Fleet Management Market Projected to reach $33.9 Billion by 2026 at a CAGR of 10.5%

MarketsandMarkets forecasts the global Fleet Management size to grow from USD 20.6 Billion in 2021 to USD 33.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The presence of various key players in the ecosystem has led to a competitive and diverse market. 

The market includes a high growth rate for the adoption of cloud computing and analytics, declining hardware and IoT connectivity costs, a growing need for operational efficiency, and recent government mandates. However, there are significant growth opportunities for Fleet Management vendors. Small firms and startups are also marking their presence in the fleet management market by providing their offerings across the world. As the governments across the globe are focusing on making vehicles efficient, the fleet management industry is gradually adopting advanced technologies, and various fleet organizations are undertaking green initiatives to reduce environmental impact and increase the overall fleet efficiency.

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The operations management segment to hold a larger market share during the forecast period

In the fleet management market by solution, the operations management segment is expected to hold a larger market share during the forecast period. Fleet management solutions aim at reducing risks, improving safety and security, monitoring fleets, and optimizing fleet operations. Fleet management operations include vehicle maintenance, overseeing fuel consumption and fuel costs, driver management, asset utilization, route planning, and the implementation of any programs that increase company productivity and decrease instances. The need to reduce fuel costs, optimize routes, increase productivity, and enhance customer satisfaction is driving the demand for effective fleet management.

Passenger Cars are expected to have a higher growth rate during the forecast period.

By fleet type, passenger cars are expected to have a higher growth rate in the market during the forecast period. Passenger cars are vehicles with a seating capacity of up to six persons, excluding the driver. In line with the agreed categories of sub-classification, passenger cars are further classified into the following segments: mini cars, compact cars, midsize cars, executive cars, premium cars, and luxury cars. Leasing a small fleet of cars, minivans, or pickups is easier and more advantageous than ever. The associated services include supply chain management, maintenance, licensing and compliance, fuel management, and accident claims for keeping the vehicles well maintained. Fleet Management Solution assists in organizing, managing, and coordinating fleet operations from a centralized information system. It uses connectivity technologies to enable data and information flow between fleets and the back-end systems, accessible by fleet owners and managers. Key factors such as the rise in the need for fuel efficiency and environmental concerns are contributing to the growth and  adoption of EVs in passenger cars.

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North America to hold the largest market size during the forecast period

North America is expected to hold the largest market size in the global fleet management market during the forecast period. The US has emerged as a larger country in terms of market size, due to the large-scale implementation of fleet management solutions by the organizations and enterprises in the country. Operational effectiveness and reduction in overall cost of corporate fleets is the key focus area for fleet management in North America. North American companies and government companies rely heavily on their corporate vehicle fleets serving as the major factor to the fast growth of the fleet management market in the US.

The report covers the competitive landscape and profiles major market players, including Automotive Rentals Inc. (ARI) (US), Azuga Inc. (Azuga) (US), Chevin Fleet Solutions (Chevin) (England), Donlen Corporation (Donlen) (US), Geotab (Canada), GPS Insight (US), Inseego Corp. (Inseego) (US), Masternaut Limited (Masternaut) (England), MiX Telematics International (Pty) Ltd (MiX Telematics) (South Africa), NexTraq, LLC (NexTraq) (US), Omnitracs LLC (Omnitracs) (US), Teletrac Navman (US), Trimble Inc. (Trimble) (US), Verizon Connect (US), Zonar Systems, Inc. (Zonar Systems) (US), ORBCOMM (US), Samsara Networks, Inc. (Samsara) (US), KeepTruckin, Inc. (KeepTruckin) (US), ClearPathGPS, Inc. (ClearPathGPS) (US), Bestmile SA (Bestmile) (US), Complete Innovations, Inc. (Fleet Complete) (Canada), Automile Inc (Automile) (US), Fleetonomy (Israel), Certified Tracking Solutions Inc. (Titan GPS) (Canada), GURTAM (Gurtam) (Belarus), Fleetroot (UAE), Avrios International AG (Avrios) (Switzerland), and Rarestep, Inc. (Fleetio) (US). This research report also studies the strategic alliances and lucrative acquisitions among various global and local players in the fleet management ecosystem. These players have adopted various strategies to grow in the global fleet management market.

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