ID: MRFR/AM/1977-HCR | January 2023 | Region: Global | 111 Pages
Fleet Management Market Size is expected to cross USD $37 billion by 2027 at a CAGR of 11% during the forecast period 2022-2030
$37 Billion
11%
North America
2022-2030
The fleet management market size is projected to be 37 billion in 2030 and register a CAGR of 11% from 2022 to 2030.
The larger-scale administration of commercial vehicle operations is known as fleet management. It can be characterized as the procedures employed by fleet managers to keep an eye on fleet operations and make choices about asset management, dispatch & routing, and vehicle procurement. Increasing fleet safety concerns, regulatory mandates for vehicle maintenance and tracking, and an increase in the usage of wireless technology because of its accessibility and low cost all contribute to the market's expansion globally. Additionally, several businesses are implementing cutting-edge technologies to improve the real-time traction of their vehicles. For instance, element fleet management corporation, a vehicle fleet management solutions provider, introduced telematics products and an upgraded element connectivity solution in November 2021. DriverCare CoPilot and QConnect, two cutting-edge telematics systems for fleet owners and operators, were introduced by the company. All these factors are anticipated to drive the growth of the fleet management market.
The impact of COVID-19 has drastically altered a person's daily routines. While many sectors have adopted work-from-home rules, sectors like transportation, utilities, field services, logistics, and others are functioning to their fullest capacity to meet the demand for important services. The transportation and logistics sectors confront significant problems due to crises and supply chain disruptions. The COVID-19 epidemic caused several of the market's major firms to see a considerable fall in their sales. Due to this, fleets, drivers, dispatchers, planners, and other fleet operators are no longer needed. The market experienced a 0.6% fall in revenue in 2020.
The lack of carriers makes it difficult for FMCG, retail, agricultural, pharmaceutical, and other key service providers to ship the stockpiled goods. The need for management software grew due to the expanding demand for supplies of necessities. Amid the pandemic, fleet managers are focused on effectively overseeing various operations, including product delivery, fleet maintenance, transportation, driver demands, and more. The software is anticipated to increase significantly over time to maintain a proper supply chain.
An increase in the utilizing fleet management and advanced connecting technologies.
The industry leaders have already stepped into the digital era by providing improved driver-vehicle communications and vehicle-to-infrastructure connectivity. The software has evolved to the next level thanks to various technologies, including machine learning, artificial intelligence, cloud computing, GPS, and big data analytics. The major players in the market are creating a sophisticated software solutions to manage the fleet and obtain real-time information about the cars. For example, A fleet management system powered by advanced artificial intelligence and the Internet of Things was introduced by the electric mobility platform eBikeGo in August 2021. The EBG-Matics system examines rider and vehicle behavior to increase and monitor efficiency.
Employee pushback and low signal strength to curb the market growth fleetÂ
software functions by deciphering signals from several satellites. The likelihood of large structures, storms, and other impediments interfering with these signals is significant. The components employed in this scenario, including GPS, deteriorate and perform poorly. This can cause problems if the driver visits a new location and needs the service provider's constant support.
Increasing use of mobility-as-a-service
The mobility sector and governing bodies are implementing the mobility-as-a-service paradigm to lessen traffic and carbon emissions. They provide alternatives to driving your car, such as ride-hailing, carpooling, and automobile sharing. The software should make learning more about pick-ups, drop-offs, car telemetry, and payment activity easier. For instance, Ki Mobility Solutions, a digital online-to-offline platform under the TVS umbrella, introduced a digital mobility service for electric vehicles in November 2020
Market Insights By Component
The fleet management market is segmented by component, based on solution and service. The fleet management market growth was prominently high under the solution in 2021 as the operational management of the fleet is crucial to the supply chain management of the industries. However, services are anticipated to be the fastest growing in the coming years as they provide predictive maintenance solutions to lower the likelihood of engine downtime
Market Insights By Fleet Type
Based on fleet type, the fleet management market segmentation is commercial fleet and passenger cars. In 2021, the commercial fleet accounted for the largest market share of the market. The supply chain and on-time delivery are crucial components of many industries, including manufacturing, logistics, transportation, and others. Maintaining fleet timings is crucial for effectively exchanging material scheduling and tracking. However, passenger cars are estimated to register the highest growth rate during the forecast period. Similar to the enormous prospects for the software sector due to the growing demand for passenger cars, including connected and electrified vehicles.Â
Market Insights By Deployment
Based on deployment, the market is divided into cloud and on-premises. The on-premises category dominated the market for fleet management in 2021. Due to its capacity to reduce monthly costs, make an initial investment, and control data storage and security internally, among other things. The cloud category is anticipated to witness significant growth over the forecast period due to its easy and affordable integration capabilities.
