Gmi Research's blog : Fleet Management Market size, share & Forecast
The Fleet Management Market is estimated to grow at a robust CAGR over the forecast period (2020-2027).
The factors driving growth of the includes growing concerns related to fleet safety, strict regulations imposed by Governments regarding vehicle maintenance and tracking, development of transportation in the logistics industry, increasing use of fleet management systems for managing different type of fleets such as busses, ambulances, and ships and improvements in the living standards. Various reasons that are driving the market expansion include the growing need for effective public transport systems across the world, the increase in the number of Free Trade Agreements (FTAs) signed between nations, and the advent of ride-hailing, carpooling, and automobile sharing services. Moreover, technological innovations in Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Big Data Analytics and Internet of Things (IoT), rise in the launch of new products, rising focus on reducing environmental pollution, and rapid urbanization, are some of the additional factors supplementing the Fleet Management Market Size. In addition, the increasing investments by major companies on research and development, strategic partnerships between enterprises, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Fleet Management Market is hindered attributed to cost-sensitivity amongst local companies.
The major players operating in the market are Omnitracs, Verizon, Trimble Inc., Geotab Inc., Donlen, ARI Fleet Management Company, MiX Telematics, Inseego Corp., Teletrac Navman US Ltd, and Wheels, Inc., among others.
Based on Deployment Type, the Cloud segment is predicted to grow at a significant CAGR during the forecast period
Cloud based fleet management solutions helps in maintaining operation and safety of the vehicles anywhere, with use of internet-enabled devices, is propelling segment’s growth.
Based on Fleet Type, the Passenger Cars segment is projected to expand at a remarkable CAGR over the forecast period
As per the Fleet Management Market Analysis, growing demand for electric vehicles and rising focus of companies on reducing fleet costs, are some of the factors pushing the segment’s growth.
Based on Region, the North American region is expected to capture the biggest market share during the forecast period
According to the Fleet Management Market Research, Government policies promoting the manufacturing of electric vehicles, rising concerns related to fleet safety, rapid urbanization, increasing population growth rates, and high per capita incomes, are some of the important factors augmenting the market growth in North America.
- In 2019, Geotab Inc. partnered with Vodafone for improving fleet management services. In this partnership, the company planned to accelerate the adoption of fleet & mobility services by combining Vodafone’s experience and reach in telematics with the company’s engineering and open platform technology.
- In 2019, Donlen partnered with Nauto, an AI technology company, to improve the safety of commercial fleets. The company planned to expand its portfolio of extended safety and now offers an AI- solution to the customers to prevent the collisions and decrease the distraction during driving.
Segmentation by Component
- Operations Management
- Routing & Scheduling
- Fleet Tracking & Geofencing
- Performance Management
- Fuel Management
- Driver Management
- Vehicle Maintenance & Diagnostics
- Fleet analytics & Reporting
- Operations Management
- Managed Services
- Professional Services
- Support & Maintenance
Segmentation by Deployment Type
Segmentation by Fleet Type
- Passenger Cars
- Electric Vehicles
- Internal Combustion Engine
- Commercial Fleets
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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