Fleet Management Market, Size, Share, Evaluation, 2021-2028

iCrowd Newswire
23 Nov 2021, 04:20 GMT+10

Market Overview

The Global "Fleet Management Market" is expected to grow at a high CAGR of 16.8% during the forecasting period (2021-2028).

Fleet management includes management of commercial motor vehicles, private vehicles, aviation machinery, ships, rail cars, and non-powered assets.

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Market Dynamics

The market is driven by the rising demand for fleet management solutions due to their efficiency in saving fuel, lowering the maintenance costs, and securing the management for the vehicle and customers

Fleet management is widely used by couriers, oil and gas delivery, utilities, repair, and service businesses to ensure responsible vehicle use with confirmed safety and enable real-time tracking. Effective fleet management helps in reducing fuel costs, optimizing the routes, increasing productivity, and enhancing customer satisfaction.

The market is witnessing technological advancement for the development of fleet management solutions with wireless technology, obligatory incorporation of ELD, and other technologies. Consequently, there is an increase in the launch of novel fleet management solutions. For instance, in February 2020, Shell had launched fleet management solutions in India for reducing the total cost of ownership (TCO) for fleet owners. In July 2018, WABCO had launched the TRAXEE, its new fleet management system (FMS). This novel fleet management system is designed to meet the specific needs of operators of small to medium-size commercial fleets. TRAXEE FMS provides the smaller fleet operators several business-critical functions without incurring large capital investment or management overhead expenses. TRAXEE enables operators to better coordinate fleet capacity, manage driver activity, and improve administrative efficiency. The system provides real-time status updates on individual trucks and drivers while helping to address the tachograph legal compliance requirements across Europe and Turkey.

However, the low rate of adoption of fleet management solutions among small fleet owners is hindering the market growth. Several factors such as lack of awareness, limited operation scale, smaller budgets, limited compliance norms, high capital requirements, and a rise in operational costs have led to the low rate of adoption of fleet management solutions among the small fleet owners.

Market Segmentation

By Fleet TypeCommercial FleetsPassenger Cars

By SolutionOperations ManagementAsset ManagementInformation ManagementDriver ManagementSafety and Compliance ManagementRisk Management

By ServiceProfessional ServicesManaged Services

By DeploymentOn-PremisesCloud

By Region

North America

Europe

South America

Asia Pacific

Middle East and Africa

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Competitive Analysis

The global fleet management market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. AT&T, Inc., Cisco Systems, Inc., Fleetmatics Group Plc, Omnitracs LLC, IBM Corporation, Astrata Group, Tomtom NV, and Wheels Inc. are the leading market players with significant market share.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for fleet management and their expansion across the globe. For instance, in June 2020, Targa Telematics had entered into a multi-year agreement for fleet management solutions for business customers in the European market. The initiative covers all FCA-connected models in the EMEA area.

In January 2020, General Motors had entered into the collaboration with Geotab to launch the new Geotab Integrated Solution for GM vehicles. This solution pairs up with the pre-embedded OnStar module found in GM vehicles that allows the fleet operators to access data from their GM fleet vehicles within the MyGeotab platform. This prevents the need for them to install an aftermarket system to track and manage their fleet vehicles, leveraging the OnStar module that already comes with the vehicle.