The growing need for operational efficiency is expected to drive the growth of the fleet management market
The fleet management market size is expected to grow from USD 13.78 billion in 2017 to USD 28.66 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period. The major driver for the upsurge in the demand of the fleet management market is said to be the declining hardware and connectivity costs, leading to the increased deployment of fleet management solutions. The major restraining factor is expected to be the cost sensitivity of fleet owners, which is restricting the deployment of advanced fleet management technologies.
Cloud deployment type is expected to grow at the fastest rate during the forecast period
The cloud deployment type is expected to witness the highest growth rate during the forecast period, owing to its cost-effectiveness, scalability, and ease of accessibility to organizational content, regardless of the employee location, thereby supplementing the business continuity.
Passenger cars segment is expected to hold the largest market share market during the forecast period
The passenger cars segment is expected to hold largest market share during the forecast period, owing to its large presence and increased deployment of advanced fleet management technology, especially by the fleet leasing companies.
Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period
As per the geographic analysis, the APAC region is expected to witness the fastest growth in the fleet management market, due to the increasing adoption of advanced technologies and increasing Gross Domestic Product (GDP) in countries. North America is expected to hold the largest market share during the forecast period, owing to the early adoption of fleet management technology and the increasing government regulations, policies, and mandates.
The break-up profiles of the primary discussion participants are given below:
• By Company Type: Tier 1 (53%), Tier 2 (33%), and Tier 3 (14%)
• By Designation: C-Level (60%), Director Level (10%), and Manager Level (30%)
• By Region: North America (35%), Europe (25%), APAC (30%), and RoW (10%)
The key fleet management market vendors profiled in the report are as follows:
1. AT&T (US)
2. Donlen Corporation (US)
3. Geotab (Canada)
4. LeasePlan USA (US)
5. Masternaut Limited (UK)
6. Merchants Fleet Management (US)
7. Omnitracs (US)
8. Teletrac Navman (US)
9. Trimble (US)
10. Verizon Telematics (US)
11. Wheels, Inc. (US)
12. WorkWave (US)
The global fleet management market has been segmented on the basis of types (solutions and services), deployment types, fleet types, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across different regions. In addition to this, the strength of product portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
Reasons to Buy the Report
The report will help the market leaders/new entrants in the fleet management market in the following ways:
1. The report segments the fleet management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps the stakeholders understand the competitors and gain more insights to better their position in the market.