The global fleet management market size is expected to grow from USD 20.6 Billion in 2021 to USD 33.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The market includes a high growth rate for the adoption of cloud computing and analytics, declining hardware and IoT connectivity costs, a growing need for operational efficiency, and recent government mandates. However, there are significant growth opportunities for fleet management vendors. Small firms and startups are also marking their presence in the fleet management market by providing their offerings across the world. The fleet management industry is gradually adopting advanced technologies, and various fleet organizations are undertaking green initiatives to reduce environmental impact and increase the overall fleet efficiency.
Among services, the professional service provider segment to have a larger market size during the forecast period
In the fleet management market by service, the professional service provider segment is expected to have a larger market share during the forecast period. Currently, the fleet management market is emerging and expected to grow during the forecast period. Professional service providers study the fleet operations of logistics companies, thereby comprehending business constraints, providing major insights that help these companies optimally utilize all available resources, and making the most of their technological investments.
Among deployment types, the cloud segment to constitute a larger market size during the forecast period
By deployment type, the fleet management market is segmented into on-premises and cloud. The cloud segment is expected to grow at a higher CAGR during the forecast period, due to its cost-efficiency and hassle-free integration. Though apprehensions are prevalent about security in the cloud, the adoption of cloud-based fleet management solutions is significantly gaining momentum. SMEs significantly consider and prefer cloud-based fleet management solutions, as cloud-based deployment requires less capital investment, decreases operational and maintenance costs, and reduces the management effort.
Asia Pacific (APAC) region to record the highest growing region in the Fleet Management market
APAC is expected to grow at the highest CAGR during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India. The growth of the fleet management market in Asia Pacific is also driven by the region’s untapped market strength, increase in awareness about driver safety and accident prevention, upcoming regulations to improve road safety, growth in transportation and logistics industries, and the advent of 4G LTE technology and smartphones.
- By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
- By Designation: C-level – 30%, Directors – 35%, and Others – 35%
- By Region: North America –40%, Europe –20%, APAC – 30%, ROW -10%
The report covers the competitive landscape and profiles major market players, including Automotive Rentals Inc. (ARI) (US), Azuga Inc. (Azuga) (US), Chevin Fleet Solutions (Chevin) (England), Donlen Corporation (Donlen) (US), Geotab (Canada), GPS Insight (US), Inseego Corp. (Inseego) (US), Masternaut Limited (Masternaut) (England), MiX Telematics International (Pty) Ltd (MiX Telematics) (South Africa), NexTraq, LLC (NexTraq) (US), Omnitracs LLC (Omnitracs) (US), Teletrac Navman (US), Trimble Inc. (Trimble) (US), Verizon Connect (US), Zonar Systems, Inc. (Zonar Systems) (US), ORBCOMM (US), Samsara Networks, Inc. (Samsara) (US), KeepTruckin, Inc. (KeepTruckin) (US), ClearPathGPS, Inc. (ClearPathGPS) (US), Bestmile SA (Bestmile) (US), Complete Innovations, Inc. (Fleet Complete) (Canada), Automile Inc (Automile) (US), Fleetonomy (Israel), Certified Tracking Solutions Inc. (Titan GPS) (Canada), GURTAM (Gurtam) (Belarus), Fleetroot (UAE), Avrios International AG (Avrios) (Switzerland), and Rarestep, Inc. (Fleetio) (US). This research report also studies the strategic alliances and lucrative acquisitions among various global and local players in the Fleet Management ecosystem. These players have adopted various strategies to grow in the global Fleet Management market.
The market study covers the fleet management market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on component, deployment type and fleet type with regions covered. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall Fleet Management market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.