Light duty commercial vehicles held over 60% share in the fleet management market revenue in 2020 and is expected to see substantial growth by the end of the analysis period. Surging production of light duty vehicles across the globe is projected to fuel the adoption of light duty vehicles through 2027.
The fleet management market has been bifurcated on the basis of solution, deployment model, vehicle type, end-use, and region. In terms of end-use, the market has further been segregated into transportation, construction, manufacturing, utility, and others.
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The fleet management market is projected to see substantial growth by 2027 due to increasing demand for fleet management, and rising awareness about the benefits of these solutions in different logistics industries.
The fleet management market in Latin America is projected to grow considerably at a CAGR of 20% through the assessment timeframe. Proliferation of ride hailing and sharing services in the region is projected to contribute massively to regional market growth.
The utility sub-segment in fleet management market is estimated to observe lucrative growth at a CAGR of over 15% through the assessment time period. Growing demand for fleet management across the oil and gas industry is anticipated to fuel segmental growth in the following years.
Recent studies have examined the efficacy of demand and fulfillment control offered by dynamic fleet management used for ride-sharing systems. Findings suggest highlighted various potential advantages of dynamic fleet management solutions, including higher acceptance and pooling rates as well as reduced idle and commute times.
Fleet management is an integrated approach to telematics, which provides several benefits, such as better fuel efficiency, driver safety, and cost maintenance. The combination of basic telematics and supplementary tools or enablers allows fleet solutions to deliver actionable intelligence to address complex driver- and vehicle- related problems.
Business owners and fleet managers are relying more and more on modern fleet management technology. Modern fleet management solutions can help streamline business operations, remotely monitor fleet maintenance as well as driver safety, and coordinating dispatching.
Based on vehicle type, the fleet management market has been divided into passenger vehicle, commercial vehicle (light duty, medium duty, and heavy duty), tractors, and trailers.
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In 2020, the tractors sub-segment accounted for more than 70% if the industry share. Going forward, market revenue and is anticipated to grow significantly owing to the escalating usage across the construction industry.
After the COVID-19 outbreak, travel restrictions imposed by governments across the globe to prevent further transmission of the virus adversely impacted the travel sector, including the ride-sharing space. The industry was mainly propped up by the revenues obtained from logistics operations that were conducted across the globe to keep essential services going.
However, successful vaccination drives and stringent sanitization measures taken by ride-sharing companies to ensure customer safety are expected to help the ride-sharing industry regain pre-covid growth momentum. Increasing significance of fleet management solutions in the transportation sector is estimated to facilitate fleet management market expansion in the following years.
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