The global Fleet Management market reached a value of about USD 18.72 billion in 2021. The industry is projected to grow at a CAGR of around 18% in the forecast period of 2022-2027 to reach a value of about USD 50.74 billion by 2027.
The global Fleet Management industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The various benefits of fleet management are driving the market; It provides finance management, improved vehicle and driver safety, and operational competency through real-time fleet tracking data. The key demand indicator is the highest category spender in the industry report by region—North America and Europe.
Fleet management is an administrative technique that helps businesses organise and coordinate their work vehicles to increase productivity, lower expenses, and comply with government laws. Fleet management comprises following and recording mechanical diagnostics and driver behaviour and is most typically used for vehicle tracking. It allows businesses that rely on transportation to eliminate or reduce the risks associated with vehicle investment, improve efficiency productivity, reduce overall transportation and staff costs, and provide compliance with government legislation (duty of care), among other things. The Fleet Management industry report comprises segments (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
North America and Europe are the leading regions in the market. North America has seen a significant increase in warehouse operations, owing to the early adoption of fleet management systems and the number of third-party logistics providers. In addition, the expansion of the fleet management industry in Europe is principally favoured by rising investments in corporate vehicle fleets for workers.
The market is being driven by the various advantages offered by the solutions, including optimising routing, maintaining vehicle security, promoting driver safety, and improving fleet vehicle performance while generating profit. Fleet management assists managers in right-sizing fleet cars, supporting them, minimising fuel prices and distance travelled, revising driver behaviour, and lowering overhead expenses. Furthermore, rising fleet safety concerns, mandatory government regulations for vehicle maintenance and tracking, the need for operational competency in fleet management, and the adoption of wireless technology due to its low cost and availability all contribute to the market's global growth. Also, the strict regulations by the government to address issues related to citizen safety led to the industry's expansion.
However, cost sensitivity among local competitors and a lack of continuous and flawless internet access impede the market's global expansion.
The global Fleet Management industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Fleet Management regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.
Using fleet management software, the administration and dispatchers may track all cars from a central place. Monitoring devices monitor driver conduct, correct vehicle use, work breaks, and safety. Some remote-control features, such as speed restriction, engine revolution limiting, and progressive slowing or stopping vehicles, may be included in fleet management software. With GPS, mapping, and cellular technologies, remote security capabilities prevent stolen cars and cargo by swiftly and precisely locating rogue vehicles. Vehicle operation is often evaluated for mechanical issues and efficiency, which aids the company's total efficiency and protects profits.
The various innovations in the system are propelling the industry. The introduction of MaaS which offers individuals custom mobility solutions tailored to their specific needs furthers the market growth. Wireless technology, such as asset management and tracking, vehicle and driver tracking, two-way communications, customer relationship management, and others, has fueled the operational management of fleet operators in many organisations and sectors. Telematics has firmly established itself as the backbone of fleet management services. By combining informatics and telecommunications capabilities, fleet managers and operators may monitor and analyse patterns connected to their vehicles' operations using technologies such as GPS. Alarm systems, real-time notification devices, driver behaviour monitoring systems, and other AI-based software are highly demanded. Furthermore, incorporating IoT and telematics into the automotive sector has resulted in significant breakthroughs for vehicle and driver safety, expanding the market's potential. It also includes connected fleet technology like collision avoidance systems to improve fleet safety, remote diagnostics to access real-time vehicle services, in-cab video cameras to protect fleets from false claims, and other sensor-based applications to transform the fleet services hub by integrating more technology and robust virtual solutions.
The regional markets for the industry can be divided into Europe, North America, South America, Asia Pacific and the Middle East and Africa.
High fragmentation, a growing presence of original equipment manufacturers, low levels of product differentiation, and falling hardware and connection prices define the fleet management system industry. Due to significant market consolidation by industry leaders and expanded R&D activity, leading to advancements in telematics and analytics solutions, competition has been gradually growing. Furthermore, businesses have been investing in cloud technology due to the growing amount of data in the fleet management sector.
1. Executive Summary
2. Global Fleet Management Market Snapshot
2.1. Fleet Management Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
3. Impact of Recent Events
4. Fleet Management Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Key Demand Indicator Analysis
8. Key Price Indicator Analysis
9. Fleet Management Market Dynamics
9.1. Drivers & Constraints
9.2. Industry Events
9.3. Innovations & Trends
9.4. SWOT Analysis
9.5. Porter’s Five Forces
9.5.1. Buyer Power
9.5.2. Supplier Power
9.5.3. Threat of New entrants
9.5.4. Threat of Substitutes
9.5.5. Industry Rivalry
10. Industry Best Practices
10.1. Sourcing Strategy
10.2. Procurement Model
10.3. Contract Structure
10.4. Negotiation Levers
10.5. Pricing Model
10.6. Key Factors Influencing the Quotation
11. Key Supplier Analysis
11.1. ALD Automotive Limited
11.3. LeasePlan Corporation N.V.
11.4. Wheels, Inc.
11.5. Orix Corporation
The global Fleet Management market size was valued at USD 18.72 billion in 2021.
As per the vehicle type provided, the Passenger vehicle segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for a solution that optimises transportation is one of the essential drivers of the Fleet Management market growth.
ALD Automotive Pvt Ltd, Arval BNP Paribas Group, LeasePlan, Wheels, Inc., and Volkswagen Financial Services are some of the major companies in the market.
The North America and Europe region of the Fleet Management industry hold a significant market share.
The global Fleet Management market attained a value of USD 18.72 billion in 2021, driven by the various advantages offered by the solutions, including optimising routing, maintaining vehicle security, promoting driver safety, and improving fleet vehicle performance and life cycle while generating profit. Furthermore, rising fleet safety concerns, mandatory government regulations for vehicle maintenance and tracking, the need for operational competency in fleet management, and the adoption of wireless technology due to its low cost and availability all contribute to the market's global growth. Supported by the expanding technological developments, together with wireless technology, MaaS, etc., the market is anticipated to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 18%. The market is projected to reach USD 50.74 billion by 2027.
Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate, actionable and help them remain ahead of their competition. Some of the leading players in the industry are ALD Automotive Pvt Ltd, Arval BNP Paribas Group, LeasePlan, Wheels, Inc., Volkswagen Financial Services.
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