Fleet management refers to the organized management of commercial vehicle operations on a large scale. It encompasses the supervision of vehicle performance, maintenance, and costs to optimize profitability and minimize risks. The primary goal of fleet management is to ensure the vehicle system's smooth operation while seeking enhanced efficiency opportunities. Typically led by a fleet manager, responsibilities include vehicle maintenance, resource management, driver training and safety compliance, asset utilization, risk management, route planning, waste management, and improving fleet productivity. The increasing demand for fleet monitoring is anticipated to drive regional market growth.
According to Data Bridge Market Research, the Fleet Management Market is expected to reach USD 5,272.17 million by 2029. The market is expected to grow with a CAGR of 9.6% in the forecast period of 2022 to 2029.
“Rising demand for utility vehicles boosts the market’s growth”
The fleet management market in the U.K. is experiencing significant growth due to the rising demand for utility vehicles. Utility vehicles play a crucial role in various sectors, including transportation, logistics, construction, and utilities. The increasing need for efficient management and optimization of these vehicle fleets has propelled the demand for fleet management solutions and services. Fleet management systems help businesses enhance operational efficiency, reduce costs, improve vehicle utilization, ensure compliance, and enhance overall productivity. As a result, the growing demand for utility vehicles has positively impacted the growth of the fleet management market in the U.K.
What restraints the growth of the fleet management market?
“Excessive rise in cyber threats restraints the market’s growth”
The excessive rise is hindering the growth of the fleet management market in cyber threats. With the increasing adoption of digital technologies and connectivity in fleet management systems, there is a heightened risk of cyber-attacks targeting critical infrastructure and sensitive data. These threats pose significant challenges to fleet operators in terms of data security, privacy, and potential disruptions to operations. The need to invest in robust cybersecurity measures and ensure data protection becomes crucial, which can impede the growth of the fleet management market as organizations focus on mitigating cyber risks.
Segmentation: Fleet Management Market
The fleet management market is segmented on the basis of components, lease type, mode of transport, hardware, fleet size, communication range, deployment, communication type, functions, operations, and end user.
- On the basis of components, the fleet management market has been segmented into solutions and services.
- On the basis of lease type, the fleet management market has been segmented into on-lease and without lease.
- On the basis of mode of transport, the fleet management market has been segmented into automotive, rolling stock, and marine.
- On the basis of hardware, the fleet management market has been segmented into tracking, optimization, ADAS, diagnostics, and others.
- On the basis of fleet size, the fleet management market has been segmented into small fleets (1-5 vehicles), medium fleets (5-20 vehicles), and large & enterprise fleets (20-50+ vehicles).
- On the basis of communication range, the fleet management market has been segmented into short range communication and long range communication.
- On the basis of deployment, the fleet management market has been segmented into on premise, cloud, and hybrid.
- On the basis of communication type, the fleet management market has been segmented into GNSS, cellular systems, and others.
- On the basis of functions, the fleet management market has been segmented into monitoring driver behavior, fuel consumption, asset management, ELD compliance, route management, vehicle maintenance updates, delivery schedule, accident prevention, real-time vehicle location, mobile apps, and others.
- On the basis of operations, the fleet management market has been segmented into private and commercial.
- On the basis of end user, the fleet management market has been segmented into automotive, government, healthcare, energy and utilities, manufacturing, retail, transportation and logistics, construction, and others.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/uk-fleet-management-market
Recent Developments
- In January 2021, Wheels, Inc. has recently formed a strategic partnership with General Motors to expand their vehicle connectivity services. Through this collaboration, the company aims to provide enhanced fleet solutions to their shared customers, attracting new clients and driving sales growth. Additionally, the partnership will enable the utilization of advanced technology for improving driving behaviour and optimizing vehicle usage. This alliance signifies a significant step towards offering innovative and efficient fleet management solutions, benefiting both Wheels, Inc. and General Motors in the market.
- In July 2020, ARI Fleet Management Company has joined forces with Lordstown Motors to introduce their inaugural commercial truck offering. This addition to their product portfolio signifies ARI's commitment to expanding and enhancing their presence in the automotive sector. The partnership with Lordstown Motors allows ARI to provide customers with more options in the commercial truck market, catering to the evolving needs of businesses seeking reliable and efficient transportation solutions. This strategic alliance opens up new avenues for growth and solidifies ARI's position in the industry.
The Prominent Key Players Operating in the Fleet Management Market Include:
- AT&T Intellectual Property (U.S.)
- Ctrack (Powered by Inseego Corp.) (U.K.)
- Astrata Group (U.K.)
- Omnitracs (Acquired by Solera) (U.S.)
- TomTom International BV (Netherlands)
- Wheels, Inc. (U.S.)
- Geotab Inc. (Canada)
- Verizon (U.S.)
- Cisco Systems, Inc. (U.S.)
- Siemens (Germany)
- IBM Corporation (U.S.)
- DENSO CORPORATION (Japan)
- Sierra Wireless (Canada)
- CalAmp (U.S.)
- Lytx, Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- ORBCOMM (U.S.)
- ARI Fleet Management Company (U.S.)
- Azuga, a Bridgestone Company (U.S.)
- Fleet Alliance (U.K.)
- Masternaut Limited (U.K.)
- HARMAN International (U.S.)
- Continental AG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of fleet management market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: U.K. Fleet Management Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, U.K. vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
