Global Fleet Management Market is expected to foresee significant growth. North America to grow at a significant CAGR!

The Fleet Management Market stood at USD 19 Bn in 2020 and is expected to grow at a steady rate of 10.8% owing to the high growth rate for the adoption of cloud computing and analytics, declining hardware and IoT connectivity costs, and a growing need for operational efficiency. Furthermore, factors such as the rising concerns about fleet safety, mandatory government regulations towards vehicle maintenance & tracking, the need for operational competency in fleet management, and the rapidly increasing number of fleets are also fueling the growth of the fleet management market. For instance, according to the American Trucking Association (ATA), the number of fleet vehicles in the US is around 37.9 Mn trucks registered for business purposes in 2019.

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Based on component, the market is classified into solutions and services. The solutions segment is further divided into operation management, vehicle management and diagnostics, performance management, Fleet Analytics and Reporting, and Others. Among these, the solutions segment captured a prominent share of the market and is expected to grow at a substantial CAGR during the forecast period owing to the rising concerns about fleet safety. Safety is one of the top work challenges faced by fleet operators. Thus, due to the disastrous impact of accidents and other emergencies, the demand for fleet management solutions is expected to grow.

On the basis of fleet type, the market is divided into commercial vehicles and passenger cars. The commercial vehicles segment is expected to grow at a higher CAGR during the forecast period. The growth of this segment is attributed to the rising government mandate for fleet safety and growing sales of commercial vehicles in developing economies.

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For a better understanding of the market adoption of the fleet management industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held a prominent share of the fleet management market. The government of this region has played an extremely significant role in increasing the market for fleet management in recent years. The strict regulations and rules in the North American region have successfully reduced the number of emissions that come through the use of vehicles. And in order to reduce the pollution caused by vehicles, the stringent regulations are compelling the industry to adhere to the policies. Hence the fleet management market in the region is expected to grow at a significant growth rate.

Some of the major players operating in the market include Geotab Inc., Trimble Inc., Verizon Communications Inc., Zebra Technologies Corporation, Wipro Limited, Cognizant Technology Solutions Corp, MiX Telematics International (Pty) Ltd, Vontier Corporation, LeasePlan Corporation N.V., and Element Fleet Management Corp.

Global Fleet Management Market Segmentation

Market Insight, by Component

• Solutions
  • Operation Management
  • Vehicle Management and Diagnostics
  • Performance Management
  • Fleet Analytics and Reporting
  • Others
• Services

Market Insight, by Fleet Type

• Commercial Vehicles
• Passenger Cars

Market Insight, by Deployment

• On-Premises
• Cloud

Market Insight, by Region

• North America
  • The Unites States
  • Canada
  • Rest of North America
• Europe
• Germany
• The Unites Kingdom
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Geotab Inc.
• Trimble Inc.
• Verizon Communications Inc.
• Zebra Technologies Corporation
• Wipro Limited
• Cognizant Technology Solutions Corp
• MiX Telematics International (Pty) Ltd
• Vontier Corporation
• LeasePlan Corporation N.V.
• Element Fleet Management Corp.