The global fleet management market is fragmented, consisting of many global players. These companies produce competitive prices, various types of solutions, and innovative products with services across the globe. Suppliers and manufacturers offer products and services with different solutions and features for all budgets due to the presence of players at regional and international levels. The increasing demand for logistics due to the e-commerce industry and the rise in demand for improvement of customer services is majorly driving the market growth. Moreover, the rapid adoption of fuel management systems in fleets and the increase in demand for full-service leasing are further driving the market growth. However, the lower efficiency in connectivity and improper guidance for enabling the route is restraining the market growth. On the other hand, an increase in data-driven models in mobility is expected to provide lucrative opportunities for market growth. However, the rise in cyber threats is expected to pose a challenge to market growth.
Access Full Report @ https://www.databridgemarketresearch.com/reports/global-fleet-management-market
Data Bridge Market Research analyzes that the Global Fleet Management Market is expected to reach USD 97.45 billion by 2031 from USD 34.13 billion in 2023, growing with a CAGR of 14.2% in the forecast period of 2024 to 2031.
Key Findings of the Study
Rising Demand for the Improvement of Customer Services
Customers nowadays are smarter and have higher expectations than ever before. Customer satisfaction and happiness are one of the most important considerations for any company. Regardless of the business sector, unhappy customers will not stay for long, so it is important to keep them happy and make them feel valued. Improving customer services and satisfaction through improved fleet management performance is a key factor expected to boost market growth. Several transportation company owners and fleet managers are discovering that telematics and other fleet technology can help them improve fleet performance and productivity and meet or exceed customer expectations. These solutions can assist in crucial areas, including providing more precise delivery estimates, keeping customers in the loop, getting trucks on the road more quickly, and increasing billing accuracy, which is propelling the market growth.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2024 to 2031
|
|
Base Year
|
2023
|
|
Historic Years
|
2022 (Customizable to 2016–2021)
|
|
Quantitative Units
|
Revenue in USD Billion
|
|
Segments Covered
|
Mode of Transport (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Vehicle), Offering (Solutions and Services), Lease Type (On-Lease and Without Lease), Vehicle Type (Internal Combustion Engine and Electric Vehicle), Hardware (GPS Tracking Devices, DASH Cameras, Bluetooth Tracking Tags, Data Loggers, and Others), Fleet Size (Small Fleets (Less than 100 Vehicles), Medium Fleets (100-500 Vehicles), and Large and Enterprise Fleets (500+ Vehicles)), Deployment Model (On-Premise, Cloud, and Hybrid), Technology (GNSS, Cellular Systems, Electronic Data Interchange (EDI), Remote Sensing, Computational Method & Decision Making, RFID, and Others), Functions (Asset Management, Route Management, Fuel Consumption, Real Time Vehicle Location, Delivery Schedule, Accident Prevention, Mobile Apps, Monitoring Driver Behavior, Vehicle Maintenance Updates, ELD Compliance, and Others), Communication Range (Short Range Communication and Long Range Communication), Operations (Commercial and Private), Business Type (Large Business and Small Business)
|
|
Countries Covered
|
U.S., Canada, Mexico, Germany, U.K., France, Italy, Netherlands, Spain, Russia, Switzerland, Turkey, Belgium, Poland, Denmark, Norway, Finland, Rest of Europe, China, Japan, India, South Korea, Australia, Taiwan, Singapore, Thailand, Indonesia, Malaysia, Philippines, New Zealand, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, U.A.E., Israel, South Africa, Egypt, Qatar, Kuwait, Bahrain, Oman, and Rest of Middle East and Africa
|
|
Market Players Covered
|
ALD Automotive (France), Avrios (Switzerland), Azuga (U.S.), Chevin Fleet Solutions (U.K.), Deutsche Leasing AG (Germany), Donlen (U.S.), Element Fleet Management Corp. (Canada), Emkay (U.S.), Enterprise Holdings, Inc. (U.S.), Fleetcare Pty Ltd. (Australia), FleetCompany GmbH (Germany), FMS Tech. (U.S.), Geotab Inc. (Canada), Motive Technologies, Inc. (U.S.), NEXTRAQ, LLC (U.S.), Omnitracs (U.S.), Oracle Corporation (U.S.), OviDrive B.V. (Netherlands), Rarestep, Inc. (U.S.), TRAXALL (U.K.), TÜV SÜD (Germany), Wheels (U.S.), Wilmar Inc. (U.S.), and Zonar Systems, Inc. (U.S.) among others
|
|
Data Points Covered in the Report
|
In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis
|
Segment Analysis
The global fleet management market is segmented into twelve notable segments based on mode of transport, offering, lease type, vehicle type, hardware, fleet size, deployment model, technology, functions, communication range, operations, and business type.
- On the basis of mode of transport, the global fleet management market is segmented into passenger cars, light commercial vehicle, and heavy commercial vehicle
In 2024, the passenger cars segment is expected to dominate the global fleet management market
In 2024, the passenger cars segment is expected to dominate the market with a 46.64% market share as this segment holds the major market share because they are the most commonly used mode of transport worldwide.
