Global Fleet Management Industry Report: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the Fleet Management Industry Report
The global Fleet Management industry was valued to be worth 18.72 billion in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 18 percent, achieving a value of around USD 50.74 billion by 2027.
The Fleet Management industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. Fleet management provides financial management, improved vehicle and operator safety, and operational proficiency through real-time fleet telemetry data, which is propelling the market growth. Europe and North America are the biggest category spender by region which is impelling the demand for the Carbon Steel industry.
Fleet Management: Industry Definition and Segmentation
Fleet management is an integral approach for helping businesses organize and manage their work vehicles to increase productivity, save expenses, and comply with government laws. The most typical fleet management application is vehicle tracking, which includes the following monitoring of equipment abnormalities and driver behaviour. It permits people who depend on transportation to, among other things, removes or minimize the costs associated with automobile expenditures, optimize operational production, reduce average transport and administrative costs, and guarantees compliance with applicable regulations.
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The Fleet Management industry report comprises segments:
- By region: North America, Europe, Asia Pacific, the Middle East, Africa, and South America
Snapshot of the Report
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
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The various benefits supplied by the solutions are driving the market, including optimising routing, ensuring vehicle security, increasing driver safety, and improving fleet vehicle performance while producing profit. Fleet management aids managers in right-sizing fleet automobiles, supporting them, reducing fuel costs and distance travelled, changing driver behaviour, and minimising overhead costs. Furthermore, growing fleet safety concerns, obligatory government rules for vehicle maintenance and tracking, the need for operational competency in fleet management, and the acceptance of wireless technology due to its low cost and availability all contribute to the global market’s growth. The government’s tight restrictions to address issues connected to citizen safety also aided the industry’s growth.
Category Insight by Region
The key regions in the market are North America and Europe. Because of the early adoption of fleet management systems and the growing number of third-party logistics providers, North America has experienced a major expansion in warehouse operations. Furthermore, increased investments in corporate car fleets for workers favour the rise of the fleet management business in Europe.
Best Procurement Practices
The global fleet management industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of fleet management across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
The administration and dispatchers can track all automobiles from a central location using fleet management software. Driver behaviour, proper vehicle use, work breaks, and safety are all monitored via monitoring equipment. Some fleet management software may offer remote control functions like speed restriction, engine revolution limiting, and progressive slowing or stopping vehicles. Remote security capabilities use GPS, mapping, and cellular technologies to locate rogue vehicles quickly and precisely, preventing stolen cars and goods. Vehicle operations are frequently assessed for mechanical difficulties and efficiency, which helps the company’s overall efficiency and revenues.
Key Supplier Profiles included in the Global Fleet Management Industry Report
The key market players are ALD Automotive Limited, Arval, LeasePlan Corporation N.V., Wheels, Inc., and Orix Corporation.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments in the market.
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