Dublin, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The "Global Fleet Management Market (2020-2025) by Solutions, Services, Fleet Type, Deployment, Communication Technology, Industry, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Fleet Management Market is estimated to be USD 18.8 Bn in 2020 and is expected to reach USD 33.1 Bn by 2025, growing at a CAGR of 12%.
Fleet management technologies are widely used in managing land, marine, and aviation automotive fleets in location tracking, fuel efficiency, predictive maintenance, and monitoring.
The fleet management solution market is characterized by high fragmentation, low levels of product differentiation, rising presence of original equipment manufacturers, and reducing hardware and connectivity costs. It helps the businesses take proactive action towards maintaining their vehicles, reducing the repair & maintenance costs, and minimizing the vehicle downtime.
It also reduces fuel & overall running costs, enhanced safety, and optimized the fleet operations with real-time fleet tracking and monitoring. Fleet management also enables the organizations to keep track and maintain their vehicles cost-effectively and more efficiently.
COVID-19 pandemic has also impacted growth. Due to the pandemic, there is a reduction in commercial traffic, which has impacted every sector across the globe, including industrial, retail, commercial, and warehouses. The most impacted sector in the commercial fleet segment is local passenger transportation, which includes railways, buses, taxis, etc. Other issues faced by this sector include lack of transparency and standardization in safety and data integrity, which could also restrain the market growth.
By Solutions, Operations Management is expected to grow significantly in the fleet management market over the forecast period. A large number of enterprises want to manage end-to-end logistics functions, including customer order management. This solution helps the enterprises know their real-time access to operational flows and activities and consolidates the overall fleet management processes, including vehicle & asset tracking. Hence, the suitable fleet selection is enabling the growth of this segment.
By Services, the Professional Services segment is expected to have a larger share in the Fleet Management Market. Professional service providers examine and study the fleet operations of logistics companies and provide comprehensive business constraints along with major insights that help these companies to make maximum utilization of all the available resources. Fleet management solutions also help these companies to make the most of their technological investments.
By Fleet Type, Commercial Fleets are witnessing a growth in Fleet Management Market during the forecast period. Manufacturing, transportation & logistics industries are highly dependent on the supply chain of raw material and on-time delivery of products. Thus, it is necessary to maintain proper tracking and material scheduling and maintain the fleet timings. To cater to such requirements, industries are adopting solutions that help them keep track of the fleet location. Commercial fleets are witnessing high adoption of the software, which will lead to the growth of the fleet management market in the coming years.
By Deployment, Cloud Segment is expected to grow at a higher CAGR during the forecast period. Cloud-based fleet management provides hassle-free integration and involves low cost. The use of cloud-based fleet management solutions with the advent of 5G technology helps in expanding the fleet monitoring capabilities in terms of increasing fleet assets. Certain Government initiatives such as the installation of Intelligent Transport Systems, telematics, and ELDs have also attributed to the growth of this market.
By Communication Technology, Global Navigation Satellite System (GNSS) is projected to hold the largest market share in the Fleet Management Market due to the technological advancements related to vehicle fleet systems. Rapid urbanization in developing economies, benefits & quick access of GNSS, and Government initiatives to strengthen the satellite navigation systems are some of the factors that boost the rising adoption of GNSS in the Fleet Management Market.
By Industry, the Automotive sector dominated the fleet management market during the forecast period. Fleet Management in this sector minimizes the risks associated with vehicle investment, improves efficiency, productivity, and cost of transportation & staff. Rising industrialization is creating a huge demand for a large number of high capacity vehicles for transport and shipment of goods and services. This reflects an exponential growth in the Fleet Management Market through the forecast period.
By Geography, North America is expected to grow at a higher CAGR during the forecast period. This is due to the large presence of commercial fleets. With the ongoing ELD mandate, this region is expected to dominate the market as it has witnessed a substantial increase in the number of warehousing operations driven by fleet management solutions. The other factor that led to the growth of the fleet management market is the growing number of automotive OEMs in the region who are investing in telematics innovations, hence boosting the revenue in commercial vehicles.
Need for Operational Competency in Fleet Management
Compulsion of Electronic Logging Device (ELD) Implementation
Growing Adoption of Cloud Computing and Big Data Analytics Solutions for Streamlining Fleet Management Operations
Mandatory Government Regulations
The Rising Risk of Security in Software
The Volatility of Fuel Costs
Introduction of Autonomous Fleets to Provide Multiple Partnership Opportunities
The growing Vehicle Replacement Market
Harnessing Telematics Data for Making Informed Business Decisions
Increasing Cyber Threats and Data Breaches Incidents
Lack of Awareness among Smaller Fleet Owners
Key Topics Covered:
1. Report Description
2. Research Methodology
3. Executive Summary
4. Market Overview
4.2 Market Dynamics
5. Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6. Global Fleet Management Market, By Solutions
6.2 Operations Management
6.2.1 Fleet Tracking and Geofencing
6.2.2 Routing and Scheduling
6.3 Performance Management
6.3.1 Driver Management
6.3.2 Fuel Management
6.4 Fleet Analytics and Reporting
6.5 Vehicle Maintenance and Diagnostics
6.6 Others (Crash management and toll management)
7. Global Fleet Management Market, By Services
7.2 Professional Services
7.2.3 Support and Maintenance
7.3 Managed Services
8. Global Fleet Management Market, By Fleet Type
8.2 Commercial Fleets
8.2.1 Light Commercial Vehicles
8.2.2 Medium and Heavy Commercial Vehicles
8.3 Passenger Cars
8.3.1 Internal Combustion Engine
8.3.2 Electric Vehicles
9. Global Fleet Management Market, By Deployment
10. Global Fleet Management Market, By Communication Technology
10.2 GNSS (Satellite)
10.3 Cellular System
11. Global Fleet Management Market, By Industry
11.3 Transportation & Logistics
11.6 Others (Manufacturing, Construction, and Energy)
12. Global Fleet Management Market, By Geography
12.2 North America
12.3 South America
12.4.6 Rest of Europe
12.5.6 South Korea
12.5.9 Rest of APAC
12.6 Rest of the World
12.6.2 Saudi Arabia
12.6.3 South Africa
12.6.4 United Arab Emirates
12.6.5 Latin America
13. Competitive Landscape
13.1 Competitive Quadrant
13.2 Market Share Analysis
13.3 Competitive Scenario
13.3.1 Mergers & Acquisitions
13.3.2 Agreements, Collaborations, & Partnerships
13.3.3 New Product Launches & Enhancements
13.3.4 Investments & Fundings
14. Company Profiles
14.1 Fleetmatics Group PLC
14.2 Teletrac Navman US Ltd.
14.3 Inseego Corporation
14.4 ARI Fleet Management Co.
14.5 Webfleet Solutions B.V.
14.6 Cisco Systems, Inc.
14.7 TomTom N.V.
14.8 Omnitracs LLC
14.9 Wheels, Inc.
14.10 GoFleet Corporation
14.11 Spireon, Inc.
14.12 Trimble Inc.
14.13 Geotab Inc.
14.14 Masternaut Limited
14.15 Automile Inc.
14.16 Azuga Inc.
14.17 Chevin Fleet Solutions
14.18 Donlen Corporation
14.19 Verizon Connect
For more information about this report visit https://www.researchandmarkets.com/r/jgo8fe
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