Fleet Management Market

GMI Research analysis indicates that the Fleet Management Market size was estimated at USD 22.8 billion in 2021 and is slated to register a double digit CAGR of 11.1% over the period 2022-2029 and is projected to reach USD 52.9 billion in 2029 attributed to increasing concerns related to fleet safety and government regulations related to vehicle maintenance and tracking.

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Main Fleet Management Market Drivers

Fleet Management Market is primarily driven by increasing concerns related to fleet safety around the world, rising usage of telematics data for making informed business decisions and growing need for operational competency in fleet management. Nowadays, fleet managers are focussing to prioritize fleet safety, as any accidents or fatalities can negatively impact the fleet operations. Fleet managers are becoming interested in safety management features, as the number of fatalities is increasing. For instance, in United States, motor vehicles crashes has emerged as one of the leading cause of work related fatalities in the country. As per the data released by U.S. Bureau of Labor Statistics, between 2003 and 2010, almost 43,025 work-related fatalities were registered in the country, of which 10,202 were single or multiple vehicle crashes of workers, who were riding the vehicles on public highway. Effective utilization of fleet management solutions can help businesses to reduce such accidents and minimize expenses such as insurance rates, medical cost for fleet, maintenance cost and downtime for vehicle. Vehicles will be more safer as occurrences of speeding and abrupt breaking will reduce by deployment of such systems.

Fleet managers are looking forward to incorporating wireless technologies owing to its low cost and availability coupled with development of transportation in logistics industry, downward trend in the cost of hardware and increasing demand for intelligent transportation systems, are supplementing the market growth. Moreover, expansion of 5G technology will create new growth opportunities for Fleet Management Industry, as it will provide information faster and helping fleets to increase their productivity. And companies which are leveraging mobile fleet management applications are expected to benefit from 5G. However, atmospheric interferences cause problems to GPS connectivity, as GPS needs precise location to operate, which is restricting the market growth. Most commonly used navigation services such as Google Maps offers accurate location within 3-10 meters of users. Google Maps can perform best when users are outdoors such as in a city with good internet connectivity. GPS signals needs to travel greater distances in the atmosphere, passing through different satellites to get to the cell phone. GPS needs to gather information from at least 3-4 satellites to provide accurate data and in the process, it faces challenges in collecting data as obstacles such as trees, mountains and big buildings comes in its way, which makes difficult to collect reliable data.

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As per the Fleet Management Market Research, Services segment is expected to grow at the fastest rate.

Services plays a crucial role in maintaining fleet management solutions. Prior to deploying fleet management solutions, estimating installation cost and maintenance requirements becomes important for companies to figure out time and investments need. Thus, companies opt for fleet management services for optimal operations.

According to Fleet Management Market Report, Cloud segment is estimated to grow at a faster CAGR.

Digital content is spreading rapidly due to wide acceptance to technologies such as mobile and web and increasing internet usage. Additionally, integration of such technologies with fleet management systems such as marketing resource management allows real-time content collaboration between staff members more efficiently for analysing and helping them in marketing initiatives. Companies are increasingly deploying cloud-based solutions due to its lower rates, and it supports business continuity by increasing scalability and making company’s content more accessible to employees, irrespective of where they are located.

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North American region is projected to hold the largest Fleet Management Market share.

Fleet Management Market in North American region is driven by growing demand for full-service leasing, presence of established manufacturing and transportation industries and development of autonomous vehicles. Furthermore, in United States, continuous innovations in the field of big data analytics are helping companies to provide greater choices to consumers and develop cost-saving solutions for fleet management.

According to Fleet Management Market Analysis, Asia-Pacific region is forecast to grow at a fastest CAGR owing to government policies mandating the adoption of GPS trackers and increasing demand for driver management applications for fleet management. In addition, fleet management solutions are gaining popularity in India due to surge in the demand for cost-effective and low-emission vehicles and rapid growth in the construction sector.

Top Market Players

Various notable players operating in the Fleet Management Market include Geotab Inc., Donlen, ARI Fleet Management Company, Inseego Corp., Teletrac Navman US Ltd, Omnitracs, Verizon, Trimble Inc., MiX Telematics, and Wheels, Inc., among others.

Key Developments:

• • In June 2022, Holman, a major automotive services company announced its plans to invest in AmpUp, an electric vehicle (EV) management software company. This strategic capital investment will enable Holman to leverage AmpUp’s technology for platforming aggregate charging information with vehicle operating data and minimizing the risk of data fragmentation mitigating fraud.
  • In June 2021, Donlen announced the launch of its vehicle remarketing program, which offers customers opportunities to sell fleet vehicles efficiently to Donlen.
  • In September 2019, Geotab Inc., partnered with Vodafone for improving fleet management services. Through this partnership, company plans to accelerate the adoption of fleet & mobility services by combining Vodafone’s experience and reach in telematics with the company’s engineering and open platform technology.
  • In April 2019, Donlen partnered with Nauto, a leading AI technology company, to improve the safety of its commercial fleets. Through this partnership, company plans to expand its portfolio of extended safety and offer AI- solution to the customers to prevent the collisions and reduce distraction during driving.

Segmentation Covered in the report:

The global fleet management market has been segmented on the basis of component, deployment type, fleet type, and region. Based on the component, the market is segmented into solutions and services. The solutions segment is further categorized Operations Management, Fleet Maintenance and Diagnostics, Performance Management, Compliance Management, Fleet analytics & Reporting and Others. The services segment is further categorized into managed services and professional services. Based on the deployment type, the market is segmented into the cloud and on-premises. Based on the fleet type, the market is segmented into passenger cars and commercial fleets. Based on Vertical, the market is segmented into Retail, Healthcare and Pharmaceutical, Construction, Transportation and Logistics, Utilities, Oil, Gas and Mining, Government and Others.

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Market Segmentation

Global Fleet Management Market by Component

• • Solutions
    • Operations Management
    • Fleet Maintenance and Diagnostics
    • Performance Management
    • Compliance Management
    • Fleet analytics & Reporting
    • Others
  • Services
    • Managed Services
    • Professional Services

Global Fleet Management Market by Deployment Type

• • Cloud
  • On-Premises

Global Fleet Management Market by Fleet Type

• • Passenger Cars
  • Commercial Fleets

Global Fleet Management Market by Vertical

• • Retail
  • Healthcare and Pharmaceutical
  • Construction
  • Transportation and Logistics
  • Utilities
  • Oil, Gas and Mining
  • Government
  • Others

Global Fleet Management Market by Region

• • North America Fleet Management Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Fleet Type
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Fleet Management Market (Option 2: As a part of the free 25% Customization)
    • By Component
    • By Deployment Type
    • By Fleet Type
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Fleet Management Market (Option 3: As a part of the free 25% Customization)
    • By Component
    • By Deployment Type
    • By Fleet Type
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Fleet Management Market (Option 4: As a part of the free 25% Customization)
    • By Component
    • By Deployment Type
    • By Fleet Type
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Fleet Management Market All-Up

Global Fleet Management Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Geotab Inc.
  • Donlen
  • ARI Fleet Management Company
  • Inseego Corp.
  • Teletrac Navman US Ltd
  • Omnitracs
  • Verizon
  • Trimble Inc.
  • MiX Telematics
  • Wheels, Inc.