Global Fleet Management Market Size to Grow at a CAGR of 18% in the Forecast Period of 2023-2028

PRESS RELEASE

Published March 31, 2023

The ‘Global Fleet Management Market Growth, Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global fleet management market, assessing the market on the basis of its segments like components, development type, vehicle type, end-use, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Fleet Management Market Share, Size, Price Trends, Industry, Report, Key Player, Major Segments, and Forecast

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The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 18%

The global fleet management market is expected to register growth during the forecast period on account of the increasing demand for public transport over the recent years to offer access and mobility, particularly for employment. The enhanced demand for medical facilities is likely to generate more demand for public transport.

Additionally, public transport offers opportunities for recreational uses and tourism owing to which the need for public transport is anticipated to spur over the upcoming years. The surging trend of shared mobility or ride-hailing has improved in the urban regions with various applications that aid in sharing cars, aiding in the market growth for fleet management in the coming years.

Apart from the public, industries can also benefit from fleet management to organise logistics and shipping of products locally through large fleets. Sectors such as energy, BFSI, mining and construction, and pharmaceuticals, often have internal fleets to meet their transportation needs within the business.

The surging usage of wireless technology is likely to bolster the fleet management market growth across the globe over the forecast period. Wireless technologies helps in making various decisions associated with repairing, selling, and renting vehicles as many tools are available for fleet management.

Fleet Management Industry Definition and Major Segments

Fleet management helps companies involved in transportation minimise risks to their vehicle investments and improve efficiencies. Fleet management can include various functions, such as vehicle maintenance, vehicle leasing and financing, supply chain management, accident management subrogation, licensing, and compliance, among others.

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Based on components, the market is segmented into:

• Services
o Professional
o Managed

• Solution
o Asset Management
o Performance Management
o Safety and Compliance Management
o Risk Management
o Operations Management
o Others

By deployment type, the market is classified into:

• On-Demand
• On-Premise
• Hybrid

Based on vehicle type, the market is segmented into:

• Passenger Vehicle
• Commercial Vehicle

By end-use, the market is classified into:

• Retail
• BFSI
• Energy
• Government
• Transport and Logistics
• Mining and Construction
• Pharmaceutical
• Others

Based on region, the market is divided into:

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa

Fleet Management Market Trends

The Asia Pacific region is expected to hold significant growth in the fleet management market share over the forecast period. This is due to enhanced international trade, especially in countries like India and China.

The demand for vehicles that cause less pollution is on the rise in the Asia Pacific region as pollution in these countries is severe due to large populations. This is likely to propel the demand for fleet management across the region. With the rapid growth in oil and gas, construction, and transportation industries across China, there is increasing adoption of fleet management services and solutions.

Meanwhile, the North American region registered considerable growth in the fleet management market. This is on account of the strong presence of service providers and market players across the region due to the rise in demand from several industrial verticals. Initiatives by governments towards fleet management to reduce pollution caused by the vehicles is expected to support the market growth for fleet management in the region over the forecast period.

Key Market Players

The major players in the global fleet management market report are:

ALD Automotive Pvt Ltd
Arval BNP Paribas Group
LeasePlan
Wheels, Inc.
Volkswagen Financial Service
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

Global Fleet Management Market Size to Grow at a CAGR of 18% in the Forecast Period of 2023-2028

Fleet Management Market Share, Size, Price Trends, Industry, Report, Key Player, Major Segments, and Forecast

Fleet Management Industry Definition and Major Segments

Fleet Management Market Trends

Key Market Players

IMARC