Fleet Management
Fleet Management Market Forecasts to 2030 - Global Analysis By Component (Hardware, Solution, Service and Other Components), Vehicle Type (Heavy Commercial Vehicle, Aircraft, Railway, Watercraft, Light Commercial Vehicle and Other Vehicle Types), Communication Technology (GNSS and Cellular System), Deployment (Cloud, On-premises and Other Deployments), Application, End User and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $29.96 BN |
|
Projected Year Value (2030) |
US $92.65 BN |
|
CAGR (2023 - 2030) |
17.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Fleet Management Market is accounted for $29.96 billion in 2023 and is expected to reach $92.65 billion by 2030 growing at a CAGR of 17.5% during the forecast period. A fleet of cars, usually used by businesses for delivery, transportation, or other services, needs to be managed and coordinated by a comprehensive system known as fleet management. Purchasing, maintaining, tracking, and streamlining processes to cut costs and increase efficiency are just a few of the many duties involved. Moreover, fleet management allows real-time vehicle monitoring through the use of cutting-edge technologies like GPS, telematics, and data analytics. This information helps organizations make well-informed decisions regarding maintenance schedules, fuel usage, and routes.
According to the National Association of Fleet Administrators, effective fleet management strategies not only optimize vehicle performance but also play a crucial role in achieving sustainability goals and enhancing overall operational efficiency.
Market Dynamics:
Driver:
Instantaneous monitoring and tracing systems
Fleet management market growth is largely being driven by the growing need for real-time tracking and monitoring solutions. Companies are realizing that in order to improve operational efficiency, they need to have immediate insights into their fleets of vehicles. Additionally, businesses may track the whereabouts of vehicles, plan the best routes, and guarantee on-time delivery thanks to technologies like GPS, telematics, and Internet of Things gadgets.
Restraint:
Exorbitant implementation expenses
The high upfront implementation costs of implementing advanced technologies are a major barrier to the fleet management market. When acquiring and integrating GPS systems, telematics devices, and other cutting-edge technologies, organizations frequently have to pay significant upfront costs. Furthermore, small and medium-sized businesses (SMEs) may find it especially difficult to overcome this financial barrier, which makes it more difficult for them to implement complete fleet management solutions.
Opportunity:
Developments in AI and predictive analytics
There are a lot of opportunities for fleet management due to the ongoing developments in artificial intelligence and predictive analytics. Large-scale data analysis can be performed by AI-powered algorithms to improve fleet efficiency overall, optimize route planning, and offer insights into predictive maintenance. However, by using these technologies, fleet managers can increase vehicle longevity, cut downtime, and make well-informed decisions that will ultimately save money and improve operations.
Threat:
Rapid obsolescence of technology
Technology is aging quickly, which poses a threat to the fleet management industry. Older systems may become incompatible with newer ones as technology develops, which could result in higher maintenance costs, a reduction in overall efficiency, and other problems. Moreover, to stay ahead of the curve and avoid obsolescence, fleet management companies need to be proactive, make research and development investments, and provide scalable solutions.
Covid-19 Impact:
Due to lockdowns, travel restrictions, and economic uncertainty that caused disruptions in global supply chains and a decline in commercial activity, the COVID-19 pandemic had a significant impact on the fleet management market. Reduced demand for transportation services, postponed vehicle maintenance schedules, and tightened budgetary constraints were among the difficulties fleet operators had to deal with. Furthermore, the pandemic has hastened the adoption of digital solutions, as fleet management systems have proven indispensable for remote vehicle health monitoring, route optimization, and essential worker safety.
The Heavy Commercial Vehicle segment is expected to be the largest during the forecast period
The market's largest share is anticipated to be held by the heavy commercial vehicle (HCV) segment. Heavy commercial trucks are essential to the logistics and freight industries because they facilitate the long-distance transportation of goods, which maintains an effective supply chain and delivery networks. Trucks, trucks, and buses that are intended to carry a lot of passengers or cargo are among these vehicles. Additionally, the expansion of e-commerce, rising international trade, and the need for dependable freight services have all contributed to the HCV segment's steady growth.
The Healthcare and Pharmaceutical segment is expected to have the highest CAGR during the forecast period
The sector with the highest CAGR is healthcare and pharmaceuticals. This industry has grown quickly because of advances in technology, rising healthcare costs, and the emphasis on healthcare infrastructure around the world. Growth has been fueled by the need for novel pharmaceuticals, digital health technologies, and medical solutions. Moreover, the healthcare and pharmaceutical industries are predicted to continue their strong growth trajectory due to ongoing advancements in biotechnology, personalized medicine, and telemedicine. This will present significant opportunities for stakeholders and make a substantial contribution to the advancement of global well-being.
Region with largest share:
North America region accounted for the largest share. The region's dominance is explained by the broad adoption of cutting-edge technologies, strict laws encouraging fleet safety and efficiency, and the existence of major industry players providing cutting-edge solutions. Additionally, in order to optimize operations, improve vehicle performance, and adhere to regulatory requirements, a number of industries in North America, including transportation, logistics, and delivery services, are driving the demand for fleet management services.
