Trends to watch out for in the fleet industry this year
The fleet industry is always evolving, and it’s not just the vehicles themselves. There are plenty of trends that fleet managers and leasing companies need to look out for. That’s why this month we’ve highlighted some of the key trends that will have an impact this year.
Connective technology is becoming a common occurrence in our homes, and the same trend may soon apply to our vehicles. From Google Home to Alexa, we are now used to controlling all our technology from one central location.
However, the next stage could be connectivity between all vehicles in a fleet. Companies could use this new connectivity to reduce accidents, minimise driver risk and streamline their Health and Safety compliance processes.
Big Data management
As well as vehicle connectivity, Big Data is going to have an impact on the fleet industry as a whole. Modern vehicles already come with a host of safety features, including sensors, onboard computers and in-built processors.
With this wealth of information, leasing companies will have to shift the way they interact and report to their customers. They are going to have to evolve from a leasing company that reports into a data company that leases vehicles.
One example would be if a driver has forgotten to book their vehicle in for an MOT or service, then an operative from the fleet company will contact them directly, using the data collected by the vehicle.
General Data Protection Regulation (GDPR)
Despite the abundance of Big Data available, companies will soon have to adjust the way in which they use this data. From May 25th 2018, new regulations are going to be introduced that will have a significant impact on the fleet industry.
General Data Protection Regulations (GDPR) will enhance the existing 1998 Data Protection laws, whilst simultaneously superseding all older legislation. This means there will be even tougher sentences for companies found to be non-compliant.
You can find out more about how much impact GDPR is going to have by reading our recent blog posts here.
The rise of PHEVs
The public view on plug-in hybrid electric vehicles (PHEV) has changed dramatically in a short space of time. Not only are they considered a better investment for cleaner driving, they are also now seen as a cost-effective way to reduce the costs that surround driving.
There may not be as much growth as other areas of the fleet industry, but since the Government made changes to the way vehicle tax works in 2017, they are becoming increasingly common in modern households. BVRLA members predict that even though there will be growth in this sector, 2019 will be the year significant progress with infrastructure is made.
Commercial vehicle leasing
According to a report conducted by the BVRLA, the van leasing and rental sector will continue to grow. A new generation of small to medium businesses (SMBs) are seeing the benefits from leasing a commercial vehicle, and larger companies will soon replace their non-core HGV fleets with vans. This is in an effort to reduce their driver costs and the burden of industry regulations.
The added benefit of these vehicles is that they are able to connect to third-party safety technology, such as forward-facing dash cams and smartphone telematic reporting.
In summary, there are several trends that will impact the way that fleets operate, and the way that companies have to approach the personal data of their drivers. Some may say that the connectivity of all vehicles goes too far, but if it’s in the interest of driver safety, is it necessarily a bad thing?
Remember, if you do need any help or advice with your fleet or vehicle leasing needs, then please do get in touch with a member of our team today, they’re more than happy to help.