The global Vehicle Fleet Management Market is forecast to reach USD 304.78 Billion by 2026, according to a new report by Reports and Data. Vehicle Fleet Management refers to the processes that fleet managers utilize to maintain and manage all fleet and solutions related to acquiring and leasing fleets, vehicle management, uptime downtime management, routing scheduling, safety compliance management, aftermarket service, tracking geofencing, and others, from acquisition through to disposal. The global Vehicle Fleet Management market is growing predominantly as the demand for management of the fleet is flourishing in the bigger cities due to the extreme proliferation of private and commercial automotive vehicles in the road. Telematics tracking is actively raising the market capital for the tracking analytics segment. Road transportation is rapidly harnessing having implemented Vehicle Fleet Management in commercial and passenger vehicles.
APAC is forecasted to achieve the fastest growth of about 19.3% in the period 2019 – 2026, due to an increase in the affordability of private vehicles and comprehensive implementation of Vehicle Fleet Management by all means of transportation in the countries like India and China. North America holds the highest market share of 37.4% in 2018 because of the prodigious rate of commercialization of smart Vehicle Fleet Management solutions.
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Further key findings from the report suggest
- Government bodies had a share of about 17.2% in 2018 in the market. The government bodies include licensing management, certifications, registrations, routing scheduling the government transportation, defense monitoring, and numerous law orders regarding the fleets. The segment is expected to grow with a CAGR of 14.6% during the forecast period.
- Mobility solutions consists of the peer-to-peer ridesharing, ride-hailing, rental services providers, and other passenger carrier and traveling solutions providers. The mobility solutions had a market revenue of USD 27.37 Billion in the year 2018 and will be growing at the highest CAGR of 17.1% throughout the forecast period.
- Logistics solutions are one of the highest contributors in this market, with 27.0% of market share in 2018 and 14.7% of the growth rate in the forecast period. FedEx, DHL, Japan Railways Group are some of the key players of this segment.
- The solution providers for this market is likely to reach a market share of 70.5% by 2026, having grown with a successive CAGR of 16.3% during the forecast period. Highly accurate solutions for the massive number of fleet in the crowded areas and real-time tracking facilities coupled with high-security solutions are some of the active propellers under this segment.
- Maintenance repair solutions and services focus on providing support assistance for the fleet and maintenance services for the aftermarket fleets in order to properly sustain the overall Vehicle Fleet Management process. The segment is calculated to reach a market valuation of USD 39.01 Billion by 2026.
- North America is leading the global market, with 37.4% of market possession in 2018 and would continue dominating the global market with a CAGR of 15.8% during the forecast period. United States possesses the highest market share in the worldwide market.
Key companies profiled in the report include:
Donlen Corporation, Omnitracs, Teletrac Navman, Automotive Rentals Inc., Japan Railways Group, American Airlines, FedEx, GPS Insight, Omnitracs, and Verizon Connect.
Type Outlook (Revenue: USD Billion; 2016-2026)
- Solution
- Service
Verticals Outlook (Revenue: USD Billion; 2016-2026)
- Operation Management
- Business Management
- Maintenance Repair
- Regulatory Compliance
- Software Solutions
- Tracking Analytics
- Others
Fleet Type Outlook (Revenue: USD Billion; 2016-2026)
- Aviation
- Road Transportation
- Railway System
- Marine
End-Use Industries Outlook (Revenue: USD Billion; 2016-2026)
- Mobility Solutions
- Service Maintenance
- Education Research
- Logistics Solutions
- Government Bodies
- Others
Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
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