Fleet Management Consulting Service Market will reach USD 39.94 Billion by 2032 With Leading Key Players -ARI Fleet Management Company, Element Fleet Management, Omnitracs, Teletrac Navman, Enterprise Fleet Management, Spectrum Tracking, Fleet Cost & CareThe global fleet management size is expected to grow USD 39.94 Billion by 2032 from USD 21.6 Billion in 2021, 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 include 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. 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.
Leading players of Fleet Management Consulting Service including:
ARI Fleet Management Company, Element Fleet Management, Omnitracs, Teletrac Navman, Enterprise Fleet Management, Spectrum Tracking, Fleet Cost & Care, BluJay, AssetPro360, FleetMind, LADS Network Solutions, Matrack, Merchants Fleet Management
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Opportunity: Mobility-as-a-service (MaaS) to provide new revenue streams
Increasing urbanization is facilitating the transition to shared mobility, leading to the increased usage of ride-hailing and car-sharing apps. MaaS positions users at the core of transport services, offering them tailor-made mobility solutions based on their individual needs. It has a significant application in the fleet industry in the future; for instance, how fleets would be provided and managed in the future. With an expected decline in the number of personally owned vehicles, few changes (new service offerings, enhanced service offerings, and service pruning) are expected in fleet management vendors' service portfolio.
Challenge: Rapidly growing data volumes and increasing cyber threats
The introduction of telematics in fleets has triggered the generation of large volumes of data. As a result, fleet managers are concerned by two key security areas: privacy and exposure to cybercriminals. Data related to fleets contain sensitive information, such as the vehicle make, drivers' personal details, and routes traversed. The data can be exploited for carrying out malicious or criminal activities, including vehicle robberies and planned crime. Data privacy infringement is a major reason discouraging end customers from using telematics solutions, especially in North American countries and China, where regulations are stringent. The issue is currently being observed by countries, and several data-related laws and regulations are being gradually rolled out. For instance, as per the GDPR, fleet companies must ensure the process of collecting data is safe. The process of protecting telematics data must be comprehensive and proactive. It should involve exploring, locating, and patching any notable vulnerabilities. However, currently, a uniform global standard has not been implemented to address the data breach issue.
Fleet Management Consulting Service Segmentation by Type:
Vehicle Leasing, Vehicle Maintenance, Accident Management, Others.
Fleet Management Consulting Service Segmentation by Application:
Large Enterprises, SMEs
Why is the Demand for Fleet Management Surging in the U.S.?
According to the FMI analysis, the overall fleet management spending in the U.S. alone is likely to increase at a rate of 10% between 2021 and 2031, with a market value of US$ 2.6 Bn in 2021.
North America will emerge as the largest market for fleet management, due to the strong presence of service providers, in the region. This is attributed to the increase in demand from various industrial verticals. Moreover, increasing demand for full-service leasing is significantly fueling the growth of fleet management companies in recent years.
In North America, especially in the U.S., continuous innovation in big-data analytics in fleet management is resulting in greater choice, flexibility, and cost-saving solutions for fleet management and towards the future of mobility.
Is Germany a Lucrative Market for Fleet Management?
The market in Germany is anticipated to be valued around US$ 2.2 Bn by 2031. In the past few years, it has been observed that many small and medium enterprises in European countries such as the U.K., Germany, and France are adopting fleet management solutions and services driven by the growing popularity of cloud-based solutions.
Germany happens to be a home to globally leading automobile industry that produces around 6 million cars per year. Increasing government initiatives coupled with the promotion of electric vehicles through tax incentives and subsidies, is making fleet managers increasingly interested in new mobility contracts. Furthermore, Europe is identified by FMI as the second-largest market in2021, which is expected to dominate the market by 2031.
Growth of Commercial Vehicle Fleet Management Systems in China Driving Demand
According to the FMI analysis, the market for fleet management in China is likely to grow at a CAGR of 9.1% from 2021 and 2031, with a market value of around US$ 1.1 Bn in 2021. China, Japan and South Korea are creating potential growth opportunities for the growth of fleet management owing to rising emphasis of fleet operators on operational efficiency.
