New York. USA, Sept. 12, 2023 (GLOBE NEWSWIRE) -- B2B Connected Fleet Services Market Summary:
According to the research report published by Market Research Future (MRFR),”B2B Connected Fleet Services Market Research Report Information By Service Type, By Fleet Service Type, By Application, Region - Forecast till 2032”, the B2B Connected Fleet Services market industry is projected to grow up to USD 56.1 billion by 2032, exhibiting a CAGR of 20.3% during the forecast period (2023 - 2032).
Market Scope:
When it comes to managing a big number of commercial vehicles, you need to employ fleet management. Management of assets, dispatch and routing, and the procurement of new vehicles are all part of the fleet management operations that fleet managers employ. Fleet management is used by transportation-dependent businesses as a cost- and productivity-cutting, fuel-management, and regulatory compliance tool. Real-time fleet tracking analysis, improved vehicle and driver safety, and financial management are just some of the additional benefits of fleet management. As a rule, fleet managers utilize fleet management software to boost fleet-wide security, customer service, transparency, and profitability through the use of process management and research.
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Competitive Dynamics:
Key Companies in the B2B Connected Fleet Services market include
- Hyundai Motor Company
- Bosch Mobility Solutions
- Verizon Connect
- Scania
- Aptiv
- UD Trucks Corporation
- Telefonaktiebolaget LM Ericsson (Ericsson)
- Michelin Group
- Merchants Fleet
- DAF Trucks N.V.
- Toyota Motor Corporation
Scope of the Report - B2B Connected Fleet Services Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 56.1 Billion |
| CAGR during 2023-2032 | 20.5% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Rapid Rollout Of 5G Technology Growing Advantages of Telematics Implementation For Fleet Management |
| Key Market Dynamics | Rising Role of The Internet of Things (IOT) Rapid Innovation in Connected Services Growing Demand for Automotive Safety Rising Demand for Fleet Management Services from the Commercial Transportation Businesses |
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Market USP:
Market Drivers:
Business-to-business (B2B) connected fleet services will be propelled by factors such as the increasing importance of the Internet of Things, the rapid development of connected services, the expanding need for automobile safety, and the rising demand for fleet management services among commercial transportation companies. To remain ahead of the competition and boost efficiency as 5G rolls out throughout the world, fleet management software will be increasingly vital.
The need for these fleets is being fueled by problems in the supply chain, a dearth of qualified drivers, and a scarcity of commercial fleet operators. To keep their drivers from leaving, businesses are focusing on things like providing them with comfortable working conditions, monitoring driver performance to cut down on accidents, and keeping their cars well-maintained to minimize downtime. There will be a lot of room for the market to expand over the next few years thanks to a number of causes, including the evolution of transportation in the logistics sector, the rise of intelligent transport systems, and the consolidation of communication infrastructure.
Moreover, businesses are making strides to improve vehicle upkeep and downtime management with the aid of software platforms and the massive amounts of data created by their cars. Verizon Connect predicts that demand would increase as 5G networks make possible higher levels of connection. The business claims that when connected vehicles create more data at higher rates, fast 5G networks will be able to manage it.
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Limited Markets:
The global expansion of the business is hindered, however, by things like the price sensitivity of local players and the absence of constant and reliable internet connections.
Analyzing COVID-19:
Supply chains are being slowed down, corporate expansion is being stunted, and customer concern is rising as a result of the COVID-19 situation. Governments in some areas declared a nationwide lockdown and the temporary suspension of industry, which had a negative impact on output and commerce as a whole. Furthermore, operations with limited labor capacity and poor health safety measures together with current demand dynamics in the fleet management sector have contributed to a fall in the overall production activities of market competitors. An international lockdown of the transportation and vehicle industries in response to the epidemic has had a negative impact on that sector worldwide.
B2B Connected Fleet Services Market Segmentation:
- By Service Type Insights - In terms of revenue in 2022, the vehicle monitoring industry is by far the most lucrative. As the popularity of ridesharing services continues to rise, more and more people are installing vehicle monitoring systems in their personal and work vehicles.
- By Fleet Type Insights - In 2022, the conventional sector held most of the market share. The B2B connected fleet services market has seen a growth in the demand for conventional vehicles, which are self-propelled, motorized vehicles meant for moving individuals or property on a public route.
- By Application Insights - In the B2B Connected Fleet Services market in 2022, the passenger car category was the most lucrative. Passenger car sales are on the rise all around the world.
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Regional Analysis:
In 2022, North America was the most lucrative region. The regional government has played a pivotal role in driving growth in the fleet service industry in recent years. Because of these strict laws and restrictions, the amount of emissions produced by automobiles in the North American area has decreased, and the pollution that these vehicles generate has also decreased.
The B2B Connected Fleet Services market is projected to expand at the fastest rate in Asia-Pacific. The B2B connected fleet service market is anticipated to be driven during the forecast period by the rising usage of fleets across several end-user industries, including manufacturing, electrical and electronics, logistics, warehousing, and automotive.
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