In New Zealand, the industry has seen a wide range of ups and downs during the past year, all of which influenced the survival of many businesses. As fleet companies prepare for what’s ahead, here are a few key trends worth digging into to shift from survival to growth mode.
The global vehicle telematics market is projected to grow from $72.78 billion in 2022 to $213.67 billion by 2029. Telematics is an important tool that businesses worldwide are looking to incorporate quickly and easily. It allows companies to tap into a wealth of information and make the right decisions instantly.
In 2023, more companies are likely to make better use of real-time data and predictive intelligence to enhance their competitive edge, assist with seamless fleet management, and see an instant return on investment.
Thanks to increased visibility across your fleet, telematics helps streamline all areas of daily operations, from fuel management to asset utilisation and reduced accidents. Every year, the technology within our industries expands and advances.
It’s predicted that there will be a stronger focus on data security, fleet management systems, and the shift of key fleet metrics to meaningful information like timing, driver behaviour, and annual cost.
Soaring fuel costsFuel has always been one of fleet companies’ most significant expenses, and the cost pressures will only get worse. In 2022, for 64% of the industry in New Zealand fuel accounted for more than a quarter of their operating costs.
As customers gain more market power, making it difficult for transport companies, especially small carriers, to pass along fuel costs, it’s vital to have a clearer picture of fuel consumption. With the help of fleet technology, transport businesses can plan more efficient routes, avoid conditions that lead to excess engine idling, and ensure that invoices are backed up accurately by GPS waypoints – no more debating the bills.