The increased need to reduce operating expenses will fuel the demand in this category

Fleet Management Category - Procurement Intelligence

The fleet management category is anticipated to witness growth at a CAGR of 16.4% from 2023 to 2030. In 2022, North America accounted for 39% of the market share followed by Asia-Pacific and Europe. North America currently holds a dominant position in the global industry with the U.S. being a dominant nation in the region as it is home to several enormous market participants. Industry players support businesses working in different sectors by streamlining their fleet operations to reduce their operating expenses and offer various services such as fuel management, driver management & performance monitoring, vehicle maintenance, vehicle purchase/lease, funding, offering consultation, etc.

Technologies such as advanced driver assistance system (ADAS), electronic logging device (ELD) compliance system, artificial intelligence (AI), Internet of Things (IoT), machine learning (ML), and global positioning system (GPS) are playing a vital role in the development of fleet management category. Technological advancements in the industry have turned the optimization of operations fluidic and flexible, helping organizations save time and money. Through the use of fleet management systems (FMS), fleet managers may more effectively react to the changing conditions of the market.

The COVID-19 pandemic significantly affected industrial activities. Even though sectors such as field services, utility, logistics, and transportation opted for remote working policies, they operated at the fullest capacity to meet the need for essential services. The logistics and transportation sectors encountered enormous challenges as a result of this crisis and the ensuing disruptions in the supply chain. Key players witnessed a significant decline in their revenue during this period. Consequently, there was less of a need for fleets, drivers, dispatchers, planners, and other fleet operators.

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Fleet Management Sourcing Intelligence Highlights 

• The global fleet management category is highly fragmented, with top players in the market being based out of North America, Europe, and Asia Pacific, and are continuously expanding their service portfolio and scale to stay competitive by getting an edge over the others across the globe.

• The U.S. is the largest nation in Fleet Management Services due to the presence of a large number of global players.

• Despite being a competitive industry, fleet management companies (FMCs) in the industry have low negotiating capability as there is high competition and the buyers can easily switch to a different supplier.

• Vehicle acquisition cost, financing, insurance, telematics, fuel costs, and repair & maintenance are the key cost components of Fleet Management. Other costs include management fees & taxes, interest rates, depreciation, labor costs, toll & parking costs, and disposal costs.

Fleet Management Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape

• Market estimates and forecasts from 2022 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, and PPT and online dashboard versions 

Cost Intelligence Highlights

Grand View Research has identified the following key cost components for the Fleet Management Category:

• Vehicle Acquisition Cost

• Financing

• Insurance

• Telematics

• Fuel Costs

• Repairs & Maintenance

• Others

  • Management Fees & Taxes

  • Interest Rate

  • Depreciation

  • Labor Cost

  • Toll & Parking Cost

  • Disposal Cost

Vehicle Acquisition Cost forms the largest key cost component of the Fleet Management category.

List of Key Suppliers in the Fleet Management Category 

• ALD SA (ALD International)

• Arval Service Lease

• Donlen LLC

• Element Fleet Management Corp.

• Ewald Fleet Solutions

• Executive Trust Limited (Europcar Ireland)

• Holman, Inc.

• Mike Albert Leasing, Inc.

• Mobilease, LLC

• ORIX Corporation

• The Hertz Corporation

• Wheels, LLC