The growth of the global fleet management market is thriving on the back of the increasing trends of the fleet operators who are opting for advanced technologies including telematics that are related to bigdata, artificial intelligence and others, that help fleet owners to get information in real-time, which are streamlined across stakeholders including customers. Moreover, the capability of fleet management software to integrate other related software and systems, for instance ERP and other cloud-based systems, along with the ability to be customized depending upon the requirement of the fleet owner, has raised greater adoption of fleet management systems amongst businesses worldwide, which is also anticipated to contribute significantly towards the growth of the global fleet management market.
The global fleet management market reached a value of around USD 8000 million in the year 2018 and is expected to garner a value of around USD 17000 by the end of 2025 by registering a CAGR of around 12% across the globe over the forecast period 2019-2025. Further, the worldwide fleet management market is anticipated to achieve an absolute $ opportunity of around USD 9900 million during the assessment period.
Growth Highlights based on Region during 2018-2025
The global fleet management market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America is anticipated to hold the largest market share by the end of 2025. In the North America, commercial fleet plays an essential role in the regional economy and it comprises a major share of the total fleet. Moreover, presence of several key players in the region is also anticipated to promote the growth of the market in the region.
On the other hand, the fleet management market in Europe is anticipated to gain significant market share over the years to come. The region also hosts a major share of the commercial fleet, which is majorly used by mobile workers in the region for activities which include distribution of goods and parcels. Additionally, the region is also known to have several number of truck manufacturers which contributes widely to the overall commercial fleet in the region, and in turn towards the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
The global fleet management market has been segmented on the basis of function int0 operational fleet monitoring and management, vehicle dispatch, asset tracking, security & safety management, driver scheduling and condition-based maintenance. The vehicle tracking component is the most basic function in all fleet management systems and it is usually GPS-based. The tracking information acquired by the system from the vehicle is often used by the fleet owner to quickly respond on events in the field. On the other hand, the dispatch function segment deals with assigning vehicles to customers and are mostly used in industries such as taxicabs, couriers and emergency services amongst others. With the increasing adoption of app-based cab services around the world, the segment is anticipated to grow with a significant CAGR over the forecast period.
Market Drivers and Challenges
Implementation of several norms and regulations, such as the electronic logging device (ELD) mandate, by the government of nations around the world, so as to track driver’s total driving hours in order to ensure that they comply with the labor regulations is anticipated to raise the need of fleet owners to deploy fleet management services for collection of data and increase their employee effectiveness. Additionally, growing commercial fleet across the world on the back of increasing international trade of goods, along with advancement in technologies that help fleet owners and vehicle drivers across various experiences are some of the factors anticipated to drive the growth of the global fleet management market. Additionally, rising demand amongst fleet owners to efficiently manage their fleet at a lower operational cost and further increase their overall efficiency is also anticipated to drive the growth of the global fleet management market in the long run.
Fleet management systems are dependent on technology and wireless communication infrastructure. Lack of advanced wireless communication infrastructure across several nations across the globe hampers the quality of services. Additionally, setting up of an infrastructure for one single service raises the overall cost of the user, which is anticipated to impact negatively towards the growth of the global fleet management market.
Some of the affluent industry leaders in the global fleet management market are Webfleet Solutions B.V., Geotab Inc., Verizon, Omnitracs, Trimble Inc., Alphabet (GB) Limited, Telenav, Inc., Arvento Mobile Tracking and Fleet Management Systems, Teletrac Navman US Ltd. and Emkay.
Increasing need of fleet operators to decrease their operational costs and increase efficiency so as to gain a competitive advantage is one of the major factors that is driving the growth of the market.
The market is anticipated to attain a CAGR of around 12% over the forecast period, i.e. 2019-2025.
The major players in the global fleet management market are Webfleet Solutions B.V., Geotab Inc., Verizon, Omnitracs, Trimble Inc., Alphabet (GB) Limited, Telenav, Inc., Arvento Mobile Tracking and Fleet Management Systems, Teletrac Navman US Ltd. and Emk
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is majorly segmented by function and by region.
The vehicle tracking component segment, which is a sub-segment of the function segment, is anticipated to grow significantly as it forms the basic function all fleet management systems
Growing concerns for the restrictions in data communication over the fleet management system due to the lack of presence of a proper technological infrastructure are some of the factors anticipated to act as a barrier towards the growth of the market.
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization