Fleet Management Market: Global Industry Analysis and Forecast (2022-2029)

Fleet Management Market size was valued at US$ 8.81 Bn. in 2021 and the total revenue is expected to grow at 20.07% through 2022 to 2029, Fleet Management Market is reaching nearly US$ 38.07 Bn. by 2029.
Fleet Management Market Overview:
Enterprises can use fleet management to track and repair their cars in a cost-effective, timely, and accessible manner. Vehicle tracking and diagnostics, finance, driver management, and other activities are all part of it. It enables businesses that rely heavily on transportation to reduce or eliminate the risks connected with staffing, operations, and other factors. Fleet management benefits include lower fuel and overall operating costs, improved safety, and better fleet operations, as well as real-time fleet tracking and monitoring.

According to the Automotive Fleet, sales of automobiles to business fleets in the United States climbed by 2.1 % to 69,145 in May 2019 compared to the previous year, according to Maximize market research statistics from the Automotive Fleet. Rising operational expenses, owing to increased demand for utility vehicles, rising maintenance costs, and constant growth in compliance costs, have had a significant impact on the fleet management business.

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Global Fleet Management Market Dynamics:
The focus of fleet owners has shifted to operational efficiency –

Every industry strives to provide the greatest amount of output at the lowest possible cost. The cost of fleet management accounts for a significant amount of a company's operating expenses. Fleet management systems assist fleet owners to increase profit by optimizing routing, preserving vehicle security, encouraging driver safety, and increasing fleet vehicle performance and life cycle. It also aids in the visualization of fleet performance and the identification of which drivers or cost-cutting categories should be targeted for improvement. Fleet management aids managers in right-sizing fleet cars, maintaining them, lowering overhead expenses, reducing fuel prices and distance travelled, modifying driver behavior, and right-sizing fleet cars.

Issues with GPS connectivity due to atmospheric inference –

One of the biggest issues preventing GPS connectivity is atmospheric inference. For the GPS system to work, it must provide an accurate location. The most up-to-date navigation service, such as Google Maps, also provides a 3-10 meter accurate location. These services also perform best under particular parameters, such as customers being in optimum conditions, being outdoors rather than indoors, being in a metropolis, and having strong internet access. To reach the cell phone, the GPS signal must travel vast distances through the atmosphere and pass through several satellites. Receiving data from at least 3-4 sources can provide accurate data.

MaaS (mobility-as-a-service) could generate new income streams –

The rising use of ride-hailing and car-sharing applications is a result of increased urbanization, which is aiding the move to shared mobility. MaaS puts people at the center of transportation services, providing them with custom mobility solutions tailored to their specific needs. It will have a huge impact on the fleet business in the future, such as how fleets will be given and managed. With the predicted drop in the number of personally owned vehicles, fleet management suppliers' service portfolios are expected to undergo minor modifications (new service offers, upgraded service offerings, and service pruning).

Data quantities are rapidly expanding, and cyber risks are becoming more prevalent –

The use of telematics in fleets has resulted in massive amounts of data being generated. As a result, fleet managers are concerned about two major security issues: privacy and cybercriminal exposure. The make of the vehicle, the personal information of the drivers, and the routes taken are all examples of sensitive information found in fleet data. The information can be used for malevolent or criminal purposes, such as vehicle robberies and organized crime. End customers are hesitant to use telematics solutions because of data privacy concerns, particularly in North American countries and China, where rules are strict. Countries are currently monitoring the situation, and numerous data-related laws and regulations are being gradually implemented.

Fleet Management Trends –



• Focus on Telematics tracking - To assess real-time diagnostics levels, fleet managers will use telematics and GPS fleet tracking. They can use a customizable dashboard to track their fleet drivers' locations, keep track of their cars' status, and ensure that drivers adhere to safety procedures. New features like as voice integration, comprehensive data analytics, and increased Artificial Intelligence will be added to fleet management software in 2021. (AI). In-cab video has also become one of the most popular new fleet management solutions.

• Remote Fleet Management - Due to the current COVID-19 epidemic, remote fleet management will take center stage. Fleet managers are looking for new ways to track their drivers' productivity and manage assignments in a remote setting. Managers will be able to increase communication with their executives, track fleet data in real time, and stay connected to their staff with the help of good fleet management software.

• Deeper Data security - A substantial quantity of sensitive data is stored in fleet vehicles, which must be protected. Fleet managers will place a greater emphasis on cyber security in 2021. Several fleet managers are shifting their focus from tactical to strategic management and upgrading their IT skills to take on additional duties. With the increased exposure of data, they will place a greater emphasis on data gathering and analysis.

• Electric and Autonomous Vehicle - As more corporations roll out electric vehicles, electric fleet usage may see an uptick this year. Through improved data exchange and fleet software, these vehicles will eventually become more communicative. Meanwhile, the capabilities of autonomous vehicle (AV) technology have advanced significantly. By extending driving hours, AV provides a considerable opportunity to boost productivity. Finding solutions to control automated cars at each stage as we advance into the driverless era will be one of the top problems in 2021.

