Fleet Management Market Analysis Report 2022: Integration with Artificial Intelligence Extends Profitable Opportunities to Market Players - Global Forecast to 2027
Global Fleet Management Market
Dublin, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The "Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service, Deployment Type, Fleet Type, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global fleet management Market size is expected to grow from USD 25.5 billion in 2022 to USD 52.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period.
By Solutions, the operations management segment have the highest market share during the forecast period
Operations management deals with the fleet's operational efficiency. The major solutions, such as location tracking, geofencing, and routing and dispatching, aim at providing real-time location information of fleets and routes that result in increased visibility into the fleet operations.
The data generated from the tracking of vehicles, drivers, and routes are used for analysis and reporting. This can result in improved efficiency across aspects of operations, such as unsafe driving habits, identification, and assessing problematic routes.
By Vertical, the retail segment to hold the larger market size during the forecast period
The retail industry comprises clothing, consumer products, and eCommerce. It has emerged as one of the most dynamic and fast-paced industries due to the emergence of new players. This sector has also witnessed tremendous growth over the years due to increased eCommerce penetration across the globe, along with improvements made in fleet management solutions that help address enterprise demands.
The major focus of retailers is on enhancing customer satisfaction, increasing customer loyalty, expanding the market, and managing transportation. With the rising shipping expenses and cross-border tariffs, controlling the costs of the retail sector is a challenge. Fleet management solutions also provide a scalable solution to manage fleets, optimize routes, all while improving efficiencies, reducing costs, and increasing customer satisfaction.
Retail organizations from across the globe are operating in a volatile business environment that is characterized by intense levels of competition. To be able to gain a competitive advantage in such an environment requires fleet management as a strategy for improving logistics management.
By Region, the Europe is expected to grow at the second highest market share during the forecast period
The fleet management market in Europe is considered to be a high-growth market due to many factors, such as the economic stability of its countries, increase in digitization and technological advancements, and adoption of advanced fleet management technologies, including telematics and analytics in commercial fleets.
The UK, France, Italy, Spain, Russia, and Germany are among the nations boosting the region's fleet management business. Instead of having a larger market share of self-driving cars, the fleet management industry in Europe is currently seeing widespread acceptance of vehicle sharing. Additionally, the expansion of the region's automotive industry fuels the expansion of the fleet management market. Government mandates and regulations in Europe have helped the sector flourish.
Corporate fleets are highly relevant in this area since they are provided to employees as a form of pay. In addition to reducing their fixed assets, businesses are purchasing full-service leasing agreements rather than purchasing vehicles.
Report Attribute | Details |
No. of Pages | 273 |
Published | September 2022 |
Forecast Period | 2022 - 2027 |
Estimated Market Value (USD) in 2022 | $ 25.5 Billion |
Forecasted Market Value (USD) by 2027 | $ 52.4 Billion |
Compound Annual Growth Rate | 15.5% |
Regions Covered | Global |
Premium Insights
Strict Regulatory Mandates in North America and Europe to Drive Market Growth
Retail Vertical and Us to Account for Large Shares in North American Market in 2022
Passenger Cars Segment and China to Account for Large Shares in Asia-Pacific Market in 2022
Market Dynamics
Drivers
Rising Fleet Safety Concerns to Drive Market
Increasing Focus of Fleet Owners on Operational Efficiency
Growing Adoption of Cloud Computing and Big Data Analytics Solutions to Streamline Fleet Management Operations
Declining Hardware and IoT Connectivity Costs
Strict Government Mandates Creating New Revenue Streams for Vendors
Restraints
Atmospheric Interference Causing Problems for Gps Connectivity
Opportunities
Development of Transportation in Logistics Industry and Growth in Fleet Size
Development of Communication Networks Through 5G
Harnessing Telematics Data for Making Informed Business Decisions
Green Fleet Initiative to Reduce Environmental Impact and Ensure Efficient Functioning of Fleets
Introduction of Autonomous Fleets to Provide Multiple Partnership Opportunities
Mobility-As-A-Service to Provide New Revenue Streams
Fleet Integration with Artificial Intelligence Extends Profitable Opportunities to Market Players
Challenges
Inaccurate Geocoding
Driver Safety and Productivity Affecting Vehicle Uptime
Blind Spots in Network Coverage
Rapidly Growing Data Volumes and Increasing Cyber Threats
Lack of Awareness of Fleet Management Solutions and Slow Adaptability Among Developing Countries
Average Selling Price Trend
Average Selling Price Trend by Subscription-Based Software (Key Players)
Average Selling Price Ranges of Subscription-Based Fleet Management Software
Technology Analysis
Big Data and Analytics
Artificial Intelligence
5G
Internet of Things
Blockchain
Regulatory Landscape
Regulatory Bodies, Government Agencies, and Other Organizations
General Data Protection Regulation
Federal Motor Carrier Safety Administration
Institute of Electrical and Electronics Engineers
Cen/Iso
Cen/Cenelec
European Telecommunications Standards Institute
Corporate Average Fuel Economy
Energy Policy Act
Department of Heavy Industry
Case Study Analysis
Fleetio Helps the Unified Government of Wyandotte County and Kansas City Reduce Operational Costs, Increase Efficiency, and Extend the Life of Vehicle
Dayton Freight Partners with Omnitracs to Automate Critical Manual Procedures
T.E. Roberts, Inc. Leverages Fleet Visibility to Prevent Unnecessary Downtime
Fleetio Helps Scobee Powerline Construction to Streamline Documentation and Communications
Inseego Helps Northumbrian Water Limited to Improve Operational Efficiency and Driver Behavior
Company Profiles
Key Players
Geotab
Verizon Connect
Donlen
Inseego
Teletrac Navman
Holman
Azuga
Chevin
Gps Insight
Masternaut
Orbcomm
Trimble
Omnitracs
Mix Telematics
Tomtom
Zonar Systems
Zebra Technologies
Startup/Sme Players
Motive
Samsara
Fleet Complete
Clearpathgps
Titan Gps
Gurtam
Automile
Fleetonomy
Avrios
Fleetio
Fleetroot
Freeway Fleet
Ruptela
For more information about this report visit https://www.researchandmarkets.com/r/uvegb8
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