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B2B Connected Fleet Services Market is Expected To Accumulate a value of USD 56.1 Billion, With a CAGR of 20.3% CAGR by 2032 - Report by Market Research Future (MRFR)
B2B Connected Fleet Services Market
Growing Demand from Commercial Transportation Businesses to Boost Market Growth
B2B Connected Fleet Services Market Size was valued at USD 8.1 billion in 2022. The B2B Connected Fleet Services market industry is projected to grow from USD 8.6 billion in 2023 to USD 56.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.3% during the forecast period (2023 - 2032).
The growing need for fleet management services especially from commercial transportation businesses will boost market growth over the forecast period.
The major goal of a fleet management system is to boost the efficiency and productions of a fleet and at the same time increase its driver's safety. Often this is accomplished through a combination of car tracking, driver behavior monitoring, the fuel usage reporting & vehicle maintenance management. A key characteristic of the fleet management software is this generates near real-time alerts & notifications related to unsafe driving behaviors.
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B2B Connected Fleet Services Market Key Players:
Eminent industry players profiled in the B2B connected fleet services market report include:
• Hyundai Motor Company (South Korea)
• Bosch Mobility Solutions (Netherland)
• Verizon Connect (Ireland)
• Scania (Sweden)
• Aptiv (Ireland)
• UD Trucks Corporation (Japan)
• Telefonaktiebolaget LM Ericsson (Ericsson) (Sweden)
• Michelin Group (UK)
• Merchants Fleet (US)
• DAF Trucks N.V. (Netherlands
• Toyota Motor Corporation (Japan).
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Rapid 5G Technology Rollout to offer Robust Opportunities
The rapid 5G technology rollout will offer robust opportunities for the market over the forecast period. With 5G technologies being available across the world, the fleet management software has become more vital to stay above in the competition as well as boost productivity. Dearth of expert drivers, constant challenges related to supply chain, and insufficient commercial fleet operators indeed are fuelling the need for these fleet types. Brands are working in maintaining cars to cut down downtime, route efficiently to use their delivery capacity, track driver performance for reducing accidents, and building a comfortable working atmosphere so that chauffeurs stay with them.
Restraints and Challenges
Absence of Reliable Internet Connection to act as Market Restraint
The absence of reliable & constant internet connection and price sensitivity of the local players may act as market restraints over the forecast period.
Market Segmentation
The global B2B connected fleet services market is bifurcated based on application, fleet service type, and service type.
By service type, vehicle tracking will lead the market over the forecast period.
By fleet service type, conventional segment will domineer the market over the forecast period.
By application, passenger cars will spearhead the market over the forecast period.
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COVID-19 Analysis
Supply chains slowed down, customer concern increased, and corporate expansion had been stunted owing to the COVID-19 pandemic. In few areas, governments declared lockdown nationwide and suspension of industries temporarily. Besides, operations with restricted labor capacity & meager health safety measures along with the current demand dynamics within the fleet management domain led to a drop in the market competitors' production activities in its entirety. The vehicle and transportation industries international lockdown in response to the epidemic possessed a negative effect on the sector worldwide. All this impacted the B2B connected fleet services market.
Regional Analysis
North America to Command B2B Connected Fleet Services Market
North America will command the B2B connected fleet services market over the forecast period. The government in the region played a pivotal role to boost the market lately. The strict rules and regulations have reduced emissions successfully that come from utilizing cars and for reducing pollution resulting from cars the strict regulations compel the industry in adhering to the policies. North America grabbed the largest share for the technological advances like AI and IoT associated with fleet management. Rising technology adoption, big manufacturers here, and financing from the regulatory agencies for creating automated warehouses & distribution centers boost market growth.
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APAC to Have Favorable Growth in B2B Connected Fleet Services Market
The APAC region will have favorable growth in the market over the forecast period. The increasing usage of fleets across varied end-user sectors like automotive, warehousing, logistics, electrical and electronics, manufacturing, amid others are driving the market. The increase in technological advances coupled with growth in the industrial developments chiefly across India, Japan, and China are boosting the market. The existence of top companies is adding fillip to regional growth. Also, the presence of several manufacturing facilities in South Korea, Japan, India, and China is further expected in enhancing the market growth in this region.
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