Fleet Management Market worth $33.9 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 8, 2021 /PRNewswire/ -- According to the new market research report "Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service (Professional and Managed), Deployment Type, Fleet Type and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size to grow from USD 20.6 Billion in 2021 to USD 33.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The presence of various key players in the ecosystem has led to a competitive and diverse market.
The market includes a high growth rate for the adoption of cloud computing and analytics, declining hardware and IoT connectivity costs, a growing need for operational efficiency, and recent government mandates. However, there are significant growth opportunities for Fleet Management vendors. Small firms and startups are also marking their presence in the Fleet Management Market by providing their offerings across the world. The fleet management industry is gradually adopting advanced technologies, and various fleet organizations are undertaking green initiatives to reduce environmental impact and increase the overall fleet efficiency.
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358 – Tables
45 – Figures
285 – Pages
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The fleet analytics and reporting segment to record a higher growth rate during the forecast period
In the Fleet Management Market by solution, the fleet analytics and reporting segment is expected to record a higher growth rate during the forecast period. Fleet management solutions aim at reducing risks, improving safety and security, monitoring fleets, and optimizing fleet operations. They help in reducing the total cost of ownership, protecting investments in assets, assisting asset inventory management, facilitating preventative maintenance in compliance with vehicles' Original Equipment Manufacturers (OEM) guidelines, and reducing repair costs by improving fleet safety.
Passenger Cars are expected to hold a larger market share during the forecast period
By fleet type, passenger cars are expected to hold a larger market size. Passenger cars are vehicles with a seating capacity of up to six persons, excluding the driver. In line with the agreed categories of sub-classification, passenger cars are further classified into the following segments: mini cars, compact cars, midsize cars, executive cars, premium cars, and luxury cars. Leasing a small fleet of cars, minivans, or pickups is easier and more advantageous than ever. The associated services include supply chain management, maintenance, licensing and compliance, fuel management, and accident claims for keeping the vehicles well maintained. Fleet Management Solution assists in organizing, managing, and coordinating fleet operations from a centralized information system. It uses connectivity technologies to enable data and information flow between fleets and the back-end systems, accessible by fleet owners and managers.
North America to hold the largest market size duringthe forecast period
North America is expected to hold the largest market size in the global Fleet Management Market during the forecast period. The US has emerged as a larger country in terms of market size, due to the large-scale implementation of fleet management solutions by the organizations and enterprises in the country. The pace of digital transformation in the US is high, the high growth of telematics and advent of the 4G technology in the region are the factors attributed to the fast growth of the Fleet Management Market in the US.
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The report covers the competitive landscape and profiles major market players, including Automotive Rentals Inc. (ARI) (US), Azuga Inc. (Azuga) (US), Chevin Fleet Solutions (Chevin) (England), Donlen Corporation (Donlen) (US), Geotab (Canada), GPS Insight (US), Inseego Corp. (Inseego) (US), Masternaut Limited (Masternaut) (England), MiX Telematics International (Pty) Ltd (MiX Telematics) (South Africa), NexTraq, LLC (NexTraq) (US), Omnitracs LLC (Omnitracs) (US), TeletracNavman (US), Trimble Inc. (Trimble) (US), Verizon Connect (US), Zonar Systems, Inc. (Zonar Systems) (US), ORBCOMM (US), Samsara Networks, Inc. (Samsara) (US), KeepTruckin, Inc. (KeepTruckin) (US), ClearPathGPS, Inc. (ClearPathGPS) (US), Bestmile SA (Bestmile) (US), Complete Innovations, Inc. (Fleet Complete) (Canada), AutomileInc (Automile) (US), Fleetonomy (Israel), Certified Tracking Solutions Inc. (Titan GPS) (Canada), GURTAM (Gurtam) (Belarus), Fleetroot (UAE), Avrios International AG (Avrios) (Switzerland), and Rarestep, Inc. (Fleetio) (US). This research report also studies the strategic alliances and lucrative acquisitions among various global and local players in the fleet management ecosystem. These players have adopted various strategies to grow in the global fleet management market.
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