Europe Fleet Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Europe Fleet Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Europe Fleet Management Market size is estimated at USD 7.20 billion in 2024, and is expected to reach USD 12.62 billion by 2029, growing at a CAGR of 11.90% during the forecast period (2024-2029).

Key Highlights

  • Favorable market regulations, coupled with a growing emphasis on operational efficiency, are driving the growth of fleet management in the European region. Various fleet markets in the European region saw registration numbers return to near normal in 2022 after experiencing a notable decrease in numbers and fluctuations since the implementation of the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) deadline.
  • Moreover, the vendors operating in the market focus on the total cost of mobility instead of the total cost of ownership. This significantly reduces operational costs by boosting productivity, streamlining routes, and giving customers complete clarity over their fleet's activity and condition in an otherwise confusing time. Such developments are expected to increase the return on investment for customers and thus increase the demand for fleet management in the region.
  • Further, the vendors are adopting partnerships, mergers, and acquisitions to offer better solutions to customers and deeper insights into their fleet's performance. For instance, Rent-A-Car, UK acquired SHB Hire, which operates a fleet of over 18,500 commercial vehicles. The agreement created one of the UK's largest commercial-vehicle rental businesses, with a combined fleet of more than 45,000 commercial vehicles.
  • According to the European Automobile Manufacturers Association (ACEA), European Union demand for new commercial vehicles contracted by 34.5%, mainly due to the impact of the coronavirus on March and April results. The region's four major markets posted double-digit percentage drops: Spain (-46.6%), France (-41.6%), Italy (-41.4%), and Germany (-22.5%) due to closures of registration offices and showrooms due to the coronavirus, combined with the production stops in factories. This fall in the numbers will directly impact the fleet management market in the region. In addition to supply-side constraints, the demand is expected to decrease in the short and medium term.

Europe Fleet Management Market Trends

Asset Management Application Segment is Expected to Hold Significant Market Share

  • Asset management applications play a significant role in the fleet management market in Europe. These applications are designed to track and monitor various assets, such as vehicles, equipment, and resources, to optimize their utilization, improve operational efficiency, and reduce costs.
  • Asset management applications provide real-time tracking and monitoring of vehicles with a fleet. This allows fleet managers to view the exact location of each vehicle and monitor their speed, fuel consumption, mileage, and other relevant data. It helps optimize routing, planning maintenance schedules, and improving fleet efficiency.
  • Asset management applications assist in managing maintenance scheduling, notification alerts for service intervals, and recording maintenance history. This ensures timely servicing of vehicles, reduces breakdowns and extends asset lifespan.
  • Asset tracking is expected to grow considerably for industrial IoT, and most connected devices will be location-aware within the next decade. Due to the improvements in low-power RF chip technologies and the adoption of Low Power Wide Area Networks (LPWAN) and Bluetooth Low Energy (BLE) beacons, new asset-tracking IoT solutions have been created. Implementing asset trackers utilizing RFID technology will strengthen demand in several industries, including industrial automation, supply chain, logistics, agriculture, construction, mining, and related markets.
  • According to GSMA, the forecast for 2025 expects approximately 4.325 billion IoT connections in Europe, of which about one billion connections are in the smart buildings and smart home sectors. The increase in IoT connections provides growing opportunities for the European fleet management market.

United Kingdom is Expected to Hold Significant Market Share

  • The Fleet management market in the United Kingdom is significantly growing. With many commercial vehicles operating across various sectors, fleet management solutions are crucial in optimizing operations, improving efficiency, and reducing business costs.
  • According to OICA, In 2022, the United Kingdom recorded approximately 329,509 commercial vehicles, down from around 396,910 units one year earlier. This type of vehicle includes motor vehicles used for transporting goods or paid passengers.
  • The United Kingdom has stringent regulations related to fleet operations, including drive hours, tachograph recording, and vehicle maintenance. Fleet management systems help ensure compliance with these regulations, reducing the risk of penalties and improving operational efficiency.
  • Players in the United Kingdom are making strategic partnerships to enhance their offerings in the fleet management market. In July 2022 - MiX Telematics, one of the leading global SaaS providers of connected fleet management solutions, partnered with Humn, the commercial motor insurance company. The partnership in the United Kingdom offers additional value to both organizations' existing and potential new customers through integrating MiX Telematics' connected vehicle telematics platform and Humn's pay-as-you-drive insurance solution, optimizing fleet activity visibility and insurance costs.
  • The United Kingdom fleet management is driven by awareness, regulatory compliance, optimization, safety, technology advancements, and environmental sustainability. With a wide range of solutions available, businesses in the United