According to a latest report by Future Market Insights (FMI), the global fleet management market is expected to develop at a CAGR of 10.4% over the projected period (2021–2031). The expansion may be related to the rising use of big data analytics and cloud computing technologies for optimising fleet management operations.

The market is anticipated to be worth around $11.5 billion in 2021. For the foreseeable future, the industry will be propelled by the cost savings provided by cloud-based fleet management systems, the widespread adoption of mobile networks, as well as the declining costs of hardware.

Many industries have been negatively impacted by the COVID-19 outbreak, including fleet management. Transportation, tourism, and distribution businesses have all been significantly impacted by mobility and travel restrictions for public health initiatives.

Key Takeaways from Fleet Management Market Study

• Support and maintenance services will hold over 59% of the market share, driven by adoption in small and medium sized enterprises.
• Transportation applications will exhibit higher demand, holding 37.8% of the market in 2021.
• China will lead the East Asia market, exhibiting a CAGR of over 9.1% through 2031, with growing demand for cloud-based fleet management solutions.
• The market in the U.S. is projected to expand at a CAGR of 10% through 2031, supported by presence of key players in the market.
• Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 11.8% owing to growing prominence of data analytics and predictive maintenance trends.

Who is winning?

The moderately consolidated fleet management market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic geographical expansion efforts. Moreover, fleet management companies not only oversee financing and leasing, but also manage entire fleets.

Prominent players in the fleet management market include but are not limited to TomTom N.V., Trimble Inc., GoFleet Corporation, Cisco Systems, Inc., Geotab Inc., Digital Matter, GPS Trackit, Fleetmatics Group PLC, GoGPS, Wireless Links, Embitel, Gurtam, Teletrac Navman, Linxio, StreetFleet, TigerFleet, Zebra Technologies Corp., Ruptela, Trakm8 Limited, and WebEye Telematics Group, among others.

Market Segmentation by Category

Component:

• Hardware
• GPS Tracking Devices
• Dash Cameras
• Bluetooth Tracking Tags (BLE Beacons)
• Data Loggers
• Software
• Fleet Management Software
• Telematics Software
• Services
• Professional Services
• Consulting & Advisory
• Integration & Implementation
• Support & Maintenance
• Managed Services

Fleet Type:

• Trucks/Cars/Buses
• Ships/Vessels
• Aircrafts
• Railcars

Application:

• Fleet Tracking and Geofencing
• Vehicle Maintenance and Diagnostics
• Driver Behavior Monitoring
• Fuel Management
• Others

Industry:

• Construction
• Manufacturing
• Mining
• Transportation
• Oil and Gas
• Others

Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

Information Source:

https://www.futuremarketinsights.com/reports/fleet-management-market