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Fleet Management Market Size By Solution (Operation Management, Driver Management, Vehicle Tracking System), By Vehicle Type (Passenger Vehicle, Commercial Vehicle [Light-duty, Medium-duty, Heavy-duty (Tractor, Trailer)], By Deployment Model (On-premise, Cloud), By End-use (Transportation, Construction, Manufacturing, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI3598
  • Base Year: 2020
  • Report Format: PDF

Industry Trends

Fleet Management Market size exceeded USD 16 billion in 2020 and is expected to grow at a CAGR of over 15% from 2021 to 2027. Rising demand to improve fleet efficiency among fleet operators using vehicle telematics is likely to drive the industry growth. Enterprises operating in fleets for transportation and logistics are required to focus on operational efficiency along with effective supply chain processes. Additionally, fleet operations and acquisition expenses are major factors contributing to the overhead costs. To address these challenges, fleet operators across the region are spurring the demand for innovative fleet management software solutions.

Fleet Management Market  

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The recent COVID-19 outbreak has imposed restrictions on the movement of vehicles. Several governments have imposed strict lockdowns and brought commercial transportation to a standstill. The decrease in trucking and commercial logistics activities is negatively impacting the global fleet management market due to a decline in fleet mileage and commercial vehicle sale reduction.

Enhanced control of on-premise fleet management solutions is fueling the Canada market revenue

Canada Fleet Management Market Size, By Deployment Model

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In Canada fleet management market, the on-premise deployment model is predicted to generate over USD 2 billion in 2027 with a share of more than 30% on account of extensive resilience in on-premise infrastructure to manage and track fleet operations. The on-premise deployment enables fleet operators with enhanced control and management capabilities for fleet operations. Unlike cloud-based solutions, fleet management solutions deployed over on-premise infrastructure reduce security concerns. Several enterprises are offering a sophisticated fleet management platform for on-premise deployments.

Vehicle tracking systems are projected to grow significantly in Germany fleet management market

Germany Fleet Management Market Size, By Solution

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In Germany, the vehicle tracking system market is set to witness around 15% CAGR during 2021 to 2027 driven by the growing need for fuel management and reduced insurance costs coupled with weather & traffic updates. Subsequently, government initiatives and regulations on deploying telematics and ELDs are supporting the adoption of vehicle tracking systems. Companies serving in the region offer innovative vehicle tracking systems. GPS-based vehicle tracking systems help fleet managers to locate fleet vehicles in real-time. In case of loss of vehicles and assets, these vehicle tracking systems provide granular updates regarding the stolen vehicle or asset.

Increasing manufacturing industry to augment the fleet management market in China

China Fleet Management Market Share, By End-use

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In China, the manufacturing industry is estimated to register growth rate of more than 20% CAGR through 2027 propelled by rising demand to improve the supply chain across production facilities. As manufacturing processes take place at large-scale production sites, enterprises are required to ensure optimum equipment processing and vehicle operations. Any disruptions in these processes affect the overall business output and result in failure to achieve deadlines, thus manufacturing enterprises are adopting and deploying advanced fleet management systems to manage complex fleet operations.

Increasing demand to improve vehicle driving behavior in India to foster the market statistics

In India, commercial vehicles held above 50% of the fleet management market revenue share in 2020 led by the growing demand to improve driving practices across the commercial vehicle segment. There has been a consistent growth in the adoption of connected vehicle technologies by fleet operators. The demand for commercial vehicles is poised to grow as vehicle owners are looking for cost-effective and low-emission ways to manage fleet operations. Rapid growth in the construction and e-commerce sectors is likely to boost the need for smart commercial vehicles to transport goods within cities.

North America dominated the fleet management market in 2020

North America captured a dominant market share in 2020 impelled by rapid growth in the usage of IoT devices and connected vehicle technologies to address market requirements for accurate vehicle tracking. Digital banking and payment services companies are focusing on collaborations and partnerships to launch new innovative payment solutions for automotive fleets. For instance, in August 2020, Discover, a leading digital bank and payments company, signed a collaboration agreement with Car IQ, a Fintech company, to launch machine-initiated payments for automotive fleets.

Strategic partnership is the key market strategy adopted by leading market players

Companies operating in the fleet management industry are emphasizing on strategic partnerships to enhance their capabilities. For instance, in January 2021, Wheels Inc. partnered with General Motors to extend its vehicle connectivity services. As a part of this partnership, both the companies are offering fleet management solutions based on the OnStar embedded hardware platform to their mutual customers.

Some of the major fleet management market players are ARI Fleet Management Company, Astrata Europe BV, Automile Inc., Azuga, Inc., Bestmile SA, ClearpathGPS, Inc., Donlen Corporation, Element-Arval Global Alliance, Garmin Ltd., Geotab, Inc., GPS Insights, ID Systems, Inc. (Powerfleet), Inseego Corporation, KeepTruckin, Inc., LeasePlan Corporation., Masternaut Ltd., MiX Telematics International (Pty) Ltd., NexTraq, LLC, Omnitracs, LLC, Onfleet, Inc., ORIX Corporation, Samsara Networks, Inc., Teletrac Navman US Ltd., ThingTech, LLC, TomTom International BV, Tourmaline Labs, Inc., Trimble, Inc., US Fleet Tracking, Utilimarc, Inc., Verizon Connect, and Wheels, Inc.

This fleet management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Deployment Model

  • Cloud
  • On-premise

Market, By Solution

  • Operation Management
  • Driver Management
  • Vehicle Tracking System
  • Others

Market, By End-use

  • Transportation
  • Construction
  • Manufacturing
  • Utility
  • Others

Market, By Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle
    • Light duty
    • Medium duty
    • Heavy duty
      • Tractors
      • Trailers

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • ANZ
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • South Africa
Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

Worldwide fleet management market had reached a value of USD 16 billion in 2020 and could expand at a 15% CAGR over 2021-2027.

On-premise deployment model in Canada fleet management is expected to generate more than USD 2 billion by 2027 owing to high resilience in infrastructure to track and control fleet operations.

Germany vehicle tracking industry could grow at a CAGR of over 15% through 2027 with gradual reduction in insurance costs and higher demand for fuel management.

China fleet management market share from manufacturing sector should expand at a 20% CAGR over 2021-2027 with increasing realization for the need to improve supply chain.

Commercial vehicles segment captured more than 50% share of India fleet management industry in terms of revenue with increased focus on better driving practices.

North America fleet management market trends over 2021-2027 will be driven by the growing use of IoT and connected technologies in vehicle tracking and other operations.

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Premium Report Details

  • Published Date: Jun 2021
  • Companies covered: 31
  • Tables & Figures: 465
  • Countries covered: 22
  • Pages: 362

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