As per the revised report by Future Market Insights (FMI), the global fleet management market is expected to expand at a CAGR of 10.4% over the forecast period (2021-2031). The growth can be attributed to growing adoption of cloud computing and big data analytics solutions for streamlining fleet management operations.
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The market valuation expected to surpass US$ 11.5 Bn in 2021. Cost benefits offered by cloud-based deployments of fleet management solutions and the widespread penetration of mobile networks, with the declining costs of hardware, will drive the market for the foreseeable future.
The COVID-19 pandemic has disrupted many industries, including the fleet management market. Services have been gravely affected including transport, tourism, and distributional services by mobility and travel restrictions for public health measures.
Disruptions in services are having an economic and trade impact, in offering inputs for economic activities such connecting supply chains and facilitating trade. However, the crisis is leading to greater adoption of online services in retail, education, health, telecom, and A/V sectors.
Suppliers are boosting efforts to enhance their online businesses as consumers adopt new habits that will contribute to long-term transition towards online services. Increased usage of online services during has highlighted connectivity and technology related inconsistencies.
Operators in developing and developed nations boosted data capacity and suspended data limits even as governments issued additional wireless connectivity spectrums to enhance service capacities.
Key Takeaways from Fleet Management Market Study
- Support and maintenance services will hold over 59% of the market share, driven by adoption in small and medium sized enterprises.
- Transportation applications will exhibit higher demand, holding 37.8% of the market in 2021.
- China will lead the East Asia market, exhibiting a CAGR of over 9.1% through 2031, with growing demand for cloud-based fleet management solutions.
- The market in the U.S. is projected to expand at a CAGR of 10% through 2031, supported by presence of key players in the market.
- Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 11.8% owing to growing prominence of data analytics and predictive maintenance trends.
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Who is winning?
The moderately consolidated fleet management market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic geographical expansion efforts. Moreover, fleet management companies not only oversee financing and leasing, but also manage entire fleets.
Prominent players in the fleet management market include but are not limited to TomTom N.V., Trimble Inc., GoFleet Corporation, Cisco Systems, Inc., Geotab Inc., Digital Matter, GPS Trackit, Fleetmatics Group PLC, GoGPS, Wireless Links, Embitel, Gurtam, Teletrac Navman, Linxio, StreetFleet, TigerFleet, Zebra Technologies Corp., Ruptela, Trakm8 Limited, and WebEye Telematics Group, among others.