US Market Size by Industry: Commercial Fleets
Some recent, emerging, or future trends for commercial fleets in the US include: ongoing concerns about fleet safety, fleet decisions by procurement, shifting model preferences, strong demand for commercial trucks, and more.
Ongoing Concerns about Fleet Safety
- The safety of the driver and the vehicle are a continuing top concern for nearly all fleet managers. Especially, the lack of drivers yielding to the safety policy, particularly with cell-phone usage while driving.
- The rate of accidents for commercial fleets is about 20% each year. With fleet drivers covering a distance of 20,000 to 25,000 miles yearly, they have a higher risk encountering a crash.
- The best safety alternatives for fleet drivers are backup cameras, lane departure warning, front-end collision avoidance, and blind-spot monitoring. "Companies are continuously seeking ways to lower collision incidents and provide adequate training for drivers without increasing cost."
Fleet Decisions by Procurement
- Procurement has become the new engine of innovation in the US fleet industry, "which has resulted in dramatic changes in the fleet purchasing and supplier selection process."
- The roles of procurement in the commercial fleet industry are constantly expanding, influencing the decision-making process in the sector.
Model Preferences are Shifting
- There has been a transformation in fleet preferences, specifically the commercial fleets segment in the US.
- For example, there is increasing recognition of a crossover as a commercial fleet vehicle because it's seen as an upgrade. "Fleets are buying crossovers in big numbers, and they’re being offered on selectors."
- Americans are shifting towards smaller classes of vehicles and smaller displacement engines. For instance, fleets are now purchasing the Chevrolet Cruz.
Strong Demand for Commercial Trucks
- The sales of trucks have shown strong growth in the fleet and retail markets in the US.
- Manufacturers have increased truck-based sales by 10% to 656,395 units.
- According to research, The shortage of trucks has not yet been foreseen. The US Fleet industry is proceeding to seek ways to increase commercial van and truck production.
- Truck fleets are steadily struggling to "stay current with the ever-changing safety and environmental regulations to ensure compliance."
Telematics Make Inroads
- The number of new technologies being included in fleet vehicles in the U.S. is daunting, "especially if a company operates an in-house maintenance facility."
- Due to the decline in the cost of telematics for hardware and the monthly service expense, there seems to be an increase in the use of telematics among fleets. Many fleets are using vehicle telematics to better driver behavior and operational effectiveness.
- According to a recent report, the adoption rate of telematics systems in commercial fleets is anticipated to maintain its intense growth trajectory and rise to 20 million units from the past 13 million units.
The research team identified five trends within the commercial fleets' industry in the United States. These trends were repeated across authoritative industry-related databases like Automotive Fleet, Cox Automotive Inc., Lanner, and more.