PUNE,
India, July 19, 2024 /PRNewswire/ -- Fleet
Management Market size was valued at US$
12.69 Bn. in 2023 and the total revenue is expected to
grow at 20.07% through 2024 to 2030, Fleet Management Market is
reaching nearly US$ 45.66 Bn. by
2030.
Reports on competitive analyses encompass company overviews,
financial performances, product portfolios, and strategies of key
players in the Fleet Management Market. To assess strengths
and weaknesses, a comprehensive SWOT analysis was conducted, while
a PESTLE analysis was carried out to understand the impact of
macroeconomic factors on the market. Also, the report includes
detailed analyses of investments made by market players to enhance
their global presence.
The research methodology utilized in analysing the Fleet
Management market encompasses a thorough approach that combines
primary data which is often collected through surveys, interviews,
and focus groups with industry experts and stakeholders such as
fleet operators and managers, fleet management service providers,
vehicle manufacturers, telematics providers and insurance
companies. This allows for firsthand insights into market trends,
consumer behaviour, and regulatory challenges and secondary
research utilizing reports from government sources, industry
publications, and financial statements. Market sizing and
forecasting techniques are employed alongside competitive analysis
to provide valuable insights into the market landscape. It also
includes trade balance, market entry strategies, costs in different
region, technology adoption, regulatory framework, compliance
requirements and customer demographics which makes it an investor's
guide. The report encompasses component, deployment type, fleet
type segments and their analysis, which elucidates their influence
on the market. The estimation methodology often adopts a bottom-up
approach to accurately determine market sizes.
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Global Fleet Management Market 2023-2030: Key
Highlights
Market Size in
2023:
|
USD 12.69 Bn
|
Market Size in
2030:
|
USD 45.66 Bn
|
CAGR:
|
20.07 %
|
Forecast
Period:
|
2024-2030
|
Base
Year:
|
2023
|
Number of
Pages:
|
229
|
No. of
Tables:
|
138
|
No. of Charts and
Figures:
|
193
|
Regional
Scope:
|
North America, Europe,
Asia Pacific, and Africa, South America
|
Report
Coverage:
|
Market Share, Size and
Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
- Historic Market Size 2017-2023
- CAGR of the market during 2024-2030
- Detailed information on factors that will assist Fleet
Management market growth during the next seven years
- An estimation of the Fleet Management market size and the
impact of the country's GDP on Fleet Management market
- Forecasts on upcoming trends and changes in consumer
behavior
- The growth of the Fleet Management market
- Analysis of the competitive landscape and detailed information
on companies
- Comprehensive details of factors that will impede the growth of
Fleet Management companies.
Competitive Landscape
The Fleet Management Market includes the presence of several
global as well as regional key players. A few prominent players
that offer Fleet Management in the market are Donlen Corporation.
Geotab, Inseego Corp, Automotive Rentals Inc., Omnitracs,
TeletracNavman, Trimble Verizon Connect, Wheels, Inc., Mix
Telematics and others.
What's New: Recent Additions and Updates
- Expansion into Southeast Asia,
South America, and Africa.
- Localization efforts for new markets.
- Technological Advancements
- New Streaming Partnerships and Platforms
- Innovative Marketing Strategies
- Financial Performance and Investment
- Consumer Behaviour and Trends
- Regulatory Changes and Challenges
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report
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Market Overview
In the modern business landscape, every industry strives to
maximize output while minimizing costs. For companies with large
fleets, fleet management costs make up a significant portion of
their operating costs. Fleet systems play a critical role in
optimizing routes, ensuring vehicle safety, improving driver
safety, and increasing profitability by improving vehicle
performance and life. These programs will provide fleet owners with
valuable insight into fleet performance, enabling them to identify
areas for improvement, such as specific drivers or cost-reduction
units. Effective fleet management helps in right-sizing fleet cars,
maintaining vehicles, reducing overhead expenses, lowering fuel
costs, minimizing distance traveled, and modifying driver behavior,
all of which contribute to increased operational efficiency.
Urbanization has increased the use of ridesharing and
car-sharing systems, facilitating the transition to carpooling.
