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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

Fleet management refers to a process of enabling companies to streamline and coordinate work vehicles with an objective to reduce costs, provide compliance with government regulations, and enhance efficiency. Different solutions are offered under fleet management such as operations management, driver management, fuel management, speed management, health and safety management, vehicle telematics, and vehicle management. Furthermore, fleet management solutions include various advanced technologies including GPS, data communication, Internet of Things (IoT), artificial intelligence (AI), machine learning, Fleet Management Solution, etc. The global fleet management solution market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

The global fleet management solution market is estimated to be valued at US$ 37.89 million in 2021 and is expected to exhibit a CAGR of 22.6 % over the forecast period (2021-2028).

Recent Developments:

In July 2020, Tata Motors Limited, an Indian multinational automotive manufacturing company introduced Tata Motors Fleet Edge — a next-generation connected vehicle solution for fleet management.

In July 2020, Bridgestone Americas, a tire and rubber company announced the agreement to buy Azuga Holdings Inc., a provider of fleet management software for $391 million.

In February 2020, Royal Dutch Shell plc introduced advanced fleet management solutions in India.

Figure 1. Global Fleet Management Solution Market Value (US$ Mn), by Region, 2020

Fleet Management Solution  | Coherent Market Insights

North America held dominant position in the global fleet management solution market in 2020, accounting for 34.2% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Global Fleet Management Solution Market- Drivers

Increasing adoption of fleet management analytics is expected to drive growth of the global fleet management solution market during the forecast period. Fleet management solution includes data management and analytics, which has increased its adoption significantly. Data management and analytics have become crucial since companies have been able to save additional costs. Moreover, these features help collect data from various business processes, synthesize them, and make sense of data points. Data management and analytics form the backbone of an effective and competitive fleet management company.

Growing shift towards smaller fleets is expected to propel the global fleet management solution market growth over the forecast period. North America region dominated the global Fleet Management Solution Market in 2020, accounting for 34.2 % share in terms of value, followed by Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Fleet Management Solution Market: Opportunities

Advancements in technology are expected to present new technologies such as connected vehicles and autonomous cars. Constant developments in technology have given rise to this new breed of vehicles is anticipated to re-shape the fleet management market. This paradigm shift would also affect roadways, roles, fleets, business models, and drivers. Moreover, the proliferation of Advanced Driver Assistance Systems (ADAS) is expected to make mobile technology common among fleets. Declining costs of telematics both in terms of software and hardware had increased the use of telematics solution, in order to enhance operational safety.

Since the number of fleets and their constituents is increasing, on-demand trucking service can emerge as a new segment in the market. Uber-like functionality is expected to be the centerpiece of this new segment, which would witness a rise in the number of companies offering on-demand trucking services. Hence, these developments are expected to result in a more efficient resource management and give rise to a new segment for telematics service providers to act as intermediaries.

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Fleet Management Solution Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 37.89 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 23.5% 2028 Value Projection: US$ 166.23 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Western Europe: Germany, U.K., France, Italy, and Rest of Western Europe
  • Eastern Europe: Poland, Russia, and Rest of Eastern Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, Israel,  South Africa, North Africa, Central Africa, Rest of Middle East
Segments covered:
  • By Deployment: Cloud, On-premise
  • By Type: Vehicle Management, Driver Management, Operations Management
  • By End-use Industry: Transportation & Logistics, Automotive, Retail, Government, Shipping
Companies covered:

Emkay, Inc., Element Fleet Management Corp., Magellan Navigation, Inc., Daimler Fleet Management GmbH, Telogis, Inc. (Verizon), JDA Software Group, Inc., Trimble Inc., Wheels, Inc., TomTom Telematics BV, and MiX Telematics Ltd.

