Fleet Management System Market: Segmented: By Fleet Type (Passengers Cars and Commercial Fleets), By Component (Solutions and Services), By End-User (Automotive, Energy & Utilities, Manufacturing, Retail, Transportation and Logistics, Construction, and Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Fleet Management System Market to surpass USD 75.7 billion by 2031 from USD 22 billion in 2021 at a CAGR of 13.2% in the coming years, i.e., 2022-32.
Fleet Management System refers to a system that manages the operations of vehicles and other assets of an organization. Fleet management system enables the monitoring of fleet activities and helps in proper asset management, acquisition and disposal of vehicles. The system ensures meeting compliance requirements, cost reduction, durability, improved efficiency, maintenance, managing fuel consumption, and smooth operations of fleet of vehicles despite the size. Fleet management teams are using fleet management software as it offers complete visibility over fleet operations, identifies issues, and organizes day-to-day tasks to improve the performance of the businesses.
Fleet Management System market is expected to project a notable CAGR of 13.2% in 2032.
Growth in transportation & logistics industry, growing E-commerce industry, favorable government policies, and advancements in 5g technology and wireless connectivity are the key factors driving the growth of Fleet Management System market.
Commercial Fleets segment holds the largest market share
Fleet Management System market is classified on the basis of fleet type into Passengers Cars and Commercial Fleets. Commercial Fleets segment is dominating the market with the largest market share. Various industries such as manufacturing, logistics, transportation, and others rely heavily on commercial fleets which is inducing the adoption of fleet management solutions to ensure smooth operations. Growing E-commerce industry will boost the growth of Commercial Fleets segment.
Solutions segment to grow with the highest CAGR during 2022-32
Fleet Management System market is fragmented on the basis of components into Solutions and Services. Solutions segment is projected to grow with the highest CAGR during the forecast period. Solutions segment is bifurcated into Vehicle Maintenance and Diagnostics, Operations Management, Fleet Analytics and Reporting, and Others. Growing need of analytical data solutions for getting a brief and clear view of the ongoing activities in the field is contributing to the segment growth.
Growth in Transportation & Logistics Industry
Transportation industry has expanded significantly owing to the rise in the demand for taxi services in developed and developing countries. Transportation companies are opting Fleet Management solutions to lower maintenance and operational costs, regulate fuel consumption, tracking and access the real-time location of their assets. Booming E-commerce industry has created huge growth opportunities for Fleet Management System market due to increasing demand from logistics industry. Furthermore, rising trade activities and industrialization are also fostering the growth of the Fleet Management System market.
Advancements in 5g Technology and Wireless Connectivity
Widespread adoption of wireless connectivity and augmentation of Internet of Things in the transportation sector are driving the growth of Fleet Management System market. Advancement in 5g technology and use of cloud computing, artificial intelligence, GPS, and deployment of fleet telematics solutions are fueling the productivity of Fleet Management Systems. Also, favorable government regulations towards the vehicle maintenance and safety is fueling the growth of the Fleet Management System market.
Low Signal and Cost Sensitivity
Various atmospheric interferences while travelling long distances reduces the accuracy and efficiency of GPS devices as the software needs to interpret signals from multiple satellites which is a key restraint in the market. Additionally, cost sensitivity among market players is also hampering the growth of the market.
Fleet Management System market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is projected to hold the largest market share during the forecast period. The growth is attributed to the presence of key market players and rising demand from transportation industry. Furthermore, Asia Pacific is anticipated to grow at a significant rate owing to the flourishing transport services and growing E-commerce industry.
The global outbreak of coronavirus has adversely affected the economic growth of several countries. The strict imposition of lockdowns and travel bans have led to the shutdown of many businesses. There has been a huge imbalance in the supply and demand of goods and services. Transportation and Automobile sector was badly affected amid the pandemic due to the travel restrictions which resulted in a sharp decline in the demand for fleet operations. Covid-19 negatively impacted the growth of Fleet Management System market.
Fleet Management System Market is further segmented by region into:
Fleet Management System Market Segments:
|Market size value in 2021||USD 22 billion|
|Revenue forecast in 2031||USD 75.7 billion|
|Growth Rate||CAGR of 13.2% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Fleet Type, Component, End-User, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||IBM Corporation, AT&T Inc., Geotab, I.D. Systems, Inseego Corporation, Mix Telematics Ltd., Omnitracs LLC, TomTom N.V., Trimble Inc., Verizon Communications, Wheels Inc., Navico, Cisco Systems, Inc., MiTAC International Corporation, Telogis, and Other Prominent Players|
Fleet Management System market size was estimated at USD 22 billion in 2021 and is expected to reach USD 75.7 billion in 2031.
Fleet Management System refers to a system which manages the operations of vehicles and other assets of an organization. Fleet management system enables the monitoring of fleet activities and helps in proper asset management, acquisition and disposal of vehicles.
Commercial Fleets and Solutions segment accounted for the largest Fleet Management System market share.
Key players: IBM Corporation, AT&T Inc., Geotab, I.D. Systems, Inseego Corporation, Mix Telematics Ltd., Omnitracs LLC, TomTom N.V., Trimble Inc., Verizon Communications, Wheels Inc., Navico, Cisco Systems, Inc., MiTAC International Corporation, Telogis, and Other Prominent Players are the key players in the Fleet Management System market.
Growth in Transportation & Logistics Industry and Advancements in 5g Technology and Wireless Connectivity are the factors driving the Fleet Management System market.
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