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The increasing adoption of cloud and big data analytics to drive the growth of the fleet management market
The global fleet management market size is expected to grow from USD 19.9 billion in 2020 to USD 34.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The increasing number of cloud- deployments and growing use of big data analytics by organizations worldwide increase the need for the development of advanced fleet management solutions by solution providers. In addition to this, the growing number of fleets in many emerging countries drives the implementation of fleet management solutions in regions.
Among the solutions segment, the fleet analytics and reporting provider segment to grow at the highest CAGR during the forecast period
Under the solutions segment, the fleet analytics and reporting is expected to grow at a higher growth rate during the forecast period. The fleet analytics and reporting solution assists fleet companies in making smarter decisions by unlocking the business value of information hidden within massive amounts of fleet data. Reporting helps in identifying the fleets with greater maintenance needs by providing intelligence on carbon emissions, vehicle statistics, fuel transactions, and previous maintenance records.
Among the services segment, the professional services segment is expected to dominate the market during the forecast period
Under the services segment, the professional services segment is expected to hold a larger market size during the forecast period, due to the demand for implementing solutions, integration of new technologies, and complexity of infrastructures. For these reasons, many businesses are offering professional services to their customers.
Among regions, North America to hold the largest market share during the forecast period, whereas Asia Pacific (APAC) to grow at the highest CAGR
North America is estimated to hold the largest market size in 2020, due to the early adoption of fleet management solutions by fleet businesses across the region. The government regulations, such as ELD mandates, have proven to be a major factor driving the growth of the fleet management market in the region. Moreover, the region has gone beyond the standard GPS tracking capabilities to telematics solutions used to add value to commercial fleet-based organizations.
The Asia Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period. APAC is the region that consists of countries, such as China, Japan, and Australia, which are growing fast technologically. With China having the highest number of vehicle sales worldwide, APAC is the fastest-growing market in terms of new fleet vehicles. A major contributing factor for fleet management market growth in the region is the law for compulsory GPS tracker installation in all the new vehicles by the government s of countries, such as China, Japan, Australia, and India.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the fleet management market.
The breakup of the profiles of the primary participants is given below:
- Company: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
- By Designation: C-Level – 30%, Director Level – 35%, Managers–35%
- By Region: North America – 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Major vendors in the global fleet Managementmarket include ARI Fleet Management (US), Azuga (US), Chevin Fleet Solutions (Australia), Inseego (US), Donlen Corporation (US), Geotab (Canada), GPS Insight (US), Masternaut (UK), MiX Telematics (South Africa) , Nextraq (US), Omnitracs (US), Teletrac Navman (US), Trimble (US), Verizon Connect (US), Wheels, Inc (US), Samsara (US), Bestmile (US), Tourmaline Labs(US), KeepTruckin(US), Avrios (Switzerland), ThingTech (US), Automile Inc.(US), Fleetonomy (Israel), Fleetroot (UAE), Autofleet (Israel), ClearPathGPS (US). These players have adopted various strategies to grow in the global fleet management market.
The fleet management market is segmented on the basis of components (solutions and services), deployment types (on-premises and cloud), services (professional services and managed services), and regions. A detailed analysis of the key industry players has been done to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and recent development associated with the global fleet management market.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in the fleet Managementmarket with information on the closest approximations of the revenue numbers for the overall fleet Managementmarket and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities