USD 17.52 Billion
Fleet Management Market Size, Share, Growth Analysis, By Component(Solution (Operations management, Vehicle maintenance & diagnostics, Fleet analytics & reporting, Compliance Management), By Fleet type(Commercial fleets (Light commercial vehicles, Medium and Heavy commercial vehicles), Passenger Vehicles (Internal combustion engine, Electric Vehicles)), By Vertical(Retail, Transportation & logistics, Healthcare & pharmaceuticals, Construction), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2146 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
91
|Figures:
71
Fleet Management Market Insights
Fleet Management Market is valued at USD 25.60 Billion in 2022, and it is anticipated to attain a value of USD 29.26 Billion by 2023 to 85.24 Billion by 2031, at a CAGR of 14.30% over the forecast period (2024-2031).
Fleet management comprises services and technologies that help companies in better management of vehicle fleets. The market is fueled by the growing need for reduced prices, enhanced operational efficiency, and improved safety. The market is also expected to be propelled by the growing emphasis on sustainability, increased adoption of telematics, and the rising incorporation of IoT and AI technologies. Nonetheless, the market is restrained by factors like significant initial investment costs and complexity associated with integration. Yet, the market is projected to witness major growth over the forthcoming years owing to opportunities like increasing adoption of electric vehicles on a global scale, the rising integration of IoT and telematics, and incorporation of advanced technologies.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Heavy Commercial Vehicle
Fastest Growth
Solution
Growth Rate
18.3%
Global Fleet Management Market ($ Bn)
Country Share for North America Region (%)
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Fleet Management Market Segmental Analysis
The Global Fleet Management Market is segmented by Component, Fleet Type, Vertical, and region. Based on Component, the market can be segmented into Solution, and Services. Based on Fleet Type, the market is segmented into Commercial Fleets, and Passenger Vehicles. Based on Vertical, the market is segmented into Retail, Healthcare & Pharmaceuticals, Construction, Transportation & Logistics, Utilities, Oil, Gas, And Mining, Government, and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
Based on component, the fleet management market is categorized into solution and services. The solution segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing to the functionality and data analytics offered. Fleet management solutions like routing software and telematics are needed for operational efficiency and tracking in real-time. These solutions also offer useful insights via data analysis, which helps companies reduce costs, optimize routes, and improve overall performance. Moreover, increasing use of automation is also fueling the segment growth. These tasks comprise compliance reporting and maintenance scheduling that simplifies operations.
On the other hand, the services segment is projected to grow considerably over the forecast period owing to better operational support and assistance in implementation and consultation. Services like repair, maintenance, and customer support are offered under operation support, which is important for ensuring the optimal condition of vehicles and reducing downtime. Expert consulting also aids companies to carefully adopt fleet management that confirms compliance needs and more specific needs. Services also comprise training for workers for utilizing fleet management solutions that improve operational safety and efficiency.
Analysis by Fleet Type
Based on fleet type, the market is segmented into commercial fleets and passenger vehicles. The commercial fleets segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to the growing demand for efficiency and increased adoption of telematics. Commercial fleets like the ones used in delivery and logistics emphasize operational efficiency to decrease costs and enhance delivery services. Moreover, effective management of these vehicles is important for optimizing use of assets and reducing downtime. Today, fleets are also integrated with telematics for data analysis and tracking in real-time.
On the other hand, the passenger vehicles segment will hold a remarkable market share in the coming years owing to its increased applications and growing focus on safety. Passenger vehicles are increasingly being used in diverse sectors like rental services, ridesharing, corporate transportation, and more. This notably boosts the demand for better fleet management solutions. Also, there is a rising focus on the safety of passengers, triggering companies to deploy fleet management solutions that track vehicle condition and driver behavior.
Global Fleet Management Market Size By Component
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Fleet Management Market Regional Insights
Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to the speedy adoption of advanced technology and a supportive regulatory environment. North America holds a greater level of technological improvements with broader use of IoT, data analytics, and telematics in fleet management. Moreover, stringent environmental and safety regulations motivate businesses to implement fleet management services for compliance. Also, the transport and logistics sectors are impacted by retail and e-commerce, which demands effective fleet management. The key players profiled in the region include Verizon Connect, Teletrac Navman, Omnicomm, Cadec Global, NexTraq, and more.
Europe is the fastest-growing region in the global fleet management market due to supportive regulatory compliance, technological improvements, and emphasis on sustainability. Strict regulations by the European Union on safety and emission are propelling businesses to implement improved fleet management solutions for maximum compliance. Heavy investment in technology, comprising data analytics and telematics that improves operational management and fleet efficiency. There is also a strong focus on sustainability and green initiatives, encouraging the use of hybrid and electric vehicles.
Global Fleet Management Market Size By Geography
- Largest
- Fastest
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Fleet Management Market Dynamics
Drivers
Advancements in Technology
- The integration of telematics and GPS offers location information and vehicle diagnostics in real-time. This improves operational oversight for fleet, thus impacting the market growth. AI is integrated to study huge quantities of data to optimize routes and predict maintenance requirements depending on real-time scenarios. IoT devices allow continuous monitoring of vehicles and drivers for better decision-making.
Support for Sustainability Initiatives
- Businesses engaged are actively and heavily investing in hybrid and electric vehicles impacted by fleet management that accurately monitors efficiency and performance. Hence, fleet management solutions are widely adopted for better compliance. Moreover, efficient vehicle utilization and route planning helps to reduce overall emissions that comply with sustainability objectives. These factors are projected to spur market growth over the forecast period.
Restraints
Data Security and Privacy Issues
- Fleet management systems collect ample information, which ultimately increases issues regarding potential breaches and data privacy. This may create hesitation among adopters and restrain market growth. Moreover, the growing digitization leaks vehicles to cyberattacks, which may affect operational integrity and vehicle safety. This may again hamper the growth of the market.
Lack of Expertise May Restrain Market Growth
- Despite several innovations and advancements taking place in the market, the market is hindered by the lack of skilled experts who can better operate and manage improved fleet management solutions. Constant training is required for the workforce to keep them up to date with the recent trends and developments in technologies, which may create pressure.
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Fleet Management Market Competitive Landscape
The global fleet management market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles
- Verizon Connect (US)
- Geotab (Canada)
- Bridgestone (Japan)
- Motive (US)
- Michelin (France)
- Gurtam (Belarus)
- Via Transportation (US)
- Fleetroot (UAE)
- Ruptela (Lithuania)
- Freeway Fleet Systems (UK)
- ZF Friedrichshafen AG (Germany)
- Bosch Mobility Solutions (Germany)
- Fleetcor (US)
- KeepTruckin (US)
- Fleetup (US)
- MixMove (Norway)
- Fleetio (US)
- Gurtam (Belarus)
- Onfleet (US)
- Samsara Inc. (US)
Recent Developments
- In April 2024, Verizon Connect company lately declared that it will expand its EAT technology in the European nations. The Equipment Asset Tracker (EAT) technology will enable companies to use this solution for equipment monitoring demands.
- In September 2024, Trimble, a leading transportation technology providing company, launched several updates and product releases in trucking technology product line to assist fleet workers enhance safety, efficiency, and productivity. These updates and advancements include commercial truck navigation, vehicle inspection, visibility offerings, asset maintenance, and carrier transport management solution.
- In July 2024, Geotab announced the integration of its Europe-based fleet management services with BYD trucks as a portion of an aim to provide fleet management solution (top-tier), without compromising on data privacy and security.
Fleet Management Key Market Trends
- Growth of Mobility-as-a-Service: The growing trend for MaaS is propelling the fleet management businesses to provide more integrated solutions that effectively amalgamate different transportation modes for unified mobility solutions. Also, alliances and partnerships among technology companies and fleet management business are growing remarkably with an aim to develop exhaustive mobility services. These trends are projected to spur the market over the estimated period.
- Emphasis on Driver Training and Safety: Tools that precisely monitor the behavior of drivers and offer feedback are gaining popularity and increasingly adopted by companies. They help improve the safety of drivers and notably reduce road mishaps. Several companies are adopting continuous training activities for their workforce for better awareness of safety and driving skills. These trends will help the market progress in the coming years.
Fleet Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the fleet management market is considerably progressing due to growing advancements in technologies, integration of mobility solutions, and risk and safety management. However, the market is hampered by resistance to change, growing market competition, and overdependence on technology. North America is anticipated to lead the market owing to developed transportation infrastructure, a supportive regulatory environment, and increasing demand for logistics. Nonetheless, a few opportunities for the growth of the fleet management market include global market expansion, emphasis on compliance and safety, and scalability and customization.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 24.4 billion |
| Market size value in 2031 | USD 81.6 Billion |
| Growth Rate | 14.1% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fleet Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fleet Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fleet Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fleet Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fleet Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fleet Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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