Region with highest CAGR:
The fleet management market is growing at the highest CAGR in the European region. The region has seen a rise in the use of fleet management solutions because of its developed economies, strict regulatory environments, and emphasis on implementing cutting-edge technology. Moreover, to increase efficiency, lower emissions, and adhere to strict environmental regulations, European nations—such as the UK, Germany, and France—have been at the forefront of integrating telematics, GPS tracking, and other fleet management technologies.
Key players in the market
Some of the key players in Fleet Management market include Donlen Corp., TomTom International BV, Uber Technologies, Fleetmatics Group PLC, Verizon Communications Inc., Cisco Systems, Inc., Geotab Inc., Bridgestone Corp., Motive Technologies Inc., Element Fleet Management Corp., Omnitracs, GoFleet Corporation, Trimble Inc., MiX Telematics Ltd., Zebra Technologies Corp., NetraDyne Inc., Teletrac Navman US Ltd., Quartix Ltd. and Samsara Inc.
Key Developments:
In January 2024, TomTom (TOM2), the location technology specialist, and Mitsubishi Electric today announced they are integrating technologies to develop new solutions and drive innovation in automated driving. Through this collaboration, TomTom’s High Definition (HD) Map will power Mitsubishi Electric’s High-Definition Locator hardware, providing the highly accurate data required for automated driving.
In October 2023, Verizon Communications Inc. has signed a renewable energy purchase agreements for the GSG Wind project. Located in Lee and Lasalle counties, Illinois, GSG Wind commenced onsite construction to repower LRE’s legacy 80 MW wind facility, decommissioning 40 Gamesa G87 2.0 MW wind turbines and constructing 26 new turbines to enhance turbine capacity, reliability and performance. The project will create approximately 180 construction jobs and is expected to be operational in December.
In September 2023, Cisco and Splunk, the cybersecurity and observability leader, today announced a definitive agreement under which Cisco intends to acquire Splunk for $157 per share in cash, representing approximately $28 billion in equity value. Upon close of the acquisition, Splunk President and CEO Gary Steele will join Cisco’s Executive Leadership Team reporting to Chair and CEO Chuck Robbins.
Components Covered:
• Hardware
• Solution
• Service
• Other Components
Vehicle Types Covered:
• Heavy Commercial Vehicle
• Aircraft
• Railway
• Watercraft
• Light Commercial Vehicle
• Other Vehicle Types
Communication Technologies Covered:
• GNSS
• Cellular System
Deployments Covered:
• Cloud
• On-premises
• Other Deployments
Applications Covered:
• Fleet Tracking and Geofencing
• Vehicle Maintenance and Diagnostics
• Driver Behavior Monitoring
• Fuel Management
• Other Applications
End Users Covered:
• Retail
• Healthcare and Pharmaceutical
• Construction
• Manufacturing
• Transportation and Logistics
• Utilities
• Oil, Gas, and Mining
• Government
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Fleet Management Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 GPS Tracking Devices
