The global Fleet Management Market is forecast to surpass US$ 11.5 Bn in 2021. As per Future Market Insights (FMI) analysis, the market will register steady growth at 10.4% CAGR between 2021 and 2031, as end-use industries around the world exhibit high demand to improve transportation network operations.
The market is forecast to exhibit 8.8% y-o-y growth in 2021. Among components available, the demand for hardware is expected to be the highest, however, the software segment will grow at a higher CAGR of 11.6% over the assessment period.
The COVID-19 pandemic has disrupted many industries, including the fleet management market. Services have been gravely affected including transport, tourism, and distributional services by mobility and travel restrictions for public health measures.
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Key Takeaways from Fleet Management Market Study
- Support and maintenance services will hold over 59% of the market share, driven by adoption in small and medium sized enterprises.
- Transportation applications will exhibit higher demand, holding 37.8% of the market in 2021.
- China will lead the East Asia market, exhibiting a CAGR of over 9.1% through 2031, with growing demand for cloud-based fleet management solutions.
- The market in the U.S. is projected to expand at a CAGR of 10% through 2031, supported by presence of key players in the market.
- Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 11.8% owing to growing prominence of data analytics and predictive maintenance trends.
“Key players are focusing increasingly on the development and implementation of new solutions for improved fleet management operations. Digital transformation is expected to create opportunities in the foreseeable future with the incorporation of autonomous vehicles through the upcoming decade,” says a Future Market Insights (FMI) analyst.
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Fleet management providers are also focusing on entering into partnerships with technology and digital solution providers to target new innovations within the market. The strategy helps companies in enhancing its product portfolio to expand its horizons. Also, through this strategy, the companies are broadening their geographic reach with additional service portfolios.
- In June 2021, Dtac Business announced its partnership with Cartrack Technology to provide fleet management solutions to small and medium enterprises in Thailand.
- Goodyear entered a long-term agreement with ZF to leverage the company’s mobility solutions and ZF’s advanced Transics-branded, Fleet Management Solutions.
Prominent players in the fleet management market include but are not limited to TomTom N.V., Trimble Inc., GoFleet Corporation, Cisco Systems, Inc., Geotab Inc., Digital Matter, GPS Trackit, Fleetmatics Group PLC, GoGPS, Wireless Links, Embitel, Gurtam, Teletrac Navman, Linxio, StreetFleet, TigerFleet, Zebra Technologies Corp., Ruptela, Trakm8 Limited, and WebEye Telematics Group, among others.
Market Segmentation by Category
- GPS Tracking Devices
- Dash Cameras
- Bluetooth Tracking Tags (BLE Beacons)
- Data Loggers
- Fleet Management Software
- Telematics Software
- Professional Services
- Consulting & Advisory
- Integration & Implementation
- Support & Maintenance
- Managed Services
- Professional Services
- Fleet Tracking and Geofencing
- Vehicle Maintenance and Diagnostics
- Driver Behavior Monitoring
- Fuel Management
- Oil and Gas
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Table Of Content:
Chapter 1. Executive Summary
Chapter 2. Market Overview
Chapter 3. Key Market Trends
Chapter 4. Fleet Management Solution – Pricing Analysis
Chapter 5. COVID-19 Pandemic Crisis Impact Analysis
Chapter 6. Market Structure Analysis
Chapter 7. Global Fleet Management Market Demand (in Volume in Units) Analysis 2016-2020 and Forecast, 2021-2031
Chapter 8. Global Fleet Management Market Demand (in Value in US$ Mn) Analysis 2016-2020 and Forecast, 2021-2031
Chapter 9. Market Background
Chapter 10. Global Fleet Management Market Analysis 2016-2020 and Forecast 2021-2031, by Component
Chapter 11. Global Fleet Management Market Analysis 2016-2020 and Forecast 2021-2031, by Fleet Type
and many more…
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