A fleet management system can significantly support the transport business by providing essential tools and functionalities. It enables real-time vehicle tracking, optimizing delivery schedules, improving route planning, and minimizing fuel consumption. The system helps monitor driver behavior, ensure compliance with safety regulations, and enhance overall driver performance. It also facilitates proactive maintenance and repair management, reducing vehicle downtime. With comprehensive data analytics and reporting features, a fleet management system empowers informed decision-making, boosts operational efficiency, and enhances customer satisfaction.
According to Data Bridge Market Research, the Fleet Management Market is expected to reach USD 5,132.25 million by 2029. The market is expected to grow with a CAGR of 9.3% in the forecast period of 2022 to 2029.
“Rise in demand of utility vehicles boosts the market’s growth”
The increasing demand for utility vehicles is driving the growth of the Canada fleet management market. As industries such as construction, logistics, and utilities expand, there is a rising need for efficient fleet management solutions to optimize operations and ensure timely deliveries. Utility vehicles play a crucial role in these sectors, and their growing demand translates into a higher requirement for fleet management services, thus propelling the market's growth in Canada.
What restraints the growth of the fleet management market?
“Excessive rise in cyber threats restraints the market’s growth”
The excessive rise hinders the growth of the Canada Fleet Management Market in cyber threats. As fleet management systems become increasingly connected and reliant on technology, they become vulnerable to cyberattacks. The risk of data breaches, system disruption, and unauthorized access creates concerns for businesses and limits their willingness to adopt fleet management solutions. The need for robust cybersecurity measures and mitigation strategies becomes crucial to address these threats and ensure the market's sustained growth. Therefore, the excessive rise in cyber threats is retraining the market’s growth.
Segmentation: Fleet Management Market
The fleet management market is segmented on the basis of components, lease type, mode of transport, hardware, fleet size, communication range, deployment, communication type, functions, operations, and end user.
- On the basis of components, the fleet management market has been segmented into solutions and services.
- On the basis of lease type, the fleet management market has been segmented into on-lease and without lease.
- On the basis of mode of transport, the fleet management market has been segmented into automotive, rolling stock, and marine.
- On the basis hardware, the fleet management market has been segmented into tracking, optimization, ADAS, diagnostics, and others.
- On the basis of fleet size, the fleet management market has been segmented into small fleets (1-5 vehicles), medium fleets (5-20 vehicles), and large and enterprise fleets (20-50+ vehicles).
- On the basis of communication range, the fleet management market has been segmented into short range communication and long range communication.
- On the basis deployment, the fleet management market has been segmented into on-premise, cloud, and hybrid.
- On the basis of communication type, the fleet management market has been segmented into GNSS, cellular systems, and others.
- On the basis of functions, the fleet management market has been segmented into monitoring driver behavior, fuel consumption, asset management, ELD compliance, route management, vehicle maintenance updates, delivery schedule, accident prevention, real-time vehicle location, mobile apps, and others.
- On the basis of operations, the fleet management market has been segmented into private and commercial.
- On the basis of end user, the fleet management market has been segmented into automotive, government, healthcare, energy and utilities, manufacturing, retail, transportation and logistics, construction, and others.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/canada-fleet-management-market
Recent Development
- In January 2022, Continental AG partnered with commercial vehicle manufacturer IVECO for more safety on Europe's Roads. This partnership will help the company to promote tachograph data management solution and can accelerate the sales growth
- In April 2021, Astrata Group launched a Videolinc to provide a video surveillance solution. This has helped the company to improve the quality of fleet management service by improving road safety to reduce accidents which can attract new customers and accelerate the revenue growth for the company.
The Prominent Key Players Operating in the Fleet Management Market Include:
- AT&T Intellectual Property (U.S.)
- Astrata Group (U.K.)
- Omnitracs (Acquired by Solera) (U.S.)
- Wheels, Inc. (U.S.)
- Geotab Inc. (U.S.)
- Verizon (U.S.)
- Donlen (U.S.)
- Cisco Systems, Inc. (U.S.)
- CalAmp (U.S.)
- Mendix Technology BV (U.S.)
- Faststream Technologies (U.K.)
- Siemens (U.S.)
- Sierra Wireless (Canada)
- DENSO CORPORATION (Japan)
- IBM Corporation (U.S.)
- Robert Bosch GmbH (Germany)
- ORBCOMM (U.S.)
- ARI Fleet Management Company (U.S.)
- Azuga, a Bridgestone Company (U.S.)
- Clovity.com (U.S.)
- Transflo (U.S.)
- HARMAN International (U.S.)
- Element Fleet Management Corp. (Canada)
- Vector Fleet Management (U.S.)
- Continental AG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of fleet management market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Fleet Management Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
