Global Fleet Management Market
Global Fleet Management Market Size Set to Touch USD 72.54 billion by 2029
Published | 17 January 2023
Global fleet management market is flourishing because of growing economic development in the country, surging demand for public transport, and increasing adoption of the wireless technologies.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global fleet management market size at USD 26.01 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global fleet management market size to grow at a significant CAGR of 15.8% reaching a value of USD 72.54 billion by 2029. Major growth factors of the global fleet management market include increasing concerns about the fleet's safety, government's regulations governing vehicle tracking and maintenance, increase in international trade, rising need of public transport and rising uses of the wireless technologies. To avoid accidents, the governments of many regions have implemented policies for vehicle upkeep. There has also been a rise in the demand for expertise in vehicle operations. The fleet management industry is likely to expand during the forecast period as organizations seek more effective operations via the use of various technologies that improve vehicle coordination and tracking. The utilization of modern technologies, as well as the launch of innovative systems and software, will also contribute to the overall market's growth. Also, the availability of cloud-based applications and systems that supply electronic information will further aid market expansion throughout the forecast period. However, lack of awareness among smaller fleet owners is anticipated to restrain the growth of global fleet management market.
Global Fleet Management Market – Overview
Fleet management is the large-scale management of commercial vehicle operations. The methods used by fleet managers to make various decisions by monitoring the fleet's activity. This is referred to as fleet management. It consists of acquiring the vehicle, dispatching it, and routing it. Fleet managers are always focused on managing the fleet in a way that helps to reduce fuel consumption, control expenses, improve productivity, and assure compliance. These are the functions of fleet managers, which serve to maximize the profitability of any firm while focusing on cost control. Managers help to reduce any risk linked with automobiles through fleet management. The fleet manager is also in charge of vehicle financing and driver management. Vehicle telematics, which relates to commercial vehicles, aircrafts, and watercrafts, is also one of the roles. Most fleet managers have implemented software that improves customer service and assures better safety. It also aids in the improvement of the business's profitability and visibility.
Impact of COVID-19 on Global Fleet Management Market
The COVID-19 boosted market growth due to an increase in online sales and the increased use of online payment options. In recent days, the surge in non-cash transfers via internet payments, prepaid cards, and mobile payments has provided new avenues for money laundering. The fast speed with which transactions can be completed, along with minimal face-to-face interaction between the person initiating the transaction and the service provider, has made these relatively new payment systems more vulnerable to money laundering activities. This necessitates that financial institutions rigorously monitor all their transactions to mitigate money laundering operations and avoid the penalties imposed by regulatory organizations.
Global Fleet Management Market – By Component
Based on component, global fleet management market is bifurcated into Solution and Services segments. The services segment is expected to dominate the market during the forecast period. Services are critical to the overall process of implementing and maintaining fleet management solutions. Prior to installing fleet management solutions, understanding the installation and maintenance needs is critical for determining the exact time and money commitments required.
Major players operating in global fleet management market include TomTom N.V., General Services Administration, Fleetmatics Group PLC, Telogis, Freeway Fleet Systems, IBM Corporation, AT&T Inc., Navico, Grupo Autofin de Monterrey, Grab, Scope Technologies, Troncalnet, FAMSA, Ola Cabs, I.D. Systems, MiTAC International Corporation, and Cisco Systems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Fleet Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Fleet Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Fleet Management Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle, Aircraft, Railway, Watercraft); By Component (Solution, Services); By Communication Technology (GNSS, Cellular System); By Solutions (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting); By End User (Retail, Transportation & Logistics, Manufacturing, Construction, Energy); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: January 2023
Increase in international trade, rising need of public transport and rising uses of the wireless technologies are projected to propel the expansion of Global fleet management market during forecast period between 2023 and 2029.
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