The field of Fleet Management is poised for substantial growth, with an expected Compound Annual Growth Rate (CAGR) of 16.4% from 2023 to 2030. As of 2022, North America held the lion's share of this market, accounting for 39%, closely followed by Asia-Pacific and Europe. The United States, in particular, exerts a dominant influence within North America, boasting numerous major market players. These industry leaders assist businesses across various sectors by optimizing fleet operations to reduce operational costs, offering a range of services encompassing fuel management, driver performance monitoring, vehicle maintenance, and more.

The evolution of technology, including advanced driver assistance systems (ADAS), electronic logging device (ELD) compliance systems, artificial intelligence (AI), Internet of Things (IoT), machine learning (ML), and global positioning systems (GPS), plays a pivotal role in advancing fleet management. These technological advancements have rendered operational optimization more fluid and adaptable, affording organizations valuable savings in both time and money. Fleet management systems (FMS) empower fleet managers to respond more effectively to the ever-shifting market conditions.

The global industrial landscape was significantly impacted by the COVID-19 pandemic. While certain sectors, such as field services, utilities, logistics, and transportation, adopted remote work policies, they continued operating at full tilt to provide essential services. Logistics and transportation sectors, however, faced immense challenges due to the crisis and resultant supply chain disruptions. Key players in these fields experienced a substantial drop in revenue during this period, leading to reduced demand for fleets, drivers, dispatchers, planners, and other fleet operators.

Key Insights into Fleet Management Sourcing Intelligence:

• The global fleet management sector exhibits a significant degree of fragmentation, with major market players located in North America, Europe, and Asia Pacific. These players are continually diversifying their service offerings and expanding their operations to maintain a competitive advantage on a global scale.

• The United States stands out as the largest player in the Fleet Management Services industry, owing to the presence of a multitude of global companies headquartered in the country.

• Despite the competitive nature of the industry, fleet management companies (FMCs) have limited negotiating power. Intense competition allows buyers to easily switch between suppliers, putting pressure on FMCs to deliver quality services and competitive pricing.

• Fleet management costs encompass various components, including vehicle acquisition, financing, insurance, telematics, fuel, and maintenance. Additional expenses involve management fees, taxes, interest rates, depreciation, labor, tolls, parking, and disposal costs. These factors collectively impact the economics of fleet management services.

List of Key Suppliers - 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