Fleet management Market Research Report provides a detailed evaluation of the business vertical in question, alongside a brief overview of the industry segments. An exceptionally workable estimation of the present industry scenario has been delivered in the study, and the Fleet management market size with regards to the revenue and volume have also been mentioned. In general, the research report is a compilation of key data with regards to the competitive landscape of this vertical and the multiple regions where the business has successfully established its position. This research report also provides post COVID-19 impact analysis of the Fleet management industry.
The Europe Fleet Management Market was valued at USD 2.24 billion in 2020, and it is expected to reach USD 5.7 billion by 2026, registering a CAGR of 16.5% during the forecast period (2021-2026).
Favorable market regulations, coupled with a growing emphasis on operational efficiency,? are driving the growth of fleet management in the European region. Various fleet markets in the European region saw registration numbers return to near normal in 2019 after experiencing a notable decrease in numbers and fluctuations since the implementation of the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) deadline that was initiated in the second half of 2018.
– According to the European Automobile Manufacturers Association (ACEA), EU demand for new commercial vehicles contracted by 34.5%, mainly due to the impact of the coronavirus on March and April results. The region’s four major markets posted double-digit percentage drops so far this year: Spain (-46.6%), France (-41.6%), Italy (-41.4%) and Germany (-22.5%) due to closures of registration offices and showrooms due to the coronavirus, combined with the production stops in factories. This fall in the numbers will directly impact the fleet management market in the region. In addition to supply-side constraints, the demand is also expected to decrease in the short and medium-term.
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Top Leading Companies of Europe Fleet management Market are Mix Telematics, Inseego Group, ABAX, Geotab Inc., Verizon Corporation (Connect), Trimble Navigation, Viasaet Group, EasyFleet, ArealControl, G4S Telematix, EcoFleet, Aeromark
Driver Management is Expected to Boost the Growth of the Market
– The need to improve the smooth flow of vehicle fleets and also to keep track of vehicle and driver movements and to ensure reliable registration of all vehicle-related activities is increasing the need for fleet management solutions. The integration of fleet management software also allows the users to manage the bus fleet efficiently, record entering and leaving buses, and monitor vehicle and driver-related activities.?
– The benefits of fleet management software are that it produces near real-time alerts and notifications about dangerous driving habits. For example, fleet vehicle equipment such as dashboard video cameras allows fleet managers to monitor any incidences of speeding and hard cornering by their drivers.
– The need to avoid exhausted drivers behind the wheels is among a major factor that is driving the Fleet management Market growth in the region. For instance, according to Verizon, last year ending in June 2019 saw a rise in road deaths in the UK compared to 2018, from 1,794 to 1,870. Although statistically, the UK has fewer fatal accidents compared to other European nations, the increased emphasis on the need for road safety is expected to drive the demand for fleet management in the region.
– In November 2019, Geotab, a well-known organization in IoT and connected transportation, announced the acquisition of Intendia, a Spanish engineering firm specializing in integrated technology solutions for the heavy-truck market in Europe. The acquisition is expected to add to Geotab�s strong engineering capabilities and bring complementary technology into the company�s product portfolio.
– In October 2019, MiX Telematics, a Europe provider of fleet and asset management solutions, announced an update to MiX Vision in-cab video solution, which delivers driver and road facing footage. This is expected to help fleet managers to conveniently obtain an accurate view of their fleet operations.
KEY MARKET BENEFITS FOR STAKEHOLDERS
─The objective of report is to define, segment, and project the market on the basis of product type, application, and region, and to describe the content about the factors influencing market dynamics, policy, economic, technology and market entry etc.
─This report provides an in-depth analysis of the Europe Fleet management market to identify the potential investment pockets.
─It outlines the current trends and future scenarios to determine the Fleet management market potential and gain stronger market foothold.
─Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
─Quantitative analysis of the Fleet management industry from 2015 to 2025 is highlighted to recognize the financial competency of the market.
─Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
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