• Prominence of Mobility - As fleet managers may tailor their services and modify their old strategy, mobility-as-a-service (MaaS) will grow more popular. Fleet owners will test the waters using company-owned and leased vehicles. MaaS will assist fleet managers in rethinking existing fleet management practices. Companies can make better use of idle vehicles, regulate budgets, and minimize their carbon footprint by embracing vehicle sharing. The focus of key fleet metrics will change away from vehicle numbers and statistics and toward aspects such as timing, journey success rates, attendance rates, and annual cost.

• Evolution of 5G Network - One of the biggest trends this year will be 5G fleet management. Fleets will be able to take use of 5G's key characteristics to minimize latency and boost productivity. Companies that use a fleet management app will profit from 5G by having greater communication and productivity owing to higher coverage. With the global availability of 5G, now is the ideal time to invest in fleet management software to increase productivity and stay ahead of the competition.

• Improved Driver safety measure - Due to the pandemic, fleet owners and managers will focus on fleet and driver security in 2021. They'll put a premium on driver safety by beefing up sanitization methods during vehicle inspections and making sure they have the right tools and products. This will benefit your drivers and employees, and it will show that you are prepared to limit the virus's risks and exposure.

Global Fleet Management Market Segment Analysis: the Fleet Management Market is segmented into Component, Deployment type and Fleet type.

Based on Component, the market is sub-segmented into solution and service. Solutions held 64.43 % in 2020, with a market value of USD 12,574.13 million, and is expected to grow at a CAGR of 12.06 % over the forecast period. In 2020, services were the second-largest market, with a value of USD 6,941.24 million.

Based on Fleet type, the market is sub-segmented into Commercial fleets and Passenger cars.

The demand for passenger cars is likely to be larger. Vehicles with a seating capacity of up to six people, excluding the driver, are referred to as passenger automobiles. Passenger automobiles are further divided into the following divisions based on agreed-upon sub-categories: micro cars, compact cars, midsize cars, executive cars, premium cars, and luxury cars. It's easier and more cost-effective than ever to lease a small fleet of cars, minivans, or pickup trucks. For keeping the cars well maintained, the linked services include supply chain management, maintenance, licensing and compliance, fuel management, and accident claims. The Fleet Management Solution aids in the organization, management, and coordination of fleets.
Global Fleet Management Market Regional Analysis:
In Fleet management North America region leading the market. The US government is actively evaluating telematics' ability to minimize accident costs, which is pushing the demand for fleet management services. Ford, GM, and Fiat Chrysler dominate the fleet market in the United States. OEMs are shifting fleet sales to retail channels in order to boost profits. More new clients may be attracted if the cost benefits of fleet management and leasing are made more widely known. Additionally, decreased government investment and fears of a double-dip recession could limit market expansion.

According to the Environmental Protection Agency, the combustion of fossil fuels such as diesel and gasoline to transport goods and people is the second-largest source of carbon dioxide emissions, accounting for about 31% of US carbon dioxide emissions and more than a quarter of US greenhouse gas emissions. Apart from numerous industries, the US Department of Homeland Security has implemented fleet management solutions to provide its fleet managers with data-driven insights to manage fleet operations on a regular basis. WEX Inc. was awarded a telematics contract by the Department of Homeland Security (DHS) to offer vehicle telematics equipment and services.

The objective of the report is to present a comprehensive analysis of the global Fleet Management Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Fleet Management Market dynamics, structure by analyzing the market segments and project the global Fleet Management Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Fleet Management Market make the report investor’s guide.
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Global Fleet Management Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 8.81 Bn.


Forecast Period 2022 to 2029 CAGR:
20.07%
Market Size in 2029:
US $ 38.07 Bn.


 Segments Covered:
by Component
• Solution
• Service


by Deployment type
• On-premises
• Cloud


by Fleet type
• Commercial fleets
• Passenger cars



Global Fleet Management Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Fleet Management Market Key Players
• Donlen Corporation
• Geotab
• Inseego Corp
• Automotive Rentals Inc.
• Omnitracs
• TeletracNavman
• Trimble
• Verizon Connect
• Wheels, Inc.
• Mix Telematics
• GPS Insight
• Masternaut
• Nextraq
• Chevin Fleet Solutions
• Azuga
Frequently Asked Questions:
1) What was the market size of Global Fleet Management Market markets in 2021?
Ans - Global Global Fleet Management Market was worth US$ 8.81 Bn. in 2021.

2) What is the market segment of the Fleet Management Market?
Ans -The market segments are based on Component, Deployment type and Fleet type.

3) What is the forecast period considered for Global Fleet Management Market?
Ans -The forecast period for Global Fleet Management Market is 2022 to 2029.

4) What is the market size of Global Fleet Management Market markets in 2029?
Ans – Global Fleet Management Market is estimated as worth US$ 38.07 Bn.

5) Which region is dominated in Global Fleet Management Market?
Ans -In 2021, the North America region dominated the Global Fleet Management Market.