In a recent analysis, Future Market Insights (FMI) predicted that over the forecast period, the worldwide fleet management market will grow at a CAGR of 10.4%. (2021-2031). The increase in the usage of big data analytics and cloud computing technologies for optimising fleet management operations may be responsible for the expansion.
In 2021, it is predicted that the market would be worth about $11.5 billion. The sector will be driven for the foreseeable future by falling hardware prices, the broad use of mobile networks, and the cost savings offered by cloud-based fleet management solutions.
Many industries have been negatively impacted by the COVID-19 outbreak, including fleet management. Transportation, tourism, and distribution businesses have all been significantly impacted by mobility and travel restrictions for public health initiatives.
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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.
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.
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Market Segmentation by Category
Component:
- Hardware
- GPS Tracking Devices
- Dash Cameras
- Bluetooth Tracking Tags (BLE Beacons)
- Data Loggers
- Software
- Fleet Management Software
- Telematics Software
- Services
- Professional Services
- Consulting & Advisory
- Integration & Implementation
- Support & Maintenance
- Managed Services
- Professional Services
Fleet Type:
- Trucks/Cars/Buses
- Ships/Vessels
- Aircrafts
- Railcars
Application:
- Fleet Tracking and Geofencing
- Vehicle Maintenance and Diagnostics
- Driver Behavior Monitoring
- Fuel Management
- Others
Industry:
- Construction
- Manufacturing
- Mining
- Transportation
- Oil and Gas
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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More Valuable Insights on Fleet Management Market
A revised market research report published by Future Market Insights (FMI) on the global Fleet Management market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of component (hardware (GPS tracking devices, dash cameras, Bluetooth tracking tags, data loggers), software (fleet management software and telematics software) and services (managed services, and professional services (consulting & advisory, integration & implementation, and support & maintenance); fleet type (trucks/cars/buses, ships/vessels, aircrafts, and railcars); application (fleet tracking and geofencing, vehicle maintenance and diagnostics, driver behavior monitoring, fuel management, and others); industry (construction, manufacturing, mining, transportation, oil and gas, and others), and across six major regions.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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