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2022
Fleet Management Market

Fleet Management Market by Vehicle Type (Heavy Commercial Vehicle, Aircraft, Railway, Watercraft, Light Commercial Vehicle), by Component (Solution, Service), by Communication Technology (GNSS, Cellular System), by Industry (Retail, Government, Transportation and Logistics, Automotive, Others) and Region: Global Report opportunity Analysis and Industry Forecast, 2020-2030

✷  A00618
Pages: 192
Feb 2022 | 39234 Views
Author(s) : Abhay Singh , Sonia Mutreja
Tables: 152
Charts: NA
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Fleet Management Market Statistics 2022-2030:

The global fleet management market was valued at $19.47 billion in 2020, and is projected to reach $52.50 billion by 2030, registering a CAGR of 10.6% from 2021 to 2030.

The COVID-19 crisis is creating uncertainty in the market by slowing down the supply chains, hampering business growth, and increasing panic among the customer segments. Governments across different regions announced total lockdown and temporarily shutdown of industries, which adversely affected the overall production and sales. Moreover, the overall production activities of market players have declined, owing to operations with limited workforce capacity and inadequate health safety measures along with current demand dynamics of the fleet management industry. With the advent in pandemic, the automobile & transportation sector came to halt due to the imposed lockdown across the globe, which has also created an adverse effect on the automotive industry across the globe.

Fleet management is the management of commercial vehicle operations at larger scale. It can be defined as the processes used by fleet managers to monitor fleet activities and make decisions from asset management, dispatch & routing, and vehicle acquisition. Businesses that rely on transportation utilize fleet management to control costs, productivity, fuel management, and compliance. Thus, fleet managers are responsible for maintaining costs, maximizing profitability, and reducing fleet vehicle risks. Furthermore, it involves vehicle financing, driver management, and vehicle telematics related to watercraft, aircraft, commercial vehicles (LCVs & HCVs) and railways. In addition, fleet management offers finance management, enhanced safety of vehicle & driver, and operational competency with real-time fleet tracking analysis. Most fleet managers use fleet management software to improve overall fleet safety, customer services, and increase visibility & profitability with process management & research.  

Fleet-Management-Market,-2021-2030

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Factors such as rising concerns about fleet safety, mandatory government regulations towards vehicle maintenance & tracking, need for operational competency in fleet management, and increase in the adoption of wireless technology owing to their low cost & availability supplement the market's growth across the globe. However, factors such as cost sensitivity among local players and lack of uninterrupted & seamless internet connectivity hamper the market's growth around the world. Moreover, factors such as the development of transportation in the logistics industry, the adoption of intelligent transport systems, and the strengthening of communication networks create ample opportunities for the market's growth during the forecast period.

The global fleet management market report is segmented on the basis of vehicle type, component, communication technology, industry, and region. Depending on vehicle type, the global market has been segmented into light commercial vehicle, heavy commercial vehicle, aircraft, railway and watercraft. By component, the global market has been segmented into solution and services. By communication technology, the market has been segmented into global navigation satellite system (GNSS) and cellular system. By industry type, the market has been segmented into retail, government, transportation & logistics, automotive, and other.  Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players operating in the global fleet management market are AT&T, Cisco Systems, Inc., Freeway Fleet Systems, Geotab Inc., IBM Corporation, I.D. Systems Inc., MiTAC Holdings Corporation, Navico, TomTom International BV., and Verizon. 

Need Of Operational Competency In Fleet Management

The practice of efficient operational fleet management requires a system of technologies that makes the process easier for the fleet managers to coordinate & track the activities right from fuel management to route planning. At present, fleet operators have adopted technologies such as enormous fleet tracking processes, electronic information systems, and cloud-based applications to efficiently accomplish fleet management operations. Moreover, the introduction of wireless technology, including asset management & tracking, vehicle & driver tracking, two-way communications, customer relationship management, and others in various firms & industries, fuels the functioning management of fleet operators. Thus, the fleet management software acts as a critical component to increase operational competence & deliver efficient business decisions. 

