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.
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
Grupo Autofin de Monterrey
Navico I.D. The system MiTAC International Corporation
Trimble Transportation & Logistics
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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.
CAGR during 2022-2030
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.
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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