Europe Fleet Management Market Expected to Reach $4.71 Billion by 2031: BIS Research
Research Reports
Nov 29, 2023
The fleet management market is on the rise, driven by increasing awareness of the advantages it offers to the commercial vehicle industry. Additionally, the adoption of new technology during the Industrial Revolution is contributing to the growth of fleet management in the Europe market.
The Europe fleet management market (excluding the U.K.) is projected to reach $4.71 billion by 2031 from $0.96 billion in 2022, growing at a CAGR of 19.22% during the forecast period 2022-2031.
Technological advancements in commercial vehicle fleet management tools are expected to surge during the forecast period. The introduction of connected vehicles is anticipated to enhance key market development initiatives.
Market Analysis: Trends, Data, and Growth Projections
BIS Research, a leading market research firm, has released a report titled “Europe Fleet Management Market,” which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the fleet management market.
The Europe fleet management market report focuses on applications, vehicles, components, deployment, and country segmentation.
Key Players and Market Shares
The increasing demand for commercial vehicles from the transportation and logistics sector is expected to propel the global fleet management market substantially. Advancements in technology and increasing penetration of fleet management hardware and software from the manufacturing side are expected to boost market growth.
Some major companies operating in the Europe fleet management market are:
- TomTom International BV
- Gurtam
- Astrata Europe BV.
- TELTONIKA
- Navtelecom, LLC
Market Drivers, Challenges, and Opportunities
Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the Europe fleet management market. One of the main drivers of the market’s expansion is this increased awareness, which is also being aided by the ongoing industrial revolution and the widespread adoption of cutting-edge technology in Europe’s commercial vehicle industry.
The following are the demand drivers for the Europe fleet management market:
- Growing Number of Vehicle and Asset Thefts
- Increase in Road Accidents
- Volatility in Fuel Prices
- Augmented Demand for Fleet Management Solutions from the Transportation and Logistics Industry
The market is expected to face some limitations due to the following challenges:
- Connecting Information Together from a Variety of Sources
- Risk of Cyber Attacks
Report Focus and Methodology
The Europe fleet management market report provides a credible global and regional market analysis. The report profiles existing and upcoming products, types, applications, end users, and key players in the market.
BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product within the syndicated and custom research projects.
M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.
A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.
P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.
Analyst Note
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “It is crucial for fleet businesses wishing to expand their enterprises to adopt fleet management. Its benefits include enhancing client happiness, boosting productivity, reducing gasoline expenses, and offering real-time visibility. The e-commerce, insurance, construction, and mining industries’ rising need for commercial vehicles is anticipated to fuel the market for fleet management.”
About BIS Research
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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