Westford USA, Oct. 01, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Fleet Management Market will attain a value of USD 81.6 Billion by 2031, with a CAGR of 14.1% during the forecast period (2024-2031). Fleet management adoption is being fuelled by the increasing number of rules pertaining to vehicle maintenance. In the case of fleet managers, particularly those who have expansive fleets or vehicles scattered throughout several locations, the regulatory environment that is becoming more and more difficult to comprehend may be intimidating. Fleet management systems can boost efficient driving behaviour by tracking driver behaviour, engine health and preventing breakdowns as well as diminish total fuel use through routing data.
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Browse in-depth TOC on the " Fleet Management Market "
- Pages - 197
- Tables - 95
- Figures – 76
Fleet Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 28.4 Billion |
| Estimated Value by 2031 | $ 81.6 Billion |
| Growth Rate | Poised to grow at a CAGR of 14.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component , Fleet Type , Vertical and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Telematics generation enhances real-time monitoring |
| Key Market Opportunities | Rising Demand for Utility Vehicles |
| Key Market Drivers | Fleet owners focusing more on operational efficiency |
Aircraft Vehicle Type to Dominate the Market Due to Playing Pivotal Role in Facilitating Rapid Transport
On account of their crucial part in facilitating fast, long-distance logistic and passenger transportation, airplanes continue to be the key players in global fleet management market. This supremacy can be attributed to both escalating need for efficient global interconnectivity and growth of air travel. Improved tracking and management tools, such real-time data analytics, let airplanes stay ahead of the competition by further optimizing operations.
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Retail Industry is Largest Growing Sub-Segment Due to Efficient Supply Chain Operations and Timely Deliveries
Due to its requirement for timely delivery and an effective supply chain, the retail industry leads the global fleet management market. E-commerce and consumer need has resulted in improved fleet management solutions. They help to enhance the leadership of retail industry in fleet management by improving inventory control and route optimisation.
Real-Time Tracking and Automated Reporting Helped North America to Dominate the Market
North America presently leads the global fleet management market due to its advanced technological infrastructure, high rates of IoT and telematics use, and stringent government regulations pertaining to emissions and fleet safety. Reputable companies with extensive marketplaces and sophisticated transit networks, thus, contribute to the market's expansion.
Fleet Management Market Insight
Drivers:
- Increasing Regulations on Vehicle Maintenance
- Demand for Improved Operational Efficiency
- Optimizing Fuel-efficient Driving Habits
Restraints:
- Significant Cost of Implementing Advanced Fleet Management Systems
- Difficulties in Integrating Fleet Management Systems
- Risks Related to Data Breaches and Cybersecurity Threats
Prominent Players in Fleet Management Market
The following are the Top Fleet Management Companies:
- Geotab (Canada)
- Samsara (USA)
- Teletrac Navman (USA)
- Trimble Inc. (USA)
- Omnicomm (Russia)
- TomTom Telematics (Netherlands)
- Fleet Complete (Canada)
- MiX Telematics (South Africa)
- Verizon Connect (USA)
- Zonar Systems (USA)
- Lytx (USA)
- Gurtam (Belarus)
- Planet GPS (United Kingdom)
- ARvento (Turkey)
- Inseego (USA)
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Key Questions Answered in Global Fleet Management Market Report
- What is the estimated market size for fleet management worldwide by 2031, and what is the predicted compound annual growth rate?
- Which kind of vehicle—and why—is anticipated to rule the global fleet management market?
- What elements support North America's hegemony in the fleet management industry?
This report provides the following insights:
- Analysis of key drivers (Reduced total cost of fleet management ownership, initiatives for reducing carbon emissions, Utilization of data analytics for better route planning and rise in e-commerce), restraints (Need for extensive training for staff, Inadequate network coverage in remote areas and Reluctance among some fleet operators reagrding operations) opportunities (Expanding industrial & transportation sectors, adoption of electric and development of more sophisticated telematics solutions), and challenges (Fleet management solutions can scale effectively and Adapting to varying regulations & standards) influencing the growth of fleet management market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the fleet management market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the fleet management market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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