Global Railway Fleet Management System Market – Introduction
- Fleet management system is an integrated system deployed to abridge the creation of real-time maintenance plans. It can easily integrate technical or operational, commercial requirements, and limitations. Railway fleet management system allows information to be transferred between a vehicle fleet and the central authority, enabling them to keep a track of vehicle location.
- Railway fleet management system also provides a wide range of critical alerts, anti-theft alerts, and driver behavior and safety alerts for railway departments to take necessary actions in time. With admittance to real-time fleet data & fleet status, fleet managers can easily perform their operations more efficiently and also to increase driver efficiency. Additionally, the use of railway fleet management system enhances safety, reduces costs, and ensures compliance.
- Moreover, the adoption of wireless technology in railway fleet management system is expected to be high during the forecast period. This is because of its exponential benefits such as quick access & response, cost reduction, and wide-area coverage that ultimately help the vendors to rise their productivity, efficiency, and return on investments.
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Increase in Safety Concerns Driving Global Railway Fleet Management System Market
- Safety is one of the most important issues for fleet management companies. Safety of the vehicle and the driver are perennial concerns in the industry. Lack of compliance, particularly by drivers regarding safety policies, and inadequate safety training make enforcing safety measures difficult.
- Novel technological adoption also plays an important role in leveraging fleet operations and lowering accident rates. Companies are increasingly adopting vehicle safety advancements such as vehicle-to-vehicle communication. In addition to this, other measures such as driver education programs, industry scorecards, and incentive programs can also encourage drivers to enhance their performance. Thus, prevalence of these solutions is influencing the adoption of railway fleet management systems to reduce safety concerns in railway.
Low Adoption of Railway Fleet Management System in Under-Developed Economies Hampering Global Railway Fleet Management System Market
- Adoption of railway fleet management systems in under-developed economies is quite low compared to that in developed economies. Lack of proper infrastructure and financial difficulties are key factors restraining the adoption of railway fleet management systems in these economies. On the other hand, increase in government initiatives related to safety is expected to drive the adoption of railway fleet management systems in the near future.
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North America to Hold Major Share of Global Railway Fleet Management System Market
- In terms of region, the global railway fleet management system market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global railway fleet management system market during the forecast period, owing to the increase in government mandates regarding fleet safety, specifically in the U.S. and Canada. Europe is estimated to be the second-largest market for railway fleet management system from 2019 to 2027, led by the rise in operational efficiency, mobility, and advanced data analytics in railway fleet management systems in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global railway fleet management system market during the forecast period, owing to the favorable political environment, government initiatives regarding penetration of connected devices, and the overall growth of the rail industry is expected to upsurge the adoption of railway fleet management system in the region.
Global Railway Fleet Management System Market – Competition Landscape
- In May 2019, Knorr-Bremse AG, a key provider of braking systems and other rail and commercial vehicle subsystems, acquired nearly 32% of share of Railnova SA to enhance railway digital transformation.
Key Players Operating in Global Market
- Railnova SA
- GMV Innovating Solutions
- VTG Aktiengesellschaft
- KLS Logistics Services, Inc.
- Rail Services Inc.
- The Greenbrier Companies
- Railcar Tracking Co.
Global Railway Fleet Management System Market: Research Scope
Global Railway Fleet Management System Market, by Component
- Professional Services
- Manages Services
Global Railway Fleet Management System Market, by Solution
- Operations Management
- Vehicle Maintenance
- Monitoring and Diagnostics
- Performance Management
- Fleet Analytics and Reporting
Global Railway Fleet Management System Market, by End-user
Global Railway Fleet Management System Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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