Fleet Management Market
By Vehicle Type

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Watercraft is projected as the most lucrative segments

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In the UK, several organizations, including Tesco, NatWest Group, and The Environment Agency, started accelerating the deployment of electrified fleets in their vehicle fleets to overcome & develop innovative solutions based on asset availability, asset utilization, asset finance, and asset efficiency to reduce risks & built collaborative demand in the fleet management market. Hence, the demand for technological innovations to access wider regions fuels the need for operational competency in fleet management.

Fleet Management Market
By Component

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Services is projected as the most lucrative segments

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Rising Concerns About Fleet Safety

Safety is one of the top work challenges faced by fleet operators. Thus, due to the disastrous impact of accidents and other emergencies, the demand for technologically innovative applications such as alarm systems, real-time notification devices, driver behavior monitoring systems, and other AI-based software has increased. Furthermore, integrating IoT & telematics in the automotive industry fetched key innovations for vehicle & driver’s safety creates wider scope for the growth of the market. Moreover, it includes connected fleet technology such as collision avoidance system to improve fleet safety, remote diagnostics to access real-time vehicle services, in-cab video cameras to protect fleets against false claims, and other sensor-based applications to transform the fleet services hub by integrating more technology & robust virtual solutions. In January 2021, Altrad Services UK announced a strategic partnership with Trakm8, a recognized leader in telematics data, to improve safety across fleet using Trakm8 technology and made significant improvements to combat poor driving & blowout best practices throughout the fleet drivers. Hence, such advancements in technology concerning fleet & driver’s safety foster fleet tracking products in the fleet management market. 

Fleet Management Market
By Communication Technology

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GNSS is projected as the most lucrative segments

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Lack Of Uninterrupted & Seamless Internet Connectivity

Fleet management is a system that uses applications or technology to track and manage different kinds of fleets such as cars, cargo logistics, buses, ambulances, ships, and others. It uses fleet management software to maintain records & send emails as per the stored database. However, it requires continuous internet subscription & data to power the fleet management software actively. Meanwhile, lack of internet connectivity, specifically in developing or underdeveloped economies, causes a delay in assignment deliveries, disruption in the vehicle tracking system, and unable to identify congested traffic circumstances in emergency scenarios. Hence, lack of uninterrupted & seamless internet connectivity leads to ineffective data management, loss of productivity due to unreliable data, lack of available fleet information, and poor routing, may hamper the fleet management market during the forecast period.

Fleet Management Market
By Industry

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Retail is projected as the most lucrative segments

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Strengthening Communication Network

Fleet solution devices provide analytical data that offers fleet managers a much broader & detailed view of activity in the field. At present, the use of 5G technology by fleet operators has offered more accurate tracking, routing, and vehicle diagnostics. Furthermore, intelligent city functions such as smart traffic management, powered by 5G connectivity, helps drivers to take appropriate routes for time-saving & fuel consumption and offer more efficiency and flexibility through real-time route planning & high-speed communication. Moreover, companies such as Hisky, the global terrestrial network provider, offers satellite communication solutions to monitor the location of vehicle fleets along with drivers worldwide. It also provides an efficient solution for fleet management with unified connectivity & on-the-move satellite communication to offer cost-effective, efficient, and safer fleet operations in rural areas. Thus, the rising demand and enthusiasm for the developments & establishment of intense communication network of fleet management software & other technology devices are opportunistic for market expansion. 

Fleet Management Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 12.1% during 2021-2030.

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Covid-19 Impact Analysis

  • The COVID-19 crisis is creating uncertainty in the market by slowing down the supply chains, hampering business growth, and increasing panic among the customer segments.
  • Governments across different regions announced total lockdown and temporarily shutdown of industries, which adversely affected the overall production and sales.
  • The global business outlook has changed dramatically post COVID-19 health crisis.
  • Moreover, the overall production activities of market players have declined, owing to operations with limited workforce capacity and inadequate health safety measures along with current demand dynamics of the fleet management industry.
  • With the advent in pandemic, the automobile & transportation sector came to halt due to the imposed lockdown across the globe, which has also created an adverse effect on the automotive industry across the globe.
  • As per the current scenario, overall world is getting back on track slowly with the new restriction and policies to support the economic activities in all industries.