5.2.2 Dash Cameras
5.2.3 Bluetooth Tracking Tags (BLE Beacons)
5.2.4 Data Loggers
5.3 Solution
5.3.1 Operations Management
5.3.2 Fleet Maintenance and Diagnostics
5.3.3 Performance Management
5.3.4 Compliance Management
5.3.5 Fleet Analytics and Reporting
5.3.6 Other Solutions
5.4 Service
5.4.1 Professional Services
5.4.1.1 Consulting & Advisory
5.4.1.2 Integration & Implementation
5.4.1.3 Support & Maintenance
5.4.2 Managed Services
5.5 Other Components
6 Global Fleet Management Market, By Vehicle Type
6.1 Introduction
6.2 Heavy Commercial Vehicle
6.3 Aircraft
6.4 Railway
6.5 Watercraft
6.6 Light Commercial Vehicle
6.7 Other Vehicle Types
7 Global Fleet Management Market, By Communication Technology
7.1 Introduction
7.2 GNSS
7.3 Cellular System
8 Global Fleet Management Market, By Deployment
8.1 Introduction
8.2 Cloud
8.3 On-premises
8.4 Other Deployments
9 Global Fleet Management Market, By Application
9.1 Introduction
9.2 Fleet Tracking and Geofencing
9.3 Vehicle Maintenance and Diagnostics
9.4 Driver Behavior Monitoring
9.5 Fuel Management
9.6 Other Applications
10 Global Fleet Management Market, By End User
10.1 Introduction
10.2 Retail
10.3 Healthcare and Pharmaceutical
10.4 Construction
10.5 Manufacturing
10.6 Transportation and Logistics
10.7 Utilities
10.8 Oil, Gas, and Mining
10.9 Government
10.10 Other End Users
11 Global Fleet Management Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Donlen Corp.
13.2 TomTom International BV
13.3 Uber Technologies
13.4 Fleetmatics Group PLC
13.5 Verizon Communications Inc.
13.6 Cisco Systems, Inc.
13.7 Geotab Inc.
13.8 Bridgestone Corp.
13.9 Motive Technologies Inc.
13.10 Element Fleet Management Corp.
13.11 Omnitracs
13.12 GoFleet Corporation
13.13 Trimble Inc.
13.14 MiX Telematics Ltd.
13.15 Zebra Technologies Corp.
13.16 NetraDyne Inc.
13.17 Teletrac Navman US Ltd.
13.18 Quartix Ltd.
13.19 Samsara Inc.
List of Tables
1 Global Fleet Management Market Outlook, By Region (2021-2030) ($MN)
2 Global Fleet Management Market Outlook, By Component (2021-2030) ($MN)
3 Global Fleet Management Market Outlook, By Hardware (2021-2030) ($MN)
4 Global Fleet Management Market Outlook, By GPS Tracking Devices (2021-2030) ($MN)
5 Global Fleet Management Market Outlook, By Dash Cameras (2021-2030) ($MN)
6 Global Fleet Management Market Outlook, By Bluetooth Tracking Tags (BLE Beacons) (2021-2030) ($MN)
7 Global Fleet Management Market Outlook, By Data Loggers (2021-2030) ($MN)
8 Global Fleet Management Market Outlook, By Solution (2021-2030) ($MN)
9 Global Fleet Management Market Outlook, By Operations Management (2021-2030) ($MN)
10 Global Fleet Management Market Outlook, By Fleet Maintenance and Diagnostics (2021-2030) ($MN)
11 Global Fleet Management Market Outlook, By Performance Management (2021-2030) ($MN)
12 Global Fleet Management Market Outlook, By Compliance Management (2021-2030) ($MN)
13 Global Fleet Management Market Outlook, By Fleet Analytics and Reporting (2021-2030) ($MN)
14 Global Fleet Management Market Outlook, By Other Solutions (2021-2030) ($MN)
15 Global Fleet Management Market Outlook, By Service (2021-2030) ($MN)
16 Global Fleet Management Market Outlook, By Professional Services (2021-2030) ($MN)
17 Global Fleet Management Market Outlook, By Managed Services (2021-2030) ($MN)
18 Global Fleet Management Market Outlook, By Other Components (2021-2030) ($MN)
19 Global Fleet Management Market Outlook, By Vehicle Type (2021-2030) ($MN)
20 Global Fleet Management Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
21 Global Fleet Management Market Outlook, By Aircraft (2021-2030) ($MN)
22 Global Fleet Management Market Outlook, By Railway (2021-2030) ($MN)
23 Global Fleet Management Market Outlook, By Watercraft (2021-2030) ($MN)
24 Global Fleet Management Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
25 Global Fleet Management Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
26 Global Fleet Management Market Outlook, By Communication Technology (2021-2030) ($MN)
27 Global Fleet Management Market Outlook, By GNSS (2021-2030) ($MN)
28 Global Fleet Management Market Outlook, By Cellular System (2021-2030) ($MN)
29 Global Fleet Management Market Outlook, By Deployment (2021-2030) ($MN)
30 Global Fleet Management Market Outlook, By Cloud (2021-2030) ($MN)
31 Global Fleet Management Market Outlook, By On-premises (2021-2030) ($MN)
32 Global Fleet Management Market Outlook, By Other Deployments (2021-2030) ($MN)
33 Global Fleet Management Market Outlook, By Application (2021-2030) ($MN)
34 Global Fleet Management Market Outlook, By Fleet Tracking and Geofencing (2021-2030) ($MN)
35 Global Fleet Management Market Outlook, By Vehicle Maintenance and Diagnostics (2021-2030) ($MN)
36 Global Fleet Management Market Outlook, By Driver Behavior Monitoring (2021-2030) ($MN)
37 Global Fleet Management Market Outlook, By Fuel Management (2021-2030) ($MN)
38 Global Fleet Management Market Outlook, By Other Applications (2021-2030) ($MN)
39 Global Fleet Management Market Outlook, By End User (2021-2030) ($MN)
40 Global Fleet Management Market Outlook, By Retail (2021-2030) ($MN)
41 Global Fleet Management Market Outlook, By Healthcare and Pharmaceutical (2021-2030) ($MN)
42 Global Fleet Management Market Outlook, By Construction (2021-2030) ($MN)
43 Global Fleet Management Market Outlook, By Manufacturing (2021-2030) ($MN)
44 Global Fleet Management Market Outlook, By Transportation and Logistics (2021-2030) ($MN)
45 Global Fleet Management Market Outlook, By Utilities (2021-2030) ($MN)
46 Global Fleet Management Market Outlook, By Oil, Gas, and Mining (2021-2030) ($MN)
47 Global Fleet Management Market Outlook, By Government (2021-2030) ($MN)
48 Global Fleet Management Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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