Market Insights By Industry
The market has been segmented by industry: manufacturing, logistics, transportation, oil & gas, chemical, and others. In 2021 the manufacturing category had a major share of the market due to the heavy reliance on the timely delivery of materials and components for product manufacturing; manufacturing is expected to take the lead. However, the logistics category fuels the market due to fleet managers' increasing preference for real-time tracking solutions
By region, the fleet management market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. Because real-time tracking systems are being widely used across sectors to ensure smooth business operations. Vehicle monitoring systems are being used more and more by American automakers like General Motors, Ford, and Fiat-Chrysler. Another factor influencing the expansion of the market in this region is that the region was an early adopter of digital technologies.Â
Asia-Pacific accounted for the second-largest market share in 2021 due to the region's expanding radio taxi business and increased appetite for mobility services. The presence of several industrial facilities in China, Japan, and India is also anticipated to boost the growth of the Asia Pacific fleet management software market. India is predicted to experience tremendous growth due to its strict fuel and emission regulations.
The market includes tier-1, tier-2, and local players. The major market players invest in cutting-edge research and software development to expand their product offerings. The businesses are working with technology providers to improve fleet management with cutting-edge tracking, precise GPS, and better support for the drivers. For instance, In November 2022, The Farnek Group company HITEK Services, which provides I.T. smart Facilities Management (F.M.) solutions, introduced FLEETEK, a specially developed fleet management system. The digital solution, created by HITEK's internal tech team, can improve the efficiency of business transportation fleets. Furthermore, in January 2022, At CES 2022 in the United States, LILEE Systems, a provider of autonomous driving technology and solutions for transportation safety, unveiled advanced fleet management software and an autonomous car.Â
Prominent players in the fleet management market research include TomTom N.V. U.S., Fleetmatics Group PLC, General Services Administration, Freeway Fleet Systems, IBM Corporation, Telogis, AT&T Inc., Grupo Autofin de Monterrey, Navico I.D. The system MiTAC International Corporation, Trimble Transportation & Logistics, Didi Chuxing, Grab, Cisco Systems, Uber Technologies, Scope Technologies, FAMSA, Troncalnet, and Ola Cabs, among others.
Component Outlook
Fleet Type Outlook
Deployment Outlook
Industry Outlook
North America
Europe
Asia-Pacific
Rest of the World
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Fleet management Market Forecast & Size:
To identify and estimate the market size for the fleet management market report segmented by component, deployment type, fleet type and industry by value (in US dollars). Also, to understand the consumption/ demand created by consumers of fleet management market forecast between 2022 and 2030
Market Landscape and Trends:
To identify the fleet management market growth and infer the drivers, restraints, opportunities, and challenges.
Market Influencing Factors:
To find out the factors which are affecting the fleet management market size
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Report Attribute/Metric | Details |
---|---|
Market Size | USD 37 Billion |
CAGR | 11.00% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Deployment Type, Fleet Type, and Industry |
Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
Key Vendors | TomTom N.V. U.S, Fleetmatics Group PLC, General Services Administration, Freeway Fleet Systems, IBM Corporation, Telogis, AT&T Inc., Grupo Autofin de Monterrey, Navico I.D. System, MiTAC International Corporation, Trimble Transportation & Logistics, Didi Chuxing, Grab, Cisco Systems, Uber Technologies, Scope Technologies, FAMSA, Troncalnet, Ola Cabs, |
Key Market Opportunities | Potential of emerging markets |
Key Market Drivers | Preference for soft fleet management owing to comfort and modification of multiple eye problems |
The global fleet management market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~11.00% over the next 10 years, according to the global fleet management market research.
Europe is expected to register the highest CAGR during 2022 - 2030
The highest CAGR is assessed to be registered by Asia Pacific.
The market size is expected to be USD 37 billion by 2030.
TomTom N.V. U.S, Fleetmatics Group PLC, General Services Administration, Freeway Fleet Systems, IBM Corporation, Telogis, and AT&T Inc., are the major companies operating in the global market.