London, March 05, 2024 (GLOBE NEWSWIRE) -- At an impressive 16.2% CAGR, through the end of 2030, the global fleet management market expansion is set to soar from US$25.1 Bn attained in 2022 to over US$71.7 Bn. The fleet management market is poised for a groundbreaking transformation, with a focus on optimising last-mile deliveries, enhancing vehicle efficiency, and promoting safety. LCVs take the lead, while heavy commercial vehicles show promising growth.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$25.1 Bn | |
| Estimated Market Size in 2030 | US$71.7 Bn | |
| CAGR | 16.2% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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Solutions and services categories, especially in fuel management and telematics, are becoming pivotal for businesses seeking productivity and customer satisfaction. Cellular systems and GNSS technology dominate the communication landscape, providing real-time insights and accurate location data.
Government sectors and logistics industries are recognising the advantages of fleet management solutions, contributing to the market's robust growth. In the regional landscape, North America's strict regulations, and Europe's explosive growth in commercial vehicle ownership emerge as influential factors, shaping the trajectory of the global fleet management market.
Worldwide urbanisation and industrialisation, especially in fast-developing nations, boost fleet management market trajectory, says a newly released report of Fairfield Market Research. Some of the other prominent push factors providing strong tailwinds to the market include the rapid development of cold chain, exploding growth of e-Commerce, and the rise of the Mobility-as-a-Service (MaaS) platforms.
"The rise in fleet management market is not just about technology; it's a response to the evolving needs of consumers, and the global shift toward efficient and safer transportation solutions," states the analyst.
The report says shared mobility will be amongst the key driving forces for this market’s expansion, further explaining, the consumer awareness of affordable shared mobility options is propelling the growth of the global fleet management market.
The analyst explains, "As shared mobility gains traction, fleet management systems become pivotal for optimising operations. The focus on safety, efficiency, and sustainability will continue to propel this market forward."
AI adoption in fleet management rises to enhance productivity and streamline operations. Predictive analytics and real-time fleet insights propel the market forward. Real-time monitoring of heavy machinery within the construction sector has become a necessity, leading to increased adoption of fleet management systems.
Moreover, vehicle tracking systems gain popularity, offering detailed reports on vehicle whereabouts, fuel usage, and speeds, providing crucial information for fleet managers.
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Key Research Insights
- In 2022, the light commercial vehicle category dominates, catering to last-mile deliveries, logistics, and transportation needs.
- Growing concerns about fleet safety elevate demand for safety solutions, emphasizing the catastrophic effects of accidents.
- Cellular systems occupy the majority, providing essential real-time communication and data transmission.
- North America is slated to hold the largest share, majorly driven by favourable government initiatives.
Key Report Highlights
- The surge in cold chain transportation acceptance, coupled with global connected device usage, propels fleet management market growth.
- The e-Commerce sector growth directly impacts logistics, making fleet management crucial for efficiency, cost-cutting, and operational oversight.
- The rise of MaaS platforms for shared mobility introduces new revenue streams and fuels the global fleet management market's progress.
Insights into Segmentation Analysis
LCVs Take the Lead as Fleet Management Solutions Revolutionise Last-Mile Deliveries and Transportation
The LCV segment emerged triumphant in 2022, with fleet management for LCVs gaining momentum. LCVs, utilised in diverse roles like last-mile deliveries and logistics, are at the forefront of innovative fleet management solutions.
The report further indicates the rise of heavy commercial vehicles (HCVs) on the horizon. Forecasts predict a substantial growth in the heavy commercial vehicle category. Increasing applications, from mining to freight transportation, are driving manufacturers to introduce cutting-edge large commercial vehicles, supporting the segment's anticipated expansion.
Demand for Solutions to be the Highest, Services Sector Shows a Spark
In 2022, the solution category held sway, set for significant growth in the forecast period. Fuel management tools streamline control, enhance fuel economy, and reduce costs. Telematics solutions provide real-time insights into vehicle data, including location, speed, fuel consumption, and driver behavior.
The services category is poised for remarkable expansion, catering to end-users' growing reliance on fleet management services. These services offer preventative maintenance options, reducing engine downtime and fueling the market's growth.
Cellular Systems Lead by Communication Technology, GNSS Technology Emerges Lucrative
The cellular system category dominated, enabling real-time communication and data transmission. Utilising various cellular technology generations like 3G, 4G, and 5G, fleet management solutions offer different degrees of data speed and coverage.
GNSS emerges as the fastest-growing category, providing accurate real-time location services. Essential for geofencing, route optimisation, and overall fleet efficiency, GNSS technology plays a pivotal role in the market's evolution.
Government Sector Embraces Fleet Management
Anticipated growth in the adoption of fleet management systems by government organisations is on the horizon. Enhancing efficiency, reducing costs, and improving fleet safety are driving factors for governments to embrace fleet management solutions.
Logistics & Transportation to be the Area in Focus
The transportation and logistics category is witnessing significant growth. Fleet management becomes crucial for efficient last-mile delivery, encompassing dispatch schedule planning, cost optimisation, and real-time tracking.
Insights into Regional Analysis
North America Ranks Top
The Emissions Reduction Drive
North America remains the largest revenue contributor, attributed to stringent laws reducing vehicle emissions. Government policies have successfully decreased emissions, impacting the expansion of the fleet management market positively.
Tight Regulations Shape the Regional Industry
The region's strict laws are forcing the industry to follow pollution-reducing policies, making North America a significant influencer in the fleet management market during the forecast period.
Europe Reflects Growing Market Attractiveness
Explosive Growth Poised in Commercial Vehicle Ownership
Europe leads the market expansion with a burgeoning rate, fueled by a rise in commercial vehicle ownership, digitisation, and the introduction of automotive leasing services.
Cloud-Based Solutions Surge
Extensive digitisation prompts the adoption of cloud-based fleet management solutions. Germany stands out as a market leader, spearheading technological breakthroughs and research and development efforts.
Key Companies in Global Fleet Management Market
- TomTom N.V.
- Trimble Inc.
- Cisco Systems, Inc.
- GoFleet Corporation
- Geotab Inc.
- GPS Trackit
- Fleetmatics Group PLC
- GoGPS
- Wireless Links
- Embitel
- Gurtam
- Teletrac Navman
- Linxio
- Trakm8 Limited
- WebEye Telematics Group
Global Fleet Management Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Vehicle Type Coverage, By Component Coverage, By Communication Technology Coverage, By Industry Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/fleet-management-market
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