DUBLIN–(BUSINESS WIRE)–The “Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service, Deployment Type, Fleet Type, Vertical and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
Global fleet management Market size is expected to grow from USD 25.5 billion in 2022 to USD 52.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period.
By Solutions, the operations management segment have the highest market share during the forecast period
Operations management deals with the fleet’s operational efficiency. The major solutions, such as location tracking, geofencing, and routing and dispatching, aim at providing real-time location information of fleets and routes that result in increased visibility into the fleet operations.
The data generated from the tracking of vehicles, drivers, and routes are used for analysis and reporting. This can result in improved efficiency across aspects of operations, such as unsafe driving habits, identification, and assessing problematic routes.
By Vertical, the retail segment to hold the larger market size during the forecast period
The retail industry comprises clothing, consumer products, and eCommerce. It has emerged as one of the most dynamic and fast-paced industries due to the emergence of new players. This sector has also witnessed tremendous growth over the years due to increased eCommerce penetration across the globe, along with improvements made in fleet management solutions that help address enterprise demands.
The major focus of retailers is on enhancing customer satisfaction, increasing customer loyalty, expanding the market, and managing transportation. With the rising shipping expenses and cross-border tariffs, controlling the costs of the retail sector is a challenge. Fleet management solutions also provide a scalable solution to manage fleets, optimize routes, all while improving efficiencies, reducing costs, and increasing customer satisfaction.
Retail organizations from across the globe are operating in a volatile business environment that is characterized by intense levels of competition. To be able to gain a competitive advantage in such an environment requires fleet management as a strategy for improving logistics management.
By Region, the Europe is expected to grow at the second highest market share during the forecast period
The fleet management market in Europe is considered to be a high-growth market due to many factors, such as the economic stability of its countries, increase in digitization and technological advancements, and adoption of advanced fleet management technologies, including telematics and analytics in commercial fleets.
The UK, France, Italy, Spain, Russia, and Germany are among the nations boosting the region’s fleet management business. Instead of having a larger market share of self-driving cars, the fleet management industry in Europe is currently seeing widespread acceptance of vehicle sharing. Additionally, the expansion of the region’s automotive industry fuels the expansion of the fleet management market. Government mandates and regulations in Europe have helped the sector flourish.
Corporate fleets are highly relevant in this area since they are provided to employees as a form of pay. In addition to reducing their fixed assets, businesses are purchasing full-service leasing agreements rather than purchasing vehicles.
- Strict Regulatory Mandates in North America and Europe to Drive Market Growth
- Retail Vertical and Us to Account for Large Shares in North American Market in 2022
- Passenger Cars Segment and China to Account for Large Shares in Asia-Pacific Market in 2022
- Rising Fleet Safety Concerns to Drive Market
- Increasing Focus of Fleet Owners on Operational Efficiency
- Growing Adoption of Cloud Computing and Big Data Analytics Solutions to Streamline Fleet Management Operations
- Declining Hardware and IoT Connectivity Costs
- Strict Government Mandates Creating New Revenue Streams for Vendors
- Atmospheric Interference Causing Problems for Gps Connectivity
- Development of Transportation in Logistics Industry and Growth in Fleet Size
- Development of Communication Networks Through 5G
- Harnessing Telematics Data for Making Informed Business Decisions
- Green Fleet Initiative to Reduce Environmental Impact and Ensure Efficient Functioning of Fleets
- Introduction of Autonomous Fleets to Provide Multiple Partnership Opportunities
- Mobility-As-A-Service to Provide New Revenue Streams
- Fleet Integration with Artificial Intelligence Extends Profitable Opportunities to Market Players
- Inaccurate Geocoding
- Driver Safety and Productivity Affecting Vehicle Uptime
- Blind Spots in Network Coverage
- Rapidly Growing Data Volumes and Increasing Cyber Threats
- Lack of Awareness of Fleet Management Solutions and Slow Adaptability Among Developing Countries
Average Selling Price Trend
- Average Selling Price Trend by Subscription-Based Software (Key Players)
- Average Selling Price Ranges of Subscription-Based Fleet Management Software
- Big Data and Analytics
- Artificial Intelligence
- Internet of Things
- Regulatory Bodies, Government Agencies, and Other Organizations
- General Data Protection Regulation
- Federal Motor Carrier Safety Administration
- Institute of Electrical and Electronics Engineers
- European Telecommunications Standards Institute
- Corporate Average Fuel Economy
- Energy Policy Act
- Department of Heavy Industry
Case Study Analysis
- Fleetio Helps the Unified Government of Wyandotte County and Kansas City Reduce Operational Costs, Increase Efficiency, and Extend the Life of Vehicle
- Dayton Freight Partners with Omnitracs to Automate Critical Manual Procedures
- T.E. Roberts, Inc. Leverages Fleet Visibility to Prevent Unnecessary Downtime
- Fleetio Helps Scobee Powerline Construction to Streamline Documentation and Communications
- Inseego Helps Northumbrian Water Limited to Improve Operational Efficiency and Driver Behavior
- Verizon Connect
- Teletrac Navman
- Gps Insight
- Mix Telematics
- Zonar Systems
- Zebra Technologies
- Fleet Complete
- Titan Gps
- Freeway Fleet
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