Growth Drivers:
  • Increasing adoption of fleet management analytics 
  • Growing shift towards smaller fleets
Restraints & Challenges:
  • Constant fluctuations in fuel prices 
  • Presence of blind spot in network coverage

Market Trends

Safety remains one of the most critical issues for fleet management companies and managers. Concerns regarding the safety of the vehicle and the driver is a perennial concern in the industry. Factors such as lack of compliance, especially by the drivers regarding safety policies such as cell phone usage while driving, make enforcing safety measures difficult. Since fleet company drivers drive comparatively more than other drivers, it becomes challenging to achieve an optimum balance of limiting the use of mobile devices while driving. This, in turn, can endanger the driver as well as the fleet. However, technology can help leverage fleet operations and lower accident rates. Many automakers are laying emphasis on safety features, while companies are adopting vehicles with enhanced safety features such as vehicle-to-vehicle communication. Hence, fleet management solutions are expected to witness significant demand in the near future.

Telematics is a branch of information technology relating to the long-distance transmission of computerized information. The telematics data can help connect with business processes and operations. High growth of data points is expected to increase adoption of telematics data that can be mined with basic fleet data to track and trace vehicles or to plan the course from point A to point B. It is also possible to track driving behavior, driving patterns, mapping, diagnostics, etc.

Figure 2. Global Fleet Management Solution Market Share, By XX, 2020

Fleet Management Solution  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Vehicle Management segment held dominant position in the market and accounted for 32.82% share in the global fleet management solution market in 2020. The segment is expected to reach US$ 57.7 million in 2028. This is owing to growth of wireless technology
  • The operations management segment accounted for the largest market share of 50.87% in the global fleet management solution market in 2020 and is expected to be valued at US$ 80.0 million by 2028, owing to growing demand from end use industry

Global Fleet Management Solation Market- Restraint 

Constant fluctuations in fuel prices are expected to hinder the global fleet management solution market growth over the forecast period. The volatility in fuel prices is the major factor restricting growth of the market. As fuel prices are difficult to be projected, it is difficult to plan and budget for them. Moreover, the pressure to reduce fuel costs while increasing the efficiency calls for new and creative measures to save on fuel. However, learning to plan for variance in fuel prices remains a major challenge.

Presence of blind spot in network coverage is expected to restrain growth of the global fleet management solution market growth during the forecast period. There are certain blind spots in network coverage where there is no signal or the signal is weak and the existence of the receiver within the blind spot, which decelerates the performance of the communication system. Such laps in communications can cause major damage to the process of goods transportation and hinder overall fleet management.

Competitive Section

Major companies operating in the global fleet management solution are Emkay, Inc., Element Fleet Management Corp., Magellan Navigation, Inc., Daimler Fleet Management GmbH, Telogis, Inc. (Verizon), JDA Software Group, Inc., Trimble Inc., Wheels, Inc., TomTom Telematics BV, and MiX Telematics Ltd.

Key Developments

  1. Major companies in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in February 2017, Trimble Inc., a U.S.-based software-as-a-service company, acquired Beena Vision, a U.S.-based manufacturer of automated vision-based wayside inspection systems, to expand its portfolio.
  2. Key players in the market are focused on partnerships and collaborations, in order to obtain a competitive edge in the market. For instance, in June 2019, Emkay, Inc., a U.S.-based provider of fleet management solutions, partnered with Motorq Inc., a connected car data and analytics company, in order to let Emkay, Inc. expand its ability to provide data and actionable insights to customers.

