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Global Fleet Management Market to Grow at a CAGR of 18% During 2021-2026, Aided by the Rising International Trade

According to a new report by EMR titled, ‘Global Fleet Management Market Report and Forecast 2021-2026’, the market attained a value of about USD 16 billion in 2020. The industry is further expected to grow at a CAGR of 18% in the forecast period of 2021-2026 to reach a value of USD 43 billion by 2026.

North America is expected to hold a significant share of the global fleet management industry. This can be attributed to the rising number of warehousing activities and the earlier adoption of fleet management solutions in the region. The European market is being aided by the increasing investments in corporate vehicle fleets.

Stringent regulations regarding vehicular emissions by bodies such as the Environment Protection Agency are anticipated to boost the market growth. Increasing government investments in fleet management solutions to manage federal and state fleets is creating positive prospects for the market. In 2020, ALD Automotive Pvt Ltd (EPA: ALD) and Ford Motor Company (NYSE: F) launched a new fleet management business in Europe to support commercial vehicle and fleet growth. This move is expected to strengthen its position in the fleet management industry, consequently bolstering the market growth of fleet management.

Market Analysis by Components, Development Type, Vehicle Type, End Use, and Region:

  • Based on components, the market can be classified into services and solutions. 
  • By development type, the market is segmented into on-demand, on-premise, and hybrid. 
  • By vehicle type, the market is categorised into a passenger vehicle and commercial vehicle. 
  • Based on end use, the market is classified into retail, BFSI, energy, government, transportation and logistics, mining and construction, and pharmaceutical, among others. 
  • The regional markets for fleet management include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global fleet management industry is being driven by the rising number of international trades.
  • Increasing adoption of wireless technology is further boosting the market growth.
  • Strict regulations by governments across the globe regarding vehicle emissions are aiding the market.
  • The introduction of affordable fleet management services is fuelling the demand for the product.

Key Offerings of the Report:

  • The EMR report gives an overview of the global fleet management market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, development type, vehicle type, end use, and regions of fleet management.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for fleet management are ALD Automotive Pvt Ltd, Arval BNP Paribas Group, LeasePlan, Wheels, Inc., and Volkswagen Financial Services, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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