Dublin, May 26, 2022 (GLOBE NEWSWIRE) -- The "Fleet Management Market by Vehicle Type, Component, Communication Technology (Global Navigation Satellite System and Cellular System), and Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Global fleet management market was valued at $19.47 billion in 2020, and is projected to reach $52.50 billion by 2030, registering a CAGR of 10.6% from 2021 to 2030.
North America dominates the fleet management market in terms of revenue, followed by Europe, Asia-Pacific and LAMEA. U.S. garnered the highest share in 2020. However, Asia-Pacific is expected to grow at a significant rate during the forecast period, due to increase in demand for fleet management & vehicle tracking across the region.
Fleet management includes all tasks related to the use and maintenance of a fleet of vehicles. It is used to plan & control a fleet of vehicles to make the fleet more flexible & efficient. It comes under three significant components - cost management & total cost of ownership (TCO), control of upkeep & maintenance, and fleet operation.
Moreover, it encompasses vehicle tracking, mechanical diagnostics, and driver behavior analytics to oversee performance & maintenance to meet customers' demands & expectations. At present, owing to pandemic restrictions, the innovation & development in fleet management software offers automated solutions for daily workflows & provides resolutions to optimize new ways of fleet management processes to stay competitive in the growing market.
In addition, key manufacturers have carried numerous developments such as AT&T, Freeway Fleet Systems, Geotab Inc., TomTom International BV., and others, which has created ample opportunities for the market's growth across the globe.
Moreover, the key players operating in the industry have launched some of the fleet management services & telematics apps for fuel analysis, asset management, android apps, camera & video solutions, SAP solutions, reverse geocoding, and ADAS map solutions, which effectively leads to the growth of the fleet management market across the globe.
Factors such as rising concerns about fleet safety, mandatory government regulations toward vehicle maintenance & tracking, need for operational competency in fleet management and increase in the adoption of wireless technology owing to low cost & availability supplement the market's growth across the globe. However, factors such as cost sensitivity among local players and lack of uninterrupted & seamless internet connectivity hamper the market's growth worldwide.
Moreover, factors such as the development of transportation in the logistics industry, the adoption of intelligent transport systems, and the strengthening of communication networks create ample opportunities for the market's growth during the forecast period.
Key Findings Of The Study
By vehicle type, the watercraft segment is expected to register a significant growth during the forecast period
Depending on component, the services segment is anticipated to exhibit significant growth in the near future
On the basis of communication technology, the GNSS segment is projected to lead the global fleet management market owing to higher CAGR
Based on industry, the retail industry is projected to lead the global fleet management market owing to higher CAGR
Asia-Pacific is anticipated to register the highest CAGR
Covid-19 Impact Analysis
The COVID-19 crisis is creating uncertainty in the market by slowing down the supply chains, hampering business growth, and increasing panic among the customer segments
Governments across different regions announced total lockdown and temporarily shutdown of industries, which adversely affected the overall production and sales
The global business outlook has changed dramatically post COVID-19 health crisis
Moreover, the overall production activities of market players have declined, owing to operations with limited workforce capacity and inadequate health safety measures along with current demand dynamics of the fleet management industry
With the advent in pandemic, the automobile & transportation sector came to halt due to the imposed lockdown, which has also created an adverse effect on the automotive industry across the globe
As per the current scenario, the world is getting back on track slowly with the new restriction and policies to support the economic activities across all industries
Need of Operational Competency in Fleet Management
Rising Concerns About Fleet Safety
Mandatory Government Regulations
Cost Sensitivity in Local Players
Lack of Uninterrupted & Seamless Internet Connectivity
Strengthening Communication Network
Intelligent Transportation System
Covid-19 Impact Analysis
Evolution of Outbreaks
Macro-Economic Impact Analysis
Micro-Economic Impact Analysis
Impact on Industry Analysis and Future Footprints
Cisco Systems, Inc.
Freeway Fleet Systems
I.D. Systems Inc.
MiTAC Holdings Corporation
TomTom International BV.
For more information about this report visit https://www.researchandmarkets.com/r/v4gopb
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