Fleet management refers to a process of enabling companies to streamline and coordinate work vehicles with an objective to reduce costs, provide compliance with government regulations, and enhance efficiency. Different solutions are offered under fleet management such as operations management, driver management, fuel management, speed management, health and safety management, vehicle telematics, and vehicle management. Furthermore, fleet management solutions include various advanced technologies including GPS, data communication, Internet of Things (IoT), artificial intelligence (AI), machine learning, Fleet Management Solution, etc. The global fleet management solution market focuses on six

Market Dynamics

Fleet management solution includes data management and analytics, which has increased its adoption significantly. Data management and analytics have become crucial since companies have been able to save additional costs. Moreover, these features help collect data from various business processes, synthesize them, and make sense of data points. Data management and analytics form the backbone of an effective and competitive fleet management company. This, in turn, is expected to drive growth of the global fleet management solution market during the forecast period. A majority of transport companies are shifting towards smaller vehicles and fleets, in order to reduce fleet costs and offer better fuel efficiency. With this, many organizations are focused on reducing their operational expenses. Furthermore, downsizing to smaller vehicles offers much lower total cost of ownership (TCO) as compared to heavy vehicles. Numerous fleet management organizations across the globe are trying to program and put a limit on the fleet performance while maintaining balance between driver satisfactions. Thus, these factors are expected to propel the global fleet management solution market growth in the near future.

Key features of the study:

  • This report provides an in-depth analysis of the Global Fleet Management Solution Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2021-2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Fleet Management Solution Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Fleet Management Solution Market includes Emkay, Inc., Element Fleet Management Corp., Magellan Navigation, Inc., Daimler Fleet Management GmbH, Telogis, Inc. (Verizon), JDA Software Group, Inc., Trimble Inc., Wheels, Inc., TomTom Telematics BV, and MiX Telematics Ltd.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global Fleet Management Solution market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Fleet Management Solution Market.

Detailed Segmentation:

  • Global Fleet Management Solution Market, By Deployment:
    • Cloud
    • On-Premise
    • Global Fleet Management Solution Market, By Type:
    • Vehicle Management
    • Driver Management
    • Operations Management
  • Global Fleet Management Solution Market, By End-use Industry:
    • Transportation & Logistics
    • Automotive
    • Retail
    • Government
    • Shipping
  • Global Fleet Management Solution Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • Daimler Fleet Management GmbH
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Element Fleet Management Corp.
    • Emkay, Inc.
    • JDA Software Group, Inc.
    • Magellan Navigation, Inc.
    • MiX Telematics Ltd.
    • Telogis, Inc. (Verizon)
    • TomTom Telematics BV
    • Trimble Inc.
    • Wheels, Inc.

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Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Deployment
      • Market Snippet, By Type
      • Market Snippet, By End-use Industry
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Fleet Management Solution Market, By Deployment, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Cloud
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • On-Premise
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  5. Global Fleet Management Solution Market, By Type, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Vehicle Management
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Driver Management
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Operations Management
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  6. Global Fleet Management Solution Market, By End-use Industry, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Transportation & Logistics
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
        • Organized Store
        • Independent Store
    • Automotive
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Retail
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Government
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Shipping
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  7. Global Fleet Management Solution Market, By Region, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2028 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.S.
        • Canada
    • Western Europe
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Rest of Europe
    • Eastern Europe
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • Poland
        • Russia
        • Rest of Eastern Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By End-use Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • Daimler Fleet Management GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Element Fleet Management Corp.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Emkay, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • JDA Software Group, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Magellan Navigation, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • MiX Telematics Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Telogis, Inc. (Verizon)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • TomTom Telematics BV
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Trimble Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Wheels, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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FAQgrowicon

Frequently Asked Questions

The global flee management market is expected to register a CAGR of 23.5% during the forecast period 2021-2028.
Ongoing safety concerns and Emergence of telematics are key trends in the market.
Advent of advanced and connected fleets and growing adoption of on-demand trucking service can provide significant growth opportunities in the market.
Constant fluctuations in fuel prices and presence of blind spot in network coverage are expected to hamper the market.
North America is expected to hold dominant position in the market.
Emkay, Inc., Element Fleet Management Corp., Magellan Navigation, Inc., Daimler Fleet Management GmbH, Telogis, Inc. (Verizon), JDA Software Group, Inc., Trimble Inc., Wheels, Inc., TomTom Telematics BV, and MiX Telematics Ltd are key players involved in the market.
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