Global Fleet management Market is valued approximately at USD 6.15 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20% over the forecast period 2020-2026. Fleet management facilitates enterprises to maintain and track their vehicles, such as vehicle maintenance, vehicle financing, vehicle telematics, speed management, driver management, health and safety management and fuel management. Growing international trades, adoption of wireless technology along with obligatory integration of ELD(Electronic Logging Device), need of operational competency in fleet management are the key driving forces that fuel the growth of the fleet management market worldwide. Considerable increase in number of accidents worldwide has become a vital matter to be managed by the fleet owners. As per the WHO report 2018, the number of road traffic deaths causes about 1.35 million deaths per year worldwide. This annual death rate is estimated to be reduced with the adoption of fleet management software, as fleet management systems encourage better driving behavior and constantly send feedback signifying the driving style, with alerts. Corporations are embracing this solution, as it offers them lowers maintenance costs, fuel savings, and makes them feel safe about the management of the automobile and customers. Furthermore, increased demand for logistics and transport worldwide is likely to create significant growth opportunity in the market over the forecast period. However, cost sensitivity and strict compliance standards impedes the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Fleet management market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to several industries adopting fleet management solutions. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as surge in transport facilities in developing countries such as China, Japan and India and stringent safety regulations, would create lucrative growth prospects for the Fleet management market across Asia-Pacific region.
Major market player included in this report are:
Cisco Systems Inc.
Ctrack (Inseego Corp)
Mix Telematics Limited
Trimble Navigation Limited
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Model:
Safety and Compliance Management
By End User:
Other End Users
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Fleet management Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers