Fleet Management Market Share, Size, Trend, Forecast, Analysis and...

Fleet Management Market Share, Size, Trend, Forecast, Analysis and Growth from 2022 to 2028

Posted 2023-05-03 12:27:08

According to a new report published by UnivDatos Markets Insights, the Fleet Management Market stood at USD 19 Bn and is expected to grow at a CAGR of 10.8% from 2022-2028. The analysis has been segmented into Component (Solutions (Operation Management, Vehicle Management and Diagnostics, Performance Management, Fleet Analytics and Reporting, and Others) and Services); Fleet Type (Commercial Vehicles and Passenger Cars); Deployment (On-Premises and Cloud); Region/Country.

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The fleet management market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the fleet management market. The fleet management market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the fleet management market at the global and regional levels.

Market Overview

Fleet management is a broad term that encompasses the many actions and processes that must be undertaken to keep a fleet of five or more vehicles operating on time, within budget, and with maximum efficiency. This management system is used in a variety of private and public industries, with millions of vehicles worldwide managed on some kind of centralized software platform. The fleet management market is growing on the account of the high growth rate for the adoption of cloud computing and analytics, declining hardware and IoT connectivity costs, and a growing need for operational efficiency. factors such as the rising concerns about fleet safety, the need for operational competency in fleet management, the rapidly increasing number of fleets, and mandatory government regulations towards vehicle maintenance & tracking are also fueling the growth of the fleet management market. For instance, The Federal Motor Carrier Safety Administration (FMCSA), an agency in the United States Department of Transportation, develops and enforces data-driven regulations that balance motor carrier (truck and bus companies) safety with efficiency.

Some of the major players operating in the market include Geotab Inc., Trimble Inc., Verizon Communications Inc., Zebra Technologies Corporation, Wipro Limited, Cognizant Technology Solutions Corp, MiX Telematics International (Pty) Ltd, Vontier Corporation, LeasePlan Corporation N.V., and Element Fleet Management Corp.

COVID-19 Impact

COVID-19 has brought uncertainty to the market by slowing down supply chains, stunting business growth, and causing panic among customers. Various regional governments have announced full lockdowns and temporary closures of industries, adversely affecting overall production and sales. Moreover, the overall production activity of the market players has decreased due to limited human capacity and operations with inadequate health protection measures, as well as the current demand dynamics of the fleet management industry. The arrival of the pandemic brought the transport sector to a halt due to lockdowns imposed around the world, which also negatively impacted the global automotive industry.

The global fleet management market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

· On the basis of fleet type, the market is divided into commercial vehicles and passenger cars. The commercial vehicles segment is expected to grow at a higher CAGR during the forecast period. The growth of this segment is attributed to the rising government mandate for fleet safety and growing sales of commercial vehicles in developing economies

· Based on deployment, the market is divided into on-premises and cloud. The on-premises segment catered to a prominent share of the global fleet management market. The growth in this segment can be attributed to the high speed and low latency abilities of on-premises deployment. On-premises deployment is preferred by organizations, which are looking for high performance for multiple types of workloads. Furthermore, the direct cost is more with an on-premises deployment but the whole cost of ownership may be lesser, which means after removing the direct costs, the only ongoing costs are energy and maintenance

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Fleet Management Market Geographical Segmentation Includes:

· North America (United States, Canada, and Rest of North America)

· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

· Rest of the World

North America held a prominent share of the fleet management market. The government of this region has played an extremely significant role in increasing the market for fleet management in recent years. The strict regulations and rules in the North American region have successfully reduced the number of emissions that come through the use of vehicles. And in order to reduce the pollution caused by vehicles, the stringent regulations are compelling the industry to adhere to the policies. Hence the fleet management market in the region is expected to grow at a significant growth rate.

The major players targeting the market include

· Geotab Inc.

· Trimble Inc.

· Verizon Communications Inc.

· Zebra Technologies Corporation

· Wipro Limited

· Cognizant Technology Solutions Corp

· MiX Telematics International (Pty) Ltd

· Vontier Corporation

· LeasePlan Corporation N.V.

· Element Fleet Management Corp.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the fleet management market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the fleet management market?

• Which factors are influencing the fleet management market over the forecast period?

• What are the global challenges, threats, and risks in the fleet management market?

• Which factors are propelling and restraining the fleet management market?

• What are the demanding global regions of the fleet management market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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