Fleet Management Market Share

North American Market Forecast   

The North American fleet management market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The market share of the region is calculated to reach 31% by the end of 2037. The two countries that should help the region garner such a huge market share are the U.S. and Canada, which are estimated to hold a share of 75% and 25%, respectively, in the regional market in 2023. The growth of the market in North America region can be attributed majorly to the gains of fleet management businesses in the region after investing timely in fleet tracking technology. For instance, in the U.S., where about 97% of the fleet had deployed GPS fleet tracking software in 2021, close to 33% of the users reported gaining a good return on investment (ROI) in half a month after implementing the fleet technology. Further, the strong presence of the logistics, transportation, and manufacturing industries, the partnership between fleet management businesses and commercial vehicle enterprises, and strict government regulations to control emissions are thought to contribute towards market growth.

APAC Market Statistics

Asia Pacific is another region that is expected to show remarkable growth in the fleet management market during the forecast period. East Asia alone is expected to hold 19% of the market revenue by the end of 2037. The market growth in Asia Pacific should be led by China and India, with respective shares of 52% and 41% of the regional market revenue in 2023. China, which is expected to grow at a CAGR of 9% till 2037, has expanding industries in the oil and gas, transportation, and construction sectors that would require large-scale adoption of fleet management solutions. Another significant factor that is supposed to contribute to the market growth is the increasing use of commercial vehicles in the booming e-commerce industry in China. With a user penetration of 93%, the number of e-commerce consumers in China is expected to exceed 1 billion by 2027. India's growth in the regional market for fleet management should be mainly a result of the presence of thriving e-commerce and construction sectors. In August 2022, the construction sector made up 10% of India's gross domestic product (GDP). Further, the demand for connected vehicles is also on the rise in India. Japan and South Korea are two other important contributors to regional market growth.

Europe Market Forecast

Europe is another region that is expected to excel during the forecast period. The region is expected to grow at a CAGR of 8% during 2023-2037. The primary reason for the growth of the fleet management business in Europe is the presence of Germany, which has the leading auto industry in the world. Further, the region has been estimated to produce 19 million trucks, cars, vans, and buses in its automotive and heavy manufacturing industries, and this is expected to lead to market growth.