NEW YORK, Feb. 9, 2024 /PRNewswire/ –The Fleet Management Market in Europe report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the fleet management market between 2022 and 2027 is USD 16.08 billion.

The booming e-commerce industry drives the market. Last-mile delivery services are getting more and more efficient and thus are in great demand. This boosts the growth of the fleet management market in Europe. As consumers desire faster deliveries, fleet operators are extending their fleets to accommodate larger volumes. Route optimization technologies are used to provide the fastest and most cost-effective delivery routes to meet urgent needs. For example, 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.

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• Increasing data security and privacy issues with fleet management hampers market growth. Careful handling of personal and vehicle-related data is required to comply with the General Data Protection Regulation (GDPR). The right balance between data collection for operational insight and driver privacy is a priority. Interconnected systems are vulnerable to security breaches. Thus, they can lead to the loss of critical data, thus increasing the potential for cyber-attacks. Furthermore, 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.

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The fleet management market is segmented by Vehicle Type (Commercial fleets and Passenger cars) and Technology (Commercial telematics hardware, Software, and Connectivity technologies).

• The commercial fleets segment is significant during the forecast period. The commercial fleets segment includes a wide range of vehicle types such as trucks, vans, and specialty vehicles. The segment growth can be attributed to factors such as the expansion of e-commerce, the growing need for efficient last-mile delivery, and stricter environmental laws. Additionally, telematics, GPS tracking, and vehicle diagnostic technology are being used more and more, resulting in increased efficiency and reduced costs. 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.
• The growth of the market in the region can be attributed to the subsidies offered by the governments for efficient fleet management. Also, the presence of stringent government regulations on road safety will drive the growth of the fleet management market in the rest of Europe during the forecast period.

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Key Companies in the Fleet Management Market:

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., Verizon Communications Inc.

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The railway fleet management market share is expected to increase to USD 4.53 billion from 2023 to 2028, and the market’s growth momentum will accelerate at a CAGR of 14.19%.

The fleet management market size is projected to reach a value of USD 123.99 billion in 2028 with a CAGR of 19.93% between 2023 and 2028.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Vehicle Type

Market Segmentation by Technology

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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