Key Benefits For Stakeholders

  • This study presents the analytical depiction of the global fleet management market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments & Key Market Players

Segments Sub-segments
Vehicle Type
  • Heavy Commercial Vehicle
  • Aircraft
  • Railway
  • Watercraft
  • Light Commercial Vehicle

Component
  • Solution
  • Service

Communication Technology
  • GNSS
  • Cellular System

Industry
  • Retail
  • Government
  • Transportation and Logistics
  • Automotive
  • Others

By Region
  • North America
    • U.S.
    • CANADA
    • MEXICO
  • Europe
    • UNITED KINGDOM
    • GERMANY
    • FRANCE
    • ITALY
    • SPAIN
    • Rest of Europe
  • Asia-Pacific
    • CHINA
    • JAPAN
    • INDIA
    • AUSTRALIA
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players
  • AT And T, INC
  • CISCO SYSTEMS, INC.
  • FLEETMATICS GROUP PLC
  • FREEWAY FLEET SYSTEMS
  • IBM CORPORATION
  • I.D. SYSTEMS
  • MITAC INTERNATIONAL CORPORATION
  • NAVICO
  • TELOGIS
  • TOMTOM N.V.
Other organizations mentioned in the fleet management market report include
  • AT And T, INC
  • CISCO SYSTEMS, INC.
  • FLEETMATICS GROUP PLC
  • FREEWAY FLEET SYSTEMS
  • IBM CORPORATION
  • I.D. SYSTEMS
  • MITAC INTERNATIONAL CORPORATION
  • NAVICO
  • TELOGIS
  • TOMTOM N.V.
 

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In accordance with the insights of the CXOs of leading companies, the fleet management market indicates positive growth in the near future. The current business scenario has witnessed an upsurge in the adoption of novel technology in developed as well as developing regions. Market players have adopted technological tools such as GPS tracking devices, route optimization, and driver management support & communication that allow the monitoring & control of fleets in charge of cargo transportation. Moreover, it ensures the smooth operation of vehicular assets by reducing maneuver costs, improving operational performance, and ensuring proper compliance to manage, organize, and coordinate fleet operations.

According to insights gathered from primary sources, the significant adoption of fleet management is observed in various industries such as government, transportation, education, construction, retail, oil & gas, and others. Meanwhile, the implementation of telematics & fleet management apps enhanced the fleet operations through major compensations such as enhanced performance & productivity, improved customer assistance, and accuracy in driver & vehicle management. Moreover, the board of directors of Bridgestone Americas signed an agreement with Azuga Holdings, Inc., a fleet management platform to offer comprehensive solutions such as real-time vehicle operations insights & data analytics to improve safety, efficiency, and enhance customer services.

In 2020, Tata Motors announced the launch of Tata Motors Fleet Edge – a next-generation connected vehicle solution to access a large amount of data generated by the Telematics Control Unit (TCU) & offers real-time insights for vehicle tracking, driver’s behavior, and real-time fuel efficiency for fleet owners & managers to make informed decisions.    

Factors such as rising concerns about fleet safety, mandatory government regulations towards vehicle maintenance & tracking, need for operational competency in fleet management, and increase in the adoption of wireless technology, owing to their low cost & availability supplement the market's growth across the globe. However, factors such as cost sensitivity among local players and lack of uninterrupted & seamless internet connectivity hamper the market's growth around the world. Moreover, factors such as the

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FREQUENTLY ASKED QUESTIONS?

A. Fleet management holds a majority of market share in 2020 and is projected to grow at a CAGR of 10.6% during the forecast period.

A. Fleet managemenbt helps in tracking the transportation & vehicles thus finding its application in logistics industry.

A. The report sample for global fleet management market report can be obtained on demand from the website.

A. Online data accessibility is the digital transformation in fleet management industry.

A. Different types of fleet management are there such as logistics, retail, automotive, transportation and others which are mentioned in the research study.

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. Increased inclination towards the adoption of commercial vehicles across different industries creates ample opportunities for fleet management market.

A. Introduction of IoT & satellite based services are the recent developments in fleet management market.

A. Introduction of IoT & satellite based services are the upcoming trends in fleet management market in the world.

A. Companies such as Verizon, TomTom International, IBM are the leaders in fleet management industry.

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