The Worldwide Fleet Management Market is expected registered growth at a CAGR of 12.08% during the forecast period from 2022 to 2030.
The large-scale management of the operation of commercial vehicles is called fleet management. Any process employed by fleet managers to monitor the activities of their fleets to make various decisions is called fleet management. This includes acquiring vehicle dispatches and routing vehicles.
Fleet managers continue to focus on managing fleets in ways that help reduce fuel consumption, control costs, improve productivity, and ensure regulatory compliance. All of this is a fleet manager's ability to focus on maximizing profitability and maintaining costs for any business. In addition, fleet management helps managers reduce risks associated with vehicles.
Market Dynamics:
Drivers:
The main reasons contributing to the growth of the market are growing concerns about the safety of vehicles and the regulations imposed by the government on the tracking and maintenance of vehicles. Several local governments have adopted vehicle maintenance policies to prevent accidents. There has also been an increased demand for competence in vehicle operation. The increasing use of wireless technology has also helped ensure the growth of the market.
Restraints:
Growing Cyber Threats - Fleet managers are concerned about data security. Sensitive information related to the fleet, which includes routes traversed and driver's personal details, can be exploited and used for any criminal activity, another major challenge facing the industry.
GPS connectivity issues - As the use of GPS navigation systems increases, connectivity is required, but the presence of mountains, trees, and massive buildings in various places can hinder connectivity. In these cases, it becomes more difficult to have an accurate signal.
Key players:
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TomTom N.V. U.S
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General Services Administration
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Fleetmatics Group PLC
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Telogis
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Freeway Fleet Systems
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IBM Corporation
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AT&T Inc.
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Navico
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Grupo Autofin de Monterrey
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Grab
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Scope Technologies
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Troncalnet
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FAMSA
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Ola Cabs
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I.D. Systems
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MiTAC International Corporation
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Cisco Systems
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Trimble Transportation & Logistics
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Uber Technologies
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Didi Chuxing
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DC Velocity
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Fleet Robo
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European GNSS Agency (GSA)
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And Others
Market Segmentation:
Fleet Management Market, By Vehicle
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Heavy Commercial Vehicle
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Aircraft
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Railway
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Watercraft
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Trucks/Cars/Buses
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Ships/Vessels
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Electric Vehicle
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Light Commercial Vehicle
Fleet Management Market, By Component
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Solutions
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Operation Management
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Vehicle Maintenance and Diagnostics
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Performance Management
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Fleet analytics and reporting
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Others
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Services
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Professional Services
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Consulting & Advisory
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Integration & Implementation
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Managed Services
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Fleet Management Market, By Communication Technology
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Cellular system
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GNSS
Fleet Management Market, By Deployment Type
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On-Premises
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Cloud
Fleet Management Market, By Industry
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Construction
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Transportation
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Government
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Logistics
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Retail
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Automotive
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Oil and Gas
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Others
Fleet Management Market, By Geography
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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France
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Asia-Pacific
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China
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India
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Japan
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South Korea
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Malaysia
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Philippines
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Latin America
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Brazil
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Rest of Latin America
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Middle East & Africa (MEA)
Regional Analysis:
North America dominated the market share in 2021. This is because real-time tracking systems are widely used in many sectors for smooth business operations. Vehicle monitoring systems are increasingly used by American automakers such as General Motors, Ford, and Fiat-Chrysler. Another factor influencing market expansion in the region is that the region is an early adopter of digital technologies.
Asia Pacific accounted for the second largest market share in 2021, owing to expansion of the wireless taxi business in the region and growing appetite for mobility services. The presence of multiple industrial facilities in China, Japan, and India is also expected to propel the growth of the Asia-Pacific fleet management software market. India is expected to experience tremendous growth due to stringent fuel and emissions regulations.
Scope of the Report:
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Details |
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Market Size Available For Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Type, Deployment Model, Provider, Application, Enterprise Size, and Region |
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Regions Covered |
North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
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Companies Covered |
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User
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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