Fleet Management Market Research Report

Fleet Management Market

Fleet Management Market is expected to reach 37324 million by 2027, expanding at a CAGR of 10.10% over the forecast period (2020-2027), owing to the increasing use of fleet management solutions by large and medium-sized fleet owners to streamline operations.

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Fleet management solution incorporates hardware, software, network infrastructure, and connectivity solution to help with effective monitoring. The solution help fleet operators by saving cost while certifying the fleet satisfy the prevailing standards. Ongoing technological innovations such as the use of artificial intelligence, the Internet of things, and data analytics and the incorporation of these systems in electric vehicles and heavy commercial vehicles are the major factors fuelling the fleet management market growth. Growing concern towards fleet safety and reducing the cost of IoT and hardware have stimulated the adoption of fleet management systems.

Further, the growing usage of wireless technology in fleet management because of several features such as wider coverage, quick response, and access have bolstered the market growth. Other factors such as the adoption of cloud computing systems and incorporation of IoT with the transportation sector are other factors fuelling the market growth. However, increasing cases of cyber threats and concerns about the safety of drivers might restrain the fleet management market size.

By deployment type, the Cloud segment is predicted to expand at a faster CAGR over the forecast period. Increasing deployment of cloud-based fleet management software to allow the vehicle operators to handle the vehicle operation and safety anywhere via the use of internet-driven devices will propel the fleet management market share.

By fleet type, the Passenger Cars segment is anticipated to expand at a higher CAGR over the forecast period owing to the increasing emphasis of the government on decreasing carbon discharge and fleet. Further, as per the fleet management market analysis, the increasing adoption of electric vehicles and advantages of fleet management in electric vehicles, such as EV diagnostics and optimization of electric range from fuel effectiveness, are likely to raise the market growth.

By region, the North American region will lead the market over the forecast period, owing to the increasing investment by leading companies in R&D activities. Also, rising acquisitions, the presence of leading players, and the growing adoption of these solutions by fleet managers have propelled the market growth.

Key Developments:

In 2019, Geotab Inc. partnered with Vodafone to improve fleet management services by encouraging the adoption of fleet & mobility services via incorporating Vodafone's experience and reach in telematics.

In 2019, Donlen joined forces with Nauto, an AI technology company, to enhance the safety of commercial fleets. The company decided to expand its portfolio of prolonged safety and offers an AI- solution to the customers to impede collisions and reduce the distraction during driving.

Fleet Management Market Segmentation:

Fleet Management Market by Component

·        Solutions

o  Operations Management

§ Routing & Scheduling

§ Fleet Tracking & Geofencing

o  Performance Management

§ Fuel Management

§ Driver Management

o  Vehicle Maintenance & Diagnostics

o  Fleet analytics & Reporting

o  Others

·        Services

o  Managed Services

o  Professional Services

§ Consulting

§ Implementation

§ Support & Maintenance

Fleet Management Market by Deployment Type

·        Cloud

·        On-Premises

Fleet Management Market by Fleet Type

·        Passenger Cars

o  Electric Vehicles

o  Internal Combustion Engine

·        Commercial Fleets

o  Light Commercial Vehicles

o  Medium & Heavy Commercial Vehicles

Fleet Management Market by Region:

·        Asia Pacific

o  China

o  Japan

o  India

o  Rest of APAC

·        North America

o  United States of America

o  Canada

·        Europe

o  United Kingdom

o  Germany

o  France

o  Spain

o  Rest of Europe

·        RoW

o  Brazil

o  South Africa

o  Saudi Arabia

o  UAE

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