MaaS focuses on providing tailored solutions for logistics
solutions tailored to individual needs, significantly affecting the
shipping industry. As the number of privately owned vehicles is
expected to decline, fleet management service providers will need
to change their operations, offer new and improved services, and
possibly prune obsolete ones. This shift to shared transport
presents new revenue opportunities for the fleet management
market.
The implementation of hyper-pooling in fleet management has
transformative potential. This new option allows up to 14
passengers to share a car, significantly increasing ridership and
reducing the cost per passenger. Through resource efficiency,
over-assembly increases operational efficiency and cost savings for
fleet operators. This approach also supports sustainability goals
by reducing the number of vehicles on the road, thereby reducing
traffic congestion and carbon emissions. The potential for
over-integration is noteworthy, as it benefits passengers even at
higher demand levels, showing its potential in urban areas. This
approach not only improves the financial efficiency of service
providers but also contributes to environmental goals, making it an
important development in the future of fleet management.
In 2024, fleet management is set to undergo transformative
changes driven by advancements in technology and evolving industry
needs. The integration of OEM and aftermarket telematics allows
fleets to aggregate data from multiple sources for a unified view
of vehicle performance. These changes are accompanied by a focus on
increasing driver safety and satisfaction through AI, Advanced
Driver Assistance Systems (ADAS), and video telematics that
prioritize well-being over aggressive surveillance. In addition,
the increasing adoption of electric vehicles (EVs) is being
supported by fleet management systems designed to optimize battery
health and battery management. AI is revolutionizing day-to-day
operations by streamlining route planning and maintenance,
providing significant benefits for fleets that embrace these
innovations.
In conclusion, the demand for fleet management is constantly
increasing worldwide, driven by the need for efficient vehicle
tracking, maintenance, and optimization. Businesses with fleets of
vehicles, such as logistics and transportation companies, are
adopting fleet management solutions to reduce operating costs,
improve driver safety, and enhance customer service. This
comprehensive perspective provides stakeholders with valuable
information to navigate opportunities and challenges and ensures
strategic decisions for sustainable growth in the global Fleet
Management market.
For a detailed analysis of regions and their contributions
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Segment Overview
MMR has segmented the market based on
By Component
By Deployment Type
By Fleet type
- Commercial fleets
- Passenger cars
Based on Fleet type, the market is sub-segmented into Commercial
fleets and Passenger cars. The demand for passenger cars is likely
to be larger. Vehicles with a seating capacity of up to six people,
excluding the driver, are referred to as passenger automobiles.
Passenger automobiles are further divided into the following
divisions based on agreed-upon sub-categories: micro cars, compact
cars, midsize cars, executive cars, premium cars, and luxury cars.
It's easier and more cost-effective than ever to lease a small
fleet of cars, minivans, or pickup trucks. For keeping the cars
well maintained, the linked services include supply chain
management, maintenance, licensing and compliance, fuel management,
and accident claims. The Fleet Management Solution aids in the
organization, management, and coordination of fleets.
Detailed segmentation values for each segment and
explanations for growth are provided in the final report.
https://www.maximizemarketresearch.com/market-report/global-fleet-management-market/29184/
Geography Overview
In Fleet Management North America region leading the market. The
US government is actively evaluating telematics' ability to
minimize accident costs, which is pushing the demand for fleet
management services. Ford, GM, and Fiat Chrysler dominate the fleet
market in the United States. To
generate profits, OEMs are shifting fleet sales to auctions. If the
cost benefits of fleet maintenance and leasing are widely
recognized, many new customers may be attracted. Also, dwindling
government reserves and fears of a second recession could restrain
market expansion.
According to the Environmental Protection Agency, the burning of
fossil fuels such as diesel and gasoline for transportation and
passengers is the second largest contributor to carbon dioxide
emissions and nearly all greenhouse gases and it is the U.S. 31% of
carbon dioxide emissions and more than a quarter United States. Excretion of substances from
the body. After several initiatives, the US. The Department of
Homeland Security has routinely used fleet management solutions to
provide data-driven insights for its fleet managers to monitor
fleet operations. WEX Inc. has awarded a telematics contract to the
Department of Homeland Security (DHS) to provide equipment and
services for vehicle telecommunications.
In the final report, past and future numbers and explanations
are incorporated seamlessly to provide a comprehensive
understanding of the Global Fleet Management market.
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