- On the basis of offering, the global fleet management market is segmented into solutions and services. In 2024, the solutions segment is expected to dominate the market with a 66.27% market share
- On the basis of lease type, the global fleet management market is segmented into on-lease and without lease. In 2024, the on-lease segment is expected to dominate the market with a 64.98% market share
- On the basis of vehicle type, the global fleet management market is segmented into Internal Combustion Engine and Electric Vehicle
In 2024, the internal combustion engine segment is expected to dominate the global fleet management market
In 2024, the internal combustion engine segment is expected to dominate the market with an 83.37% market share due to its established infrastructure and lower upfront costs compared to alternative fuel vehicles.
- On the basis of hardware, the global fleet management market is segmented into GPS tracking devices, DASH cameras, bluetooth tracking tags, data loggers, and others. In 2024, the GPS tracking devices segment is expected to dominate the market with a 43.08% market share
- On the basis of fleet size, the global fleet management market is segmented into small fleets (less than 100 vehicles), medium fleets (100-500 vehicles), and large and enterprise fleets (500+ vehicles). In 2024, small fleets (less than 100 vehicles) segment is expected to dominate the market with a 53.98% market share
- On the basis of deployment model, the global fleet management market is segmented into on-premise, cloud, and hybrid. In 2024, the on-premise segment is expected to dominate the market with a 52.86% market share
- On the basis of technology, the global fleet management market is segmented into GNSS, cellular systems, Electronic Data Interchange (EDI), remote sensing, computational methods & decision-making, RFID, and others. In 2024, the GNSS segment is expected to dominate the market with a 38.89% market share
- On the basis of functions, the global fleet management market is segmented into asset management, route management, fuel consumption, real time vehicle location, delivery schedule, accident prevention, mobile apps, monitoring driver behavior, vehicle maintenance updates, ELD compliance, and others. In 2024, the asset management segment is expected to dominate the market with a 19.92% market share
- On the basis of communication range, the global fleet management market is segmented into short range communication and long range communication. In 2024, the short range communication segment is expected to dominate the market with a 59.71% market share
- On the basis of operations, the global fleet management market is segmented into commercial and private. In 2024, the commercial segment is expected to dominate the market with a 65.07% market share
- On the basis of business type, the global fleet management market is segmented into large business and small business. In 2024, the large business segment is expected to dominate the market with a 69.70% market share
Major Players
Data Bridge Market Research analyzes Enterprise Holdings, Inc. (U.S.), ALD Automotive (France), Wheels (U.S.), Element Fleet Management Corp. (Canada), and Deutsche Leasing AG (Germany) as the major players operating in the global fleet management market.
Market Developments
- In March 2023, Enterprise Holdings, Inc. announced that it had entered into a partnership with St. Louis CITY SC to establish “Enterprise Community Corner.” The company reflected its commitment to strengthening the neighborhoods in which it operates, including in its hometown of St. Louis. This step allowed the company to promote itself in the U.S. region and gain more customers in the market
- In March 2023, LeasePlan announced that it had signed an agreement with ALD Automotive under which ALD had to sell six entities in Ireland, Portugal, Norway, Luxembourg, Finland, and the Czech Republic region. This step allowed LeasePlan to expand its market reachability and expansion in the Europe region to gain more revenue
- In February 2023, Chevin Fleet Solutions announced that it had been shortlisted as a finalist for the Fleet News ‘Fleet Supplier of the Year’ award. This award is designed to identify the fleet suppliers that have gone the extra mile in providing exceptional service and products to fleet customers and have proved over the years that they have invested heavily in their commitment to the fleet. The company used this news to gain media attention and incline new clients for its product offerings in the market.
- In February 2023, ALD Automotive announced that it had entered into a partnership with IFC to reduce carbon emissions in transport by accelerating the adoption and penetration of green vehicles in emerging markets. IFC invested USD 400.00 million through this partnership in the company, which is expected to help grow its green fleet, a combination of hybrid, plug-in hybrid, and battery electric vehicles. This partnership helped the company boost its market reachability and dominance in the market
- In April 2022, Donlen announced that it had participated in NAFA 2022 Institute & Expo, Ohio, U.S. Through this, the company had continued discussion of EV adoption, including BEV updates and infrastructure today, and answered the questions that most frequently concern fleet managers. The company had improved its client’s following and inclined new potential clients in the market by participating in such events
Regional Analysis
Geographically, the countries covered in this market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Netherlands, Spain, Russia, Switzerland, Turkey, Belgium, Poland, Denmark, Norway, Finland, rest of Europe, China, Japan, India, South Korea, Australia, Taiwan, Singapore, Thailand, Indonesia, Malaysia, Philippines, New Zealand, Vietnam, rest of Asia-Pacific, Brazil, Argentina, rest of South America, Saudi Arabia, U.A.E., Israel, South Africa, Egypt, Qatar, Kuwait, Bahrain, Oman, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
North America is estimated to be the dominant and fastest-growing region in the global fleet management market
North America is expected to dominate the market and is estimated to be the fastest-growing region due to the presence of several large fleet management companies and a high level of adoption of fleet management solutions across various industries.
For more detailed information about the global fleet management market report, click here – https://www.databridgemarketresearch.com/reports/global-fleet-management-market
