Fleet Management Market to Reach $52.50 Billion Globally by 2030 at a CAGR of 10.6%: AMR
PORTLAND, Oregon., March 1, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Fleet Management Market by Vehicle Type (Light-duty Vehicle, Heavy-duty Vehicle, Aircraft, Railway, and Watercraft), Component (Solution and Services), Communication Technology (Global Navigation Satellite System (GNSS) and Cellular System) and Industry (Retail, Government, Transportation & Logistics, Automotive and Others): Global Opportunities Analysis and Industry Forecast, 2021-2030 ». According to the report, the global fleet management industry has been pegged on $19.46 billion in 2020, and should reach $52.50 billion by 2030, growing at a CAGR of 10.6% from 2021 to 2030.
Key Drivers of Market Growth
The need for operational skills in fleet management, mandatory government regulations, and rising concerns over fleet safety have driven the growth of the global fleet management market. However, lack of uninterrupted and seamless internet connectivity and cost sensitivity of local players are hampering the growth of the market. On the contrary, an intelligent transport system and the strengthening of the communication network would open up lucrative opportunities in the future.
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- The Covid-19 pandemic has created uncertainty in the market. It has disrupted the supply chain, hampered business growth and temporarily shut down businesses.
- All production activities had a negative impact on the market, due to limited labor and inadequate health safety measures.
Aircraft segment dominated the market
By vehicle type, the aircraft segment held the lion’s share in 2019, accounting for around a quarter of the global fleet management market, owing to the increase in aircraft fleet presence globally. However, the personal watercraft segment is expected to register the highest CAGR of 11.2% during the forecast period, owing to the increase in the application of fleet management system in boats to track the activities of boat sailing.
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Services to Present Highest CAGR through 2030
By component, the services segment is expected to show the highest CAGR of 12.7% during the forecast period, driven by increasing demand for aftermarket fleet management services and telematics solutions at worldwide. However, the solutions segment held the largest share in 2020, contributing nearly two-thirds of the global fleet management market, owing to the increase in the presence of companies operating in the industry.
North America held the lion’s share
By region, the market across North America held the largest share in 2020, accounting for approximately two-fifths of the market, owing to the increase in application of fleet management system in vehicles circulating in the region. However, the global fleet management market across Asia Pacific is expected to show the highest CAGR of 12.1% during the forecast period, due to increased production and sales of vehicles equipped with infotainment, navigation and telematics services.
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Main market players
- AT&T, Inc.
- Cisco Systems, Inc.
- Fleetmatics Group Plc
- Highway Fleet Systems
- IBM Corporation
- Identification systems
- MiTAC International Society
- TomTom AG
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