New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Fleet Management Market Information By Component, By Fleet Type, By Deployment, By Industry, and Region (North America, Europe, Asia-Pacific, and the Rest of the World)—Forecast till 2030”,Over the forecast period of 2022-2030, the size of the fleet management market is anticipated to surpass USD $37 billion by 2027 at a CAGR of 11%.
Fleet management Market Research Insights
Fleet management is the more extensive control of commercial vehicle operations. It might be defined as the processes used by fleet managers to monitor fleet operations and make decisions on asset management, dispatch & routing, and vehicle purchase. The market is expanding internationally as a result of rising fleet safety concerns, legal requirements for vehicle maintenance and tracking, and a growth in the adoption of wireless technology due to its accessibility and low cost. Other companies are also putting cutting-edge technology to use to increase the traction of their cars in real-time.
Top Key Players Listed:
- TomTom N.V. U.S
- General Services Administration
- Fleetmatics Group PLC
- Telogis
- Freeway Fleet Systems
- IBM Corporation
- AT&T Inc.
- Navico
- Grupo Autofin de Monterrey
- I.D. Systems
- MiTAC International Corporation
- Cisco Systems
- Trimble Transportation & Logistics
- Uber Technologies
- Didi Chuxing
- Grab
- Scope Technologies
- Troncalnet
- FAMSA
- Ola Cabs
- DC Velocity
- Fleet Robo
- European GNSS Agency (GSA)
- Among others.
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For instance, in November 2021, the supplier of vehicle fleet management systems element fleet management company unveiled telematics goods and an updated element connection solution. The business unveiled DriverCare CoPilot and QConnect, two cutting-edge telematics solutions for fleet owners and operators. All of these elements are projected to fuel the market for fleet management's expansion.
It is challenging for FMCG, retail, agricultural, pharmaceutical, and other important service providers to convey the accumulated goods due to a scarcity of carriers. The rising demand for supply of basics led to an increase in the requirement for management software. Fleet managers are concentrating on properly managing a variety of activities, such as driver needs, fleet maintenance, product delivery, and transportation, despite the epidemic. To have a good supply chain in place, it is projected that the software would grow dramatically over time.
Fleet Management Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD $37 billion by 2027 2030: Significant value |
| CAGR during 2022-2030 | 11.00% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Type, Fleet Type, and Industry |
| Key Market Opportunities | Potential of emerging markets |
| Key Market Drivers | Preference for soft fleet management owing to comfort and modification of multiple eye problems |
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Effect of Covid 19
A person's everyday activities have been significantly changed as a result of COVID-19. Despite the widespread adoption of work-from-home policies, industries including transportation, utilities, field services, logistics, and others are operating at peak efficiency to fulfill customer demand for crucial services.
Due to crises and supply chain interruptions, the transportation and logistics industries face considerable issues. Some of the top companies on the market saw a significant decline in revenue as a result of the COVID-19 pandemic. As a result, there is no longer a need for fleets, drivers, dispatchers, planners, or other fleet operators. Revenue for the market fell by 0.6% in 2020.
Fleet Management Market Segmentation
The fleet management market is divided into component-based, solution-based, and service-based segments. The operational management of the fleet is essential to the supply chain management of the industries, therefore the fleet management market growth was noticeably strong under the solution in 2021.
Nevertheless, because they offer solutions for predictive maintenance to reduce the possibility of engine downtime, services are predicted to have the largest growth in the upcoming years.
Commercial fleets and passenger automobiles are the two fleet types that make up the fleet management market segmentation. The market share held by the commercial fleet in 2021 was the highest. Several different businesses, including manufacturing, logistics, transportation, and others, depend on the supply chain and on-time delivery.
The market is split into cloud and on-premises deployment categories. In terms of fleet management, on-premises solutions dominated the market in 2021. due to its ability, among other things, to govern internal data storage and security, make a one-time investment, and decrease monthly expenditures.
Due to its simple and economical integration capabilities, the cloud category is expected to have substantial growth throughout the projected period.
Industry-specific market divisions include manufacturing, logistics, transportation, oil & gas, chemical, and others. Due to the high reliance on the timely supply of materials and components for product manufacture, the manufacturing category had a significant proportion of the market in 2021; manufacturing is predicted to take the lead. Yet, the industry is driven by the logistics sector as fleet managers increasingly favor real-time tracking technologies.
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Fleet Management Market Regional Analysis
North America, Europe, Asia-Pacific, and the rest of the world are the several regions into which the fleet management market has been split. The largest share of the market was in North America. The region with the greatest CAGR throughout the predicted period will be Asia-Pacific.
In 2021, North America had the majority of the market share. As real-time tracking systems are often employed in many industries to maintain efficient corporate operations. American automakers including General Motors, Ford, and Fiat-Chrysler are using vehicle monitoring systems more and more frequently. The fact that this area was an early user of digital technology has also had an impact on the market expansion there.
Because of the region's growing demand for mobility services and the region's increasing radio taxi industry, Asia-Pacific held the second-largest market share in 2021. It is also projected that the existence of numerous industrial facilities in China, Japan, and India would accelerate the expansion of the Asia Pacific fleet management software market. Because of its severe fuel and pollution rules, India is expected to expand tremendously.
Fleet Management Market Competitive Analysis
There are tier-1, tier-2, and local companies in the market. To diversify their product offerings, the top market players make significant investments in cutting-edge research and software development. The companies are collaborating with technology vendors to enhance fleet management with state-of-the-art tracking, accurate GPS, and enhanced driver assistance.
For instance, The Farnek Group's HITEK Services, a provider of IT-smart Facilities Management (F.M.) solutions, unveiled FLEETEK, a particularly created fleet management system, in November 2022. The internal tech team at HITEK developed a digital solution that can increase the effectiveness of commercial fleets. Moreover, LILEE Systems, a provider of autonomous driving technology and solutions for transportation safety, revealed sophisticated fleet management software and an autonomous vehicle at CES 2022 in the United States in January 2022.
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In 2021, Asia-Pacific held the second-largest market share because of the region's growing radio taxi industry and growing demand for mobility services. The Asia Pacific fleet management software market is predicted to expand in part because of the existence of several industrial facilities in China, Japan, and India. The severe fuel and pollution standards in India are expected to lead to a very rapid development rate.
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