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The Europe - fleet management market size is estimated to grow at a CAGR of 19.69% between 2022 and 2027. The market size is forecast to increase by USD 16.08 billion. The growth of the market depends on several factors, including a growing focus on the efficient use of data to enhance fleet management, the integration of video-based safety systems in fleet management, and the booming e-commerce industry. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This Europe fleet management market report extensively covers market segmentation by vehicle type (commercial fleets and passenger cars), technology (commercial telematics hardware, software, and connectivity technologies), and geography(Germany, France, UK, and Rest of Europe). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Driver
The booming e-commerce industry is the key factor driving the growth of the market. The growing demand for efficient last-mile delivery services is driving the growth of fleet management in Europe. With consumers desiring faster deliveries, fleet operators are extending their fleets to accommodate larger volumes. To meet the urgent need, route optimization technologies are used to provide the fastest and most cost-effective delivery routes.
In Europe, for instance, organizations such as the DPD and Hermes use real-time tracking systems to provide customers with up-to-date information on actual delivery locations and times. As the e-commerce market grows, this trend highlights the applicability of fleet management solutions to reduce delivery times, reduce operating costs, and improve customer satisfaction. The booming e-commerce industry will greatly boost the demand for fleet management and thus drive the growth of the market during the forecast period.
Trend
An increase in EV adoption is the primary trend in the market. Government incentives aimed at reducing emissions and promoting sustainable transport are essentially the driving force behind this movement. European governments such as Germany and France have introduced significant subsidies and tax breaks for the introduction of EVs, encouraging vehicle operators to add EVs to their fleets. Hence, there is an increasing demand for specialized EV vehicle management solutions.
Furthermore, companies like Geotab and ChargePoint are at the forefront of EV fleet management systems, helping companies to successfully manage their EV fleets while maximizing cost savings and environmental advantages. This trend is likely to continue as European countries step up efforts to mitigate climate change and reduce their dependence on fossil fuels. Therefore, increasing the introduction and acquisition of electric vehicles is expected to propel the growth of the market during the forecast period.
Challenge
Increasing data security and privacy issues with fleet management is a challenge that affects the growth of the market. Complying with the General Data Protection Regulation (GDPR) first requires careful handling of personal and vehicle-related data. The priority is to strike the right balance between data collection for operational insight and driver privacy.
Additionally, interconnected systems are vulnerable to security breaches, which can lead to the loss of critical data, thus increasing the potential for cyber-attacks. High-profile incidents, such as the recent data breach at a major fleet management company, highlight the importance of strengthening cybersecurity measures to thwart potential attacks. Therefore, data protection and privacy concerns are expected to impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Europe Fleet Management Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The commercial fleets segment is estimated to witness significant growth during the forecast period. Commercial fleets are the major players in the Europe - fleet management market and represent a changing situation. This segment includes a wide range of vehicle types such as trucks, vans, and specialty vehicles. The featured market is growing rapidly due to the expansion of e-commerce, the growing need for efficient last-mile delivery, and stricter environmental laws.
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The commercial fleets segment was the largest segment and was valued at USD 5.23 billion in 2017. Fleet management software is in high demand to streamline operations, improve route planning, and ensure regulatory compliance. Telematics, GPS tracking, and vehicle diagnostic technology are being used more and more, resulting in increased efficiency and reduced costs. In addition, sustainability and electric commercial vehicle initiatives are changing the market, and companies are increasingly integrating green solutions into their vehicles to meet environmental goals and requirements. Thus, the demand for commercial fleets is expected to grow, boosting the growth of the focus market during the forecast period.
Based on technology, the market has been segmented into commercial telematics hardware, software, and connectivity technologies. The commercial telematics hardware?segment will account for the largest share of this market.?This segment includes sensors, displays, RFID, networking, and connectivity devices. The European fleet management market is rising owing to the growing adoption of various sensors integrated into fleets for different functions. The increasing use of electronic systems such as sensors in fleets also leads to increased acceptance of fleet management. Additionally, the integration of RFID into fleet management plays a key role in fleet management applications. Demand for fleet management systems is expected to increase during the forecast period, owing to rising demand for RFID solutions.
The Europe fleet management market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Europe Fleet Management Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.69% |
Market growth 2023-2027 |
USD 16.08 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.86 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, ABAX UK Ltd., AddSecure Group AB, Aeromark Communications Ltd., AREALCONTROL GmbH, Astrata Europe BV, Bridgestone Corp., Caterpillar Inc., Fleet Complete, Frotcom International, G4S Telematix, Geotab Inc., Inseego Corp., Karooooo Ltd., Mercedes Benz Group AG, MiX Telematics Ltd., Targa Telematics S.p.A., TraXall International, Trimble Inc., and Verizon Communications Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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