Fleet Management Market Projected Grow at 11% CAGR From 2022 To 2030

Fleet Management Market Growth Boost by Burgeoning Demand for Public Transport and Global Trends

New York, US, Dec. 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), 'Fleet Management Market Information By Component, By Fleet Type, By Deployment, By Industry, and Region —Forecast till 2030', The global fleet management market will grow at an 11% CAGR by 2030.

Fleet Management Market Analysis

Recently, there has been a rise in demand for public transportation in order to give access and mobility for jobs. Demand for public transportation has increased as a result of the increased need for medical services. The demand for public transportation is anticipated to increase in the upcoming years due to the fact that it also offers chances for recreational activities in numerous cities throughout the world.

Key Players

Eminent industry players profiled in the global fleet management market report includes,

TomTom N.V. U.S.

Fleetmatics Group PLC

General Services Administration

Freeway Fleet Systems

IBM Corporation

Telogis

AT&T Inc.

Grupo Autofin de Monterrey

Navico I.D. The system MiTAC International Corporation

Trimble Transportation & Logistics

Didi Chuxing

Grab

Cisco Systems

Uber Technologies

Scope Technologies

FAMSA

Troncalnet

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Due to the existence of several worldwide and domestic industry players, the global fleet management market is fragmented and competitive. These players have employed a variety of cutting-edge techniques, such as contracts, partnerships, collaborations, joint ventures, new product launches, geographic expansions, and more, to stay on the cutting edge while also meeting the escalating client demand. They are also funding a lot of research and development projects.

Fleet Management Market Opportunities

Multiple Benefits to offer Robust Opportunities

Fleet management has multiple benefits that will provide robust opportunities for this market in the assessment period. Fleet management solutions offer a wide range of advantages to businesses, including proactive vehicle maintenance, visibility, affordable fuel prices, real-time updates and analytics, enhanced productivity, scheduling and routing flexibility, and higher customer satisfaction. These user advantages are encouraging widespread use, which is promoting the expansion of the fleet management market.

Report Scope:

Report Metrics

Details

CAGR during 2022-2030

11.00%

Base Year

2021

Forecast

2022-2030

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

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Restraints and Challenges

Growing Cyberthreats to act as Market Restraint

The growing cyberthreats and the lack of seamless & uninterrupted internet connectivity may act as market restraints over the forecast period.

Fleet Management Market Segmentation

The global fleet management market has been bifurcated based on component, fleet type, deployment, and industry.

By component, solution will lead the market over the forecast period.

By fleet type, commercial fleet will domineer the market over the forecast period.

By deployment, on-premise will spearhead the market over the forecast period.

By industry, manufacturing will have the lions share in the market over the forecast period.

COVID-19 Analysis

The COVID-19 dilemma is causing market instability by slowing down supply chains, hindering corporate growth, and escalating consumer worry. The total lockdown and temporary shutdown of industry proclaimed by governments in various locations had a negative impact on overall production and sales. After the COVID-19 health catastrophe, the outlook for companies around the world has drastically shifted. Additionally, due to operations with constrained labor capacity, insufficient health safety measures, and the current dynamics of the industry's demand, market players' overall production activities have decreased. For the imposed lockdown brought on by the pandemic, the vehicle and transportation sectors were forced to shut down, which had a negative impact on the global automotive industry. With the new restrictions and rules to promote the economic activity across all industries, the world is progressively returning to normal.

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Fleet Management Market Regional Analysis

North America to Head Fleet Management Market

In 2021, North America held the majority of the market share. Since real-time tracking methods are frequently employed in all industries to maintain efficient corporate operations. American automakers like Ford, General Motors, and Fiat-Chrysler are using vehicle monitoring systems more and more frequently. The fact that this region was a quick adopter of digital technologies has also had an impact on the market expansion there. In recent years, the market has grown significantly thanks in large part to the region's government. The amount of emissions produced by the use of automobiles has successfully decreased thanks to the tight laws and regulations in North American region. Additionally, strict restrictions are forcing the industry to follow the policies in order to limit the pollution produced by automobiles.

During the anticipated period, this region is anticipated to contribute significantly to the expansion of the market. Due to the increased use of IoT devices and linked vehicle technologies for addressing vehicle tracking requirements, the North American fleet management market is anticipated to have substantial growth at a good CAGR. Innovative payment solutions especially for auto fleets are being introduced by digital banking and payment service providers, which is projected to further boost regional industry growth.

APAC to Have Admirable Growth in Fleet Management Market

Due to the region's growing demand for mobility services and the region's increasing radio taxi industry, Asia-Pacific held the second-largest share in the market n 2021. It is also anticipated that the existence of numerous industrial facilities in China, Japan, and India will accelerate the expansion of this region's market. Due to its severe fuel and emission rules, India is expected to grow tremendously. Because of the presence of nations like China and India in the Asia Pacific area, this region is anticipated to experience the fastest development in fleet management over the next few years.

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The expansion of the market within the Asia Pacific area in recent years has also been significantly aided by increased international trade. Due to the favorable policies implemented by the governments of various regions to boost the commerce, this region is predicted to expand at the greatest CAGR in the upcoming years. In the APAC region, there is a growing desire for cleaner automobiles, as if the region's rapid population growth is the main cause of pollution there.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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