(MENAFN- America News Hour) Fleet Management Market Global Demand Analysis & Opportunity Outlook 2035 ” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis, and Porter's five force model.
Competition in businesses around the world in the recent era has expanded so massively that several businesses find it challenging to lower their operational costs to increase their profits. Fluctuation oil prices and increasing costs of vehicle parts and accessories have also contributed massively to the increasing cost of operation of the fleet owners.
Fleet Management Market Statistics –
USD 19 billion revenue in 2022 The market size is projected to record a valuation of over USD 53 billion by 2035 The membrane filtration industry is slated to observe 11% growth rate through 2023-2035
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As such, there is a rising demand for fleet management systems that help fleet owners to efficiently manage their business and increase efficiency and help lower operational costs by continuous monitoring of performance. Moreover, stringent norms such as the electronic logging device or ELD mandate, which requires to understand and track a driver's total working hours to comply with the labor regulations, followed by the rising commercial fleet are some of the factors anticipated to drive the growth of the global fleet management market.
The global fleet management market is anticipated to achieve a CAGR of around 12% during the forecast period, i.e. 2023-2035. The market is thriving on account of the ability of fleet management systems to be customized depending upon the requirement of the fleet owner, which has raised greater adoption of fleet management systems amongst businesses worldwide along with the trends of the fleet operators who are opting for advanced technologies including telematics that are related to big data, artificial intelligence, and others.
Further, the global fleet management market is anticipated to cross a value of around USD 17000 by the end of 2025 from a value of around USD 8000 million in the year 2018 and further achieve an absolute $ opportunity of around USD 9900 million during the assessment period.
The global fleet management market is segmented by function into operational fleet monitoring and management, vehicle dispatch, asset tracking, security & safety management, driver scheduling and condition-based maintenance. Out of these segments, the vehicle tracking component segment is the most basic function all fleet management systems. Vehicle tracking components help fleet owner to quickly respond on events in the field as these components are usually GPS-based and collect tracking information from vehicles.
Additionally, the dispatch function segment, which deals with assigning vehicles to customers and are mostly used in industries such as taxicabs, couriers and emergency services amongst others is anticipated to grow with a significant CAGR over the forecast period owing to the increasing adoption of app-based cab services around the world.
According to recent study by Research Nester, the fleet management market size is anticipated to surpass USD 53 Bn by 2035 and is projected to expand at CAGR of over 11% from 2023 to 2025.
Major players include in the global xx market:
Geotab Inc., Verizon, Omnitracs, Trimble Inc. Alphabet (GB) Limited, Telenav, Inc.
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Geographically, the global fleet management market segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America is anticipated to hold the largest market share on account of the presence of several key players in the region and presence of the commercial fleet in the region which also plays an essential role in the regional economy.
The Europe fleet management market is driven by presence of a large number of commercial fleets backed by the presence of several number of truck manufacturers which are majorly used by mobile workers in the region for activities which include distribution of goods and parcels.
However, concerns for the restrictions in data communication over the fleet management system due to the lack of presence of a proper technological infrastructure across several nations around the globe are some of the factors estimated to act as a barrier to the growth of the global fleet management market.
This report also studies existing competitive scenario of some of the key players of the global fleet management market, which includes profiling of Webfleet Solutions B.V., Geotab Inc., Verizon, Omnitracs, Trimble Inc. (NASDAQ: TRMB), Alphabet (GB) Limited, Telenav, Inc. (NASDAQ: TNAV), Arvento Mobile Tracking and Fleet Management Systems, Teletrac Navman US Ltd. and Emkay.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Fleet Management Market – Global Demand Analysis & Opportunity Outlook 2035”, analyses the overall fleet management industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global fleet management market in the near future.
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.