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Verizon Business report: Surging fuel costs, inflation impacting fleets

NEW YORK – Verizon Business today released survey findings from its annual Fleet Technology Trends Report, conducted separately by Bobit (US) and ABI Research (EMEA and APAC). With responses from more than 2,300 fleet managers, executives and other mobile business professionals across 14 countries, the data emphasizes that technology adoption is helping fleets navigate operational obstacles to drive results and build resilience.

State of the Industry 4.0 — Strength in Technology

With strained budgets and resources, many fleets may find it difficult to maintain operations as they are, let alone improve them. Increasing costs (73%), such as higher prices for fuel, cost of living and inflation, were reported as the big challenge worldwide in this year’s report. In the US, this was followed by labor shortages (59%) and meeting customer demand (52%)—all of which grew steadily year over year.

In EMEA and APAC, respondents believe customer service will have the biggest impact in the near future to help improve customer retention and satisfaction. Already, fleet tracking solutions have helped 70% of survey respondents improve their customer service in EMEA, while 55% of survey respondents in Australia and New Zealand reported improved customer service since they implemented a fleet tracking solution.

Boosting Customer Service, Productivity and Maintenance

While current challenges won’t be resolved overnight, focusing on the factors within a fleet’s control can help calm the chaos. Fleet management technology is already being seen as a powerful tool that equips fleets with the data they need to make better decisions, navigate challenges and help improve fleet performance. In fact, 85% of respondents globally who are currently using fleet tracking software reported finding it to be helpful.

Effective route planning is critical in making efficient use of fuel, as well as reducing overall operating costs. In 2022, nearly half of businesses were able to reduce their fuel consumption (46%) and accidents (46%) through the use of GPS fleet tracking solutions, reporting an average 11% decrease in fuel costs and 15% reduction in accident costs. Global labor costs were also reduced by 20%, with Australia and New Zealand realizing the biggest impact at 28% savings.

Asset tracking is also being recognized for its ability to empower safety, equipment utilization and team productivity, with 65% of respondents currently using asset tracking considering the tool beneficial. In the US, adoption of asset tracking rose by 6% (up to 29% this year)—seeing the highest percentage increase of new users over other technologies.

Seemingly, building a resilient business is more important now than ever before. Fleet tracking technology goes beyond just dots on a map. It gives fleet managers much-needed visibility into driver behaviors, fleet costs and vehicle wear and tear. The Verizon Connect platform gives users the visibility they need to get more done. With dashboards and customizable reports, managers can check the pulse of their business at any point in time.

Read the full press release here.

Verizon

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