Fleet Management Industry Global Market Growth, Size, Trends, Insights And Forecast To 2026

Fleet Management Market Size is anticipated to exceed USD 55 billion by 2026. The increasing demand to enhance operational efficiency across the transportation and logistics industries is expected to contribute significantly to market growth.

The growing demand for real-time tracking of fleet operations and to reduce the operational costs by fleet operators are expected to fuel the fleet management market growth. Fleet management solutions support enterprises to monitor in-depth fleet operations including driver behavior, vehicle fuel consumption, route management, and fleet vehicle tracking. These advanced capabilities are driving the demand for fleet management solutions. In addition, it provides remote access to expansive fleet data to fleet managers to take crucial decisions to enable cost benefits.

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Some major findings of the fleet management market report include:

·         The growing demand from transportation & logistics companies to reduce idle time and fleet fuel consumption is supporting technology development in the market

·         North America is expected to hold a major market share in the fleet management market due to the widespread presence of fleet management vendors and expansive fleet operations

·         Major players operating in the fleet management market are ARI Fleet Management Company, Arvel-Element, Donlen Corporation, Verizon Connect, Wheels, Inc., etc.

·         Companies operating in the market are focusing on the development of advanced fleet management solutions and strategic partnerships with automotive enterprises

·         Government initiatives and regulations followed by new product developments are enabling enterprises to deploy advanced fleet solutions enabling market growth

The cloud deployment segment is expected to grow at a CAGR of above 20% from 2020 to 2026. The growing adoption of cloud-based services along with the advent of 5G technology is supporting market growth. The growth is attributed to supportive government initiatives such as the installation of Intelligent Transport Systems, ELDs, and telematics. The use of cloud-based fleet management solutions helps in expanding fleet monitoring capabilities, in terms of increasing fleet assets.

The demand for operation management solutions in the fleet management market is expected to grow significantly over the forecast timeline. The enterprise-wide need to manage end-to-end logistics functions including customer order management and suitable fleet selection is enabling segment growth. This solution consolidates the overall fleet management processes including vehicle & asset tracking, enabling fleet operators to monitor the overall fleet operations. The solution also helps enterprises with real-time access to operational flows and activities.

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The demand for fleet management solutions in utility applications is projected to grow at a steady growth rate of above 20% from 2020 to 2026. Utility enterprises are adopting advanced fleet management solutions to monitor a wide range of assets and equipment engaged in utility operations. Furthermore, companies are developing innovative fleet analytics tools to manage telematics data streaming from utility vehicles and visualize fleet operations in real-time. Utility enterprises are adopting fleet management solutions to analyze and regulate fleet movements and fleet efficiencies.

North America is expected to hold above 40% share in the fleet management market by 2026. Due to the COVID-19 crisis, fleet operators across the region are emphasizing on deploying advanced fleet management solutions to minimize the impact of disruptions and ensure business efficiencies. In addition, companies operating in the region are providing innovative fleet management systems free of cost to fleet operators. For instance, in April 2020, OnFleet, Inc. provided its fleet management solutions & software free of cost to various government and non-government organizations to optimize logistics.

Companies operating in the market are focusing on the development of advanced fleet management solutions. Fleet management solution vendors are continuously developing and advancing their fleet solutions as per technological evolution. These advancements are anticipated to drive the demand from fleet operators for enhanced fleet applications. For instance, in October 2019, ClearPathGPS, Inc. launched an integrated dashboard camera for enhanced fleet tracking. The video data captured by the camera is integrated with GPS data, providing a tamper-proof capability. The launch helped the company to provide fleet operators with enhanced fleet management capabilities.

Browse key industry insights spread across 260 pages with 241 market data tables and 40 figures & charts from the report, Fleet Management Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/fleet-management-market

Report Content

Chapter 3.   Fleet Management Industry Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Impact of COVID-19 outbreak

3.3.1. Global outlook

3.3.2. Regional outlook

3.3.2.1.    North America

3.3.2.2.    Europe

3.3.2.3.    Asia Pacific

3.3.2.4.    Latin America

3.3.2.5.    Middle East & Africa

3.3.3. Industry value chain

3.3.3.1.    Fleet management providers

3.3.3.2.    Marketing & distribution channel

3.3.4. Competitive landscape

3.3.4.1.    Strategy

3.3.4.2.    Distribution network

3.3.4.3.    Business growth

3.4.  Fleet management industry ecosystem analysis

3.5.  Technology & innovation landscape

3.5.1. GPS and On-Board Diagnostics (OBD)

3.5.2. Commercialization of 5G networks

3.6.  Regulatory landscape

3.6.1. China VI Emission Standards

3.6.2. CSA 2010 (Compliance and Enforcement Program), U.S.

3.6.3. Electronic Logging Devices (ELD) Rule 2017 (U.S.)

3.6.4. Federal Motor Carrier Safety Administration (FMCSA)

3.6.5. OBD-II Standards

3.6.6. The California Air Resources Board (CARB) guidelines

3.6.7. The European OBD Standards

3.6.8. The Society of Indian Automobile Manufacturers (SIAM)

3.6.9. The U.S. Environmental Protection Agency (EPA) Heavy Duty Engine Standards

3.7.  Industry impact forces

3.7.1. Growth drivers

3.7.1.1.    Growing emphasis by fleet operators on operational efficiency

3.7.1.2.    Extensive penetration of cloud computing and big data analytics solutions   

3.7.1.3.    Emergence of AI technology in fleet management systems

3.7.1.4.    Growing adoption of IoT and proliferation of commercial vehicles

3.7.2. Industry pitfalls & challenges

3.7.2.1.    Increasing cyberthreats and data breach incidents

3.7.2.2.    Lack of awareness among smaller fleet owners

3.8.  Growth potential analysis

3.9.  Porter’s analysis

3.10.    PESTEL analysis

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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