BANGALORE, India, Feb. 18, 2022 /PRNewswire/ -- The Fleet Management Market is Segmented by Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle, Aircraft, Railway, and Watercraft), Component (Solution and Services), Communication Technology (Global Navigation Satellite System (GNSS) and Cellular System), and Industry (Retail, Government, Transportation & Logistics, Automotive, and Others). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2021 to 2030.

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The global fleet management market size was valued at USD 19.47 Billion in 2020 and is projected to reach USD 52.50 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 10.6% from 2021 to 2030.

Major Factors Driving The Growth Of The Fleet Management Market

Fleet management solutions provide a host of benefits to organizations such as predictive maintenance of vehicles, visibility, low fuel costs, real-time updates, and insights, increased efficiency, scheduling, routing, and improved customer satisfaction. These end-user benefits are leading to widespread adoption thereby fueling the growth of the fleet management market.

The increasing focus of fleet managers on operational efficiency and the advent of remote fleet management will bolster the market growth in the coming years. Moreover, growing fleet safety and security concerns are augmenting the need for proper fleet management ultimately surging the growth of the market during the forecast period.

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Trends Influencing The Growth Of The Fleet Management Market

Fleet management solutions offer a variety of benefits to fleet managers. The real-time visibility, insights, and predictive maintenance allow for greater focus on fuel consumption and maintenance thereby reducing unnecessary costs. The effective scheduling of vehicles, drivers, and route planning helps in increasing efficiency and keeping track of the location of vehicles. Moreover, customer satisfaction is enhanced due to the simplified booking and appointment process. These benefits will create lucrative opportunities for the fleet management market growth in the coming years.

Fleet managers are increasingly focussing on operational efficiency for achieving maximum output at minimum costs. Fleet costs form a major chunk of the company's expenses. Fleet management solutions help in increasing profit through built-in GPS tracking and real-time monitoring of vehicles. This provides valuable insights on vehicle safety, security, driver status, cost, performance, and vehicle life cycle. Management can make necessary changes and take important decisions based on real-time notifications. Thus the need for achieving operational efficiency is driving demand for fleet solutions thereby accelerating the growth of the fleet management market during the forecast period.

The covid 19 pandemic has given rise to remote fleet management. The adoption of fleet management software becomes necessary as keeping track of various components of daily fleet activities becomes difficult in a remote working environment. Softwares improves employee productivity and provides better communication even if the vehicles are scattered across the country. This is expected to bolster the market growth in the coming years.

Moreover increasing security and safety is a challenge for fleet operators. Accidents, emergencies, and theft issues are prevented through alarm systems, built-in GPS video tracking, and driver behavior monitoring systems. These advanced technologies provide real-time driver behavior data such as seat belt alerts, speeding incidents, harsh braking, acceleration, and accidents. Thus increasing the need for the safety and security of fleet vehicles will drive the growth of the fleet management market during the forecast period.

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Fleet Management Market Share Analysis

Based on vehicle type, the aircraft dominated the global fleet management market in 2020 and is expected to continue growing in the forecast period.

Based on components, the solutions segment incurred a higher share in 2020.

Based on communication technology, the cellular system segment is expected to dominate a significant share of the market.

Based on the industry the other segment holds a significant share of the market.

Based on region,  North America is expected to dominate followed by Europe, Asia-Pacific, and LAMEA. The US had the biggest share in 2020. On the other hand, the Asia-Pacific segment will grow the fastest due to the rising demand for fleet management and vehicle tracking solutions.

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Key Market Players

  • At&T, Inc
  • Cisco Systems, Inc.
  • Fleetmatics Group Plc
  • Freeway Fleet Systems
  • Ibm Corporation
  • I.D. Systems
  • Mitac International Corporation
  • Navico
  • Telogis
  • Tomtom N.V.

Other organizations mentioned in the fleet management market report include

  • U.S. General Services Administration,
  • Uber Technologies, Inc.,
  • Ola Cabs (ANI Technologies Pvt. Ltd.),
  • Lyft, Didi Chuxing, Grab,
  • European GNSS Agency (GSA),
  • Spireon, Inc., Trimble Transportation & Logistics,
  • Fleet Robo Fleet Management Solutions,
  • DC Velocity, Scope Technologies,
  • Troncalnet,
  • FAMSA,
  • CARSSA Courier Company,
  • Altos Hornos de Mexico (AHMSA),
  • Grupo Autofin de Monterrey,
  • The Goodyear Tire & Rubber Company,
  • Mercedes-Benz, Renault

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-  The global IoT Fleet Management Market size is projected to reach USD 26410 Million by 2027, from USD 6955.7 Million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027

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