Fleet Management Market is set to register 15% CAGR through 2027; Global Market Insights Inc.
Fleet Management Market is poised to grow with a lucrative CAGR from 2021 to 2027 on account of the expanding commercial automobile industry along with enterprise-wide demand for location-aware technologies.
Delaware, United States – July 27, 2021 /MarketersMedia/ —
Fleet management market has witnessed notable adoption due to the expanding commercial automobile industry, enterprise-wide demand for location-aware technologies along with the changing consumer demand towards the adoption of smart automobiles that energy efficient. The surging use of fleet management services to support operational efficiency coupled with effective supply chain processes across the e-commerce sector will positively influence the global trends.
The global fleet management market revenue size is likely to cross USD 45 billion in valuation through 2027. The presence of many leading fleet management providers is a major factor supporting developments over time. These companies are entering into partnership, alliance, and merging to meet their growth requirements. Some of the prominent names in the industry include Bestmile SA, ARI Fleet Management, Donlen Corporation, and Azuga Inc., to name a few.
Increasing need for operation management
With respect to the solutions, operation management has witnessed widespread adoption due to the surging need to manage end-to-end logistics functions, that include customer order management along with a suitable fleet collection. The emergence of smartphone technology has made operations management accessible to fleet operators and cost-effective for logistics enterprises.
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Emerging automobile industry in Europe
Regionally speaking, Europe fleet management market has showcased tremendous growth due to the extensive proliferation of commercial vehicles, digitization, along with the launch of automobile leasing solutions. Moreover, the presence of many vehicle manufacturers in the region along with their increasing brand value and sales will support the industry expansion.
Many automobile manufacturers in Europe are signing partnerships with fleet management companies to supplement commercial vehicles and growth in fleet. For example, in July 2929, Ford signed a partnership deal with ALD Automobile to introduce launch fleet management solutions across Europe. Through the alliance, both the companies will offer new integrated fleet leasing and management technology under Ford Fleet Management. This alliance will also help both the companies to expand their operations across Europe as well as support fleet growth.
High demand for passenger vehicles
Increase in disposable income among people across the globe has brought rising opportunities in car renting and leasing businesses followed by the rapidly rising production of passenger cars. The use of fleet management components such as hardware, software, and technology will benefit car rental companies in enhancing their business efficiency.
Frequent technological developments
Technological advancements in the market are one of the major factor driving the adoption of fleet management systems. This is supported by the partnership between companies to introduce advanced solutions. For instance, in June 2021, HERE Technologies- the location data and technology system inked a partnership with Tata Consultancy Services – a leader in IT solutions to introduce real-time location-based technology and analytics to its IoT – enables SaaS suite, TCS DigiFleet™. This fleet management solution leverages AI, IoT, and machine learning to address the various logistics challenges.
To sum up, the increasing demand to enhance fleet efficiency among the operators, with the help of telematics, along with the efforts undertaken by the market players to meet the demands of enterprise consumers will continue to complement fleet management market outlook.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: MarketersMedia
Release ID: 89038885
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