Wilmington, Delaware, United States, June 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive fleet market is anticipated to grow at a 3.6% CAGR from 2023 to 2031. A market valuation of 59,089 new fleet is expected by end of the forecast period.
The rise in population and urbanization is driving the requirement for transportation solutions that are both efficient and dependable. This heightened demand is evident across multiple sectors, including ride-sharing, car rental, last-mile delivery services, and corporate transportation.
The growth of e-commerce has particularly fueled the need for last-mile delivery services. Leading companies like Amazon, UPS, and FedEx heavily rely on vehicle fleets to transport products from distribution centers directly to customers' homes.
The surge in online shopping is amplifying the necessity for prompt and effective delivery services, consequently projected to positively influence the automotive fleet market.
Businesses and organizations rely on transportation services for employees and clients, such as shuttles, car rentals, and event transportation. Fleet management services provide a convenient and cost-effective solution for managing transportation requirements.
The growing trend of companies leasing fleet vehicles is driving the market growth. Leasing fleet vehicles saves on expenses such as maintenance, fuel, staffing, management systems, and parking, offering significant cost advantages compared to owning a fleet.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | 42,980 new fleet | |
| Estimated Value | 59,089 new fleet | |
| Growth Rate - CAGR | 3.6 | % |
| Forecast Period | 2023-2031 | |
| No. of Pages | 120 Pages | |
| Market Segmentation | Fleet Type, Fleet Size, Industry Vertical, Service Type, Fleet Management, Vehicle Type, Ownership | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | APL Logistics Ltd., Cox Enterprises, Inc., DHL International GmbH, Element, Enterprise Fleet Management, FedEx Corporation, Halliburton, Holman, Inc., J.B. Hunt Transport, Inc., Knight-Swift Transportation Holdings Inc., LeasePlan, McLANE COMPANY, INC., Schlumberger Limited, Schneider, Swift Transportation, United Parcel Service of America, Inc., VRL Logistics Ltd., Wheels, XPO Logistics, Other Key Players | |
Key Takeaways from the Market Report
- The global automotive fleet market is expected to reach 44,527.31 new fleet as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 3.6%.By fleet management, in-house fleet management is expected to grow at a CAGR of 3.9% during the forecast period.
- By Industry vertical, logistics and transportation are expected to lead the market while exhibiting a CAGR of 4.5% during the forecast period.
- As per TMR projections, the demand for automotive fleets in China is projected to grow at a CAGR of 3.7% during the forecast period.
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Automotive Fleet Market: Growth Drivers & Trends
- Rapidly growing e-commerce industry and a surge in on-demand delivery services are fueling the demand for efficient and reliable transportation, thereby driving market growth.
- Wireless technology, such as asset tracking, vehicle & driver tracking, two-way communications, and customer relationship management, enhances the operational management of fleet operators and helps in driving the market growth.
- Automaker financing with lower interest rates and competitive retail pricing of vehicles from new automakers are expected to drive market growth.
- The increasing demand for technologically innovative applications like alarm systems, real-time notification devices, driver behavior monitoring systems, and other AI-based software is expected to drive the demand for automotive fleet during the forecast period.
Automotive Fleet Market: Regional Analysis
- Asia Pacific is projected to accumulate over 38% market share in 2023 while growing at a CAGR of 3.7% during the forecast period. The region is expected to witness strong economic growth, which may lead to increased business activities and a greater demand for efficient transportation solutions.
- Growing economies like China, India, and Southeast Asian countries have witnessed industrialization, urbanization, and trade expansion, contributing to the increased demand for automotive fleets.
- The market in Europe is expected to grow with a CAGR of 3.5% during the forecast period. Growing electric vehicle charging infrastructure adoption and thriving e-commerce industry are expected to drive market growth in the regional market.
Automotive Fleet Market: Prominent Players
The global market for automotive fleets is characterized by several regional and global entities. Some key automotive fleet providers profiled by TMR include:
- APL Logistics Ltd.
- Cox Enterprises, Inc.
- DHL International GmbH
- Element
- Enterprise Fleet Management
- FedEx Corporation
- Halliburton
- Holman, Inc.
- J.B. Hunt Transport, Inc.
- Knight-Swift Transportation Holdings Inc.
- LeasePlan
- McLANE COMPANY, INC.
- Schlumberger Limited
- Schneider
- Swift Transportation
- United Parcel Service of America, Inc.
- VRL Logistics Ltd.
- Wheels
- XPO Logistics
Prominent developments in the automotive fleet market domain by key players are as follows:
- In February 2023, BMW announced the launch of the BMW iX5 Hydrogen vehicle. A pilot fleet of these vehicles is meant to be deployed worldwide throughout the year for trial and demonstration purposes. This initiative aims to gather real-world insights and practical hydrogen fuel cell technology applications for the development team.
- Ford introduced the all-electric version of its popular Transit van, the Ford E-Transit. It offers zero-emission transportation and is targeted at fleet customers looking to transition to electric vehicles.
- In March 2023, Indian car rental firm Happy Easy Rides (HER) announced a substantial expansion plan, adding over 150 vehicles to its existing fleet. With a goal to become a leading player in the competitive car rental industry, HER aims to establish itself as a frontrunner.
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Automotive Fleet Market- Key Segments
- Fleet Type
-
- Trucking Fleets
- Delivery Fleets
- Taxi Cab Fleets
- Car Rental Fleets
- Public Utility Fleets
- Commercial Fleets
- Fleet Size
-
- Small Fleet (Less than 50 Vehicles)
- Medium Fleet (50 - 100 Vehicles)
- Large Fleet (More than 100 Vehicles)
- Industry Vertical
-
- Logistics and Transportation
- Construction and Infrastructure
- Utilities and Energy
- Government and Public Services
- Corporate
- Emergency Services
- Others
- Service Type
-
- Leasing or Renting Services
- Goods Transportation Vehicles
- Passenger Transportation Vehicles
- On Demand Services
- Goods Transportation Vehicles
- Passenger Transportation Vehicles
- Fleet Management
-
- In-house Fleet Management
- Outsourced Fleet Management
- Vehicle Type
-
- Passenger Vehicle
- Commercial Vehicle
- Trailers / Trucks
- Tankers
- Refrigerated Trucks
- Buses / Shuttle
- Others
- Ownership
-
- Private Fleet
- Leased Fleet
- Rental Fleet
- Shared Fleet
- Regions Covered
-
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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