Transportation, oil and gas, and construction sectors are growing rapidly in the China supporting the adoption of fleet management solutions and services, which in-turn has increased the demand for the fleet management in the region drastically.
China's commercial vehicle fleet management system market is currently in phase 2.0, which focuses on people-vehicle interaction. In the coming years, the market is expected to enter phase 3.0, centering on technologies for vehicle-to-everything, vehicle-to-vehicle, and Internet of Things.
In China, the commercial vehicle market is being driven by the booming e-commerce industry, thereby driving the growth of overall fleet management market in China.
How are Fleet Management Solutions Faring across India?
The fleet management market in India is anticipated to witness a growth in revenue from around US$ 614.3 Mn in 2020 to US$ 1.8 Bn by 2031. The demand for cloud based and data analytics solutions in fleet management has increased rapidly across various industry verticals in major economies of the South Asia and Pacific region including India and Australia.
Moreover, in India, there has been a steady growth in the adoption of connected vehicle technologies by fleet management solution providers. The demand for commercial vehicles is projected to show major growth as Indian commercial vehicle owners are looking for cost-efficient and low-emission methods to cope with fleet management operations. Furthermore, rapid growth in the e-commerce and construction sectors in India, is expected to drive market growth.
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Highlights of the Report:
The report provides Fleet Management Consulting Service industry demand trends in Q1 and Q2 2021.
• Individual circumstances of the Fleet Management Consulting Service segments are discussed in the report.
• The report contains forward-looking information on risks and uncertainties.
• The report studies the consumer-focused sectors of the Fleet Management Consulting Service.
• The trade scenarios of the products and services in particular segments are detailed in the report along with regulation, taxes, and tariffs.
• The trends that are impacting the Fleet Management Consulting Service for past few years are discussed in the report.
• The report studies the potential impact of the Covid-19 pandemic on the Fleet Management Consulting Service industry economy and performance of the market players in the same context.
Table of Content:
1 Scope of the Report
1.1 Market Introduction
1.2 Research Objectives
1.3 Years Considered
1.4 Market Research Methodology
1.5 Economic Indicators
1.6 Currency Considered
2 Executive Summary
3 Global Fleet Management Consulting Service by Players
4 Fleet Management Consulting Service by Regions
4.1 Fleet Management Consulting Service Size by Regions
4.2 Americas Fleet Management Consulting Service Size Growth
4.3 APAC Fleet Management Consulting Service Size Growth
4.4 Europe Fleet Management Consulting Service Size Growth
4.5 Middle East & Africa Fleet Management Consulting Service Size Growth
8 Middle East & Africa
9 Market Drivers, Challenges and Trends
9.1 Market Drivers and Impact
9.1.1 Growing Demand from Key Regions
9.1.2 Growing Demand from Key Applications and Potential Industries
9.2 Market Challenges and Impact
9.3 Market Trends
10 Global Fleet Management Consulting Service Forecast
11 Key Players Analysis
12 Research Findings and Conclusion
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Why is Trucks/Cars/Buses Segment Reflecting Higher Growth?
In terms of fleet type, the market is segmented into trucks/cars/buses, ships/vessels, aircrafts, and railcars. The trucks/cars/buses are expected to register the highest CAGR of 13.6% during the forecast period, while also creating an incremental opportunity of US$ 11.7 Bn between 2021 and 2031.
There has been a rise in demand for on-demand trucking services in recent years. The benefits of on-demand trucking extends to clients, individual drivers, and fleets. The major benefits include the ability to lower expenses, optimize use of containers, reduce administrative tasks, and automate processes.
Why does Fleet Tracking and Geofencing Segment Hold Larger Share in the Market?
In terms of application, the market is segmented into fleet tracking and geofencing, vehicle maintenance and diagnostics, driver behavior monitoring, and fuel management among others. The fleet tracking and geofencing segment is expected to hold the largest share of the market accounting for US$ 4.3 Bn in 2020, while growing at a considerable CAGR of 12.1% between 2021 and 2031.
The growth of the segment can be primarily attributed to fleet management and geofencing software features that give you the ability to reduce costs, increase productivity, and visibility, and thereby improve fleet management operations.
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