The size of the fleet management market will reach around USD 55.10 billion

New York, Aug. 30, 2022 (GLOBE NEWSWIRE) — Precedence Research, a newly released report on “fleet management market – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2022-2030”.

Maximizing profitability, maintaining costs and reducing fleet risk are some of the duties of a fleet manager. The demand for fleet management has increased in recent years for all these reasons. In order to have skills in all its operations, the demand for management in this field has increased considerably as it helps to ensure the profitability of a company.

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Key Knowledge:

  • By vehicle type, the commercial vehicle segment accounted for a market share of over 73.8% in 2021.
  • By component, the solutions segment accounted for a market share of over 64.6% in 2021.
  • The North American region contributed a market share of over 33.8% in 2021.
  • The Asia-Pacific region is growing at a CAGR of 12.3% from 2022 to 2030.

Report Hstrong points

  • Depending on the type of vehicle, the commercial vehicle segment is expected to hold the largest market share in the coming years. Growing demand for transportation and increased use of public transportation will help drive the growth of the market in the coming years.
  • Based on component, the solution segment will hold the largest market share in terms of revenue in the coming years owing to an increasing demand for fleet management solutions across various industries. In order to improve the profitability of our company at lower cost, the demand for the solutions is expected to increase in the coming years. The security challenge faced by most fleet operators will lead to increased adoption of management solutions. Innovations such as the integration of Internet of Things and the integration of telematics have proven to be extremely beneficial to the market
  • Based on communication technology, Cellular system is expected to have the largest market share as this kind of technology will help to use apps for tracking buses, cars, ships and cargo logistics. In the absence of internet connectivity, vehicle tracking could be disrupted and deliveries attributed to it could also be delayed. This could lead to emergency cases due to traffic jams in various regions. Organizational productivity can also be affected due to a lack of communication.

Recent Ddevelopments

  • A partnership between Chevin and AT&T and Cisco Systems to integrate the SaaS package into the fleet management model will ensure compliance while exercising accountability.

Regional Snaps

In the coming years, the Asia-Pacific region is expected to experience the highest compound annual growth rate. While the countries like India and China which are the developing regions of the Asia-Pacific region, will contribute maximum to the growth of the market. The increase in pollution in this region which is associated with the transportation sector will play a significant role in the growth of the market in the coming years. The demand for low-emission vehicles will increase in the Asia-Pacific region, driving the growth of the fleet management market in the coming years. increasing demand for public transport will also contribute to the growth of the market.

The COVID-19 outbreak has hampered supply chain and logistics across the globe. The total lockdown in various regions had shut down many industries around the world. As the workforce had shrunk, production had also shrunk. In order to keep workers safe, industries had adopted many measures that reduced manufacturing functions. The transportation and automotive industries have been heavily affected by the shutdowns.

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Report scope

Report attributes Details
Market size in 2021 $22.6 billion
Revenue forecasts by 2030 $55.1 billion
CAGR 10.41% from 2022 to 2030
Year of reference 2021
forecast year 2022 to 2030
Key players TomTom NVUS, General Services Administration, Fleetmatics Group PLC, Telogis, Freeway Fleet Systems, IBM Corporation, AT&T Inc., Navico, Grupo Autofin de Monterrey, Grab, Scope Technologies, Troncalnet, FAMSA, Ola Cabs, ID Systems and others.

Market Ddynamic

Drivers

In order to have a greater return, fleet managers are constantly committed to reducing operating costs. The use of fleet management solutions has increased the profitability of various businesses as it helps ensure vehicle safety and optimizes the route, which helps save fuel. The use of this management system is expected to grow in the coming years as organizations increasingly focus on driver safety and performance. Predictive maintenance is another feature that has contributed to the growth of the market in recent years and the increased use of the management system will help reduce the cost of fuel for the distance traveled. the overheads are also reduced to a great extent and the use of this management system has changed the behavior of the drivers. All of these factors will help improve business operations and provide a competitive advantage in the market.

Constraints

The GPS connectivity of the fleet is changed depending on the environment and the environment. Mountains, trees and existing buildings hinder connectivity. Connectivity issues will hamper the growth of the market in the coming years. As enormous distances are traveled by the GPS signal in order to reach a mobile phone, atmospheric barriers will affect connectivity.

Opportunities

The increased trend of carpooling and the use of applications that help in car sharing in urban areas is expected to contribute to the growth of the market in the coming years, the demand for fleet management will increase due to all these reasons. Transport services are provided to users according to their needs and all this is possible with the help of fleet management tools. As personal cars or other vehicles have reduced the demand for public transportation or shared transportation is expected to increase in the coming years, due to which the fleet management market is expected to grow in the forecasts.

Challenges

Two security reasons that will challenge the growth of the market in the coming years are privacy and cyber crimes. Private data breach will hamper the growth of the market and is expected to be the major challenge for the growth of the market in the coming years. The use of telematics solutions will decrease due to the breach problem. The availability of a driver’s personal details and the routes taken by the vehicle are all sensitive information and the ability of criminals to access all of this information and can be a pathway to planned crime.

Market segmentation

Per vehicle

  • heavy duty vehicle
  • Plane
  • Railway
  • watercraft
  • Trucks/Cars/Buses
  • Ships/Ships
  • Electric vehicle
  • Light commercial vehicle

By component

  • Solutions
    • Operation management
    • Vehicle maintenance and diagnostics
    • Performance Management
    • Fleet analysis and reports
    • Others
  • Services
    • Professional services
      • Advice & Advice
      • Integration and implementation
    • Managed Services

By communication technology

By type of deployment

By industry

  • Construction
  • Transportation
  • Government
  • Logistics
  • Detail
  • Automotive
  • oil and gas
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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