
on the road operating without any type of fleet tracking system
. However, the industry may began to see more consolidation. Last year, FleetCor acquired NexTraq and just this past September, Michelin completed its acquisition of Sascar, a top Brazilian fleet management company.
Senior Analyst at Berg Insight, Rickard Andersson, says the company anticipates “a future scenario where the global fleet management market is dominated by a handful of providers with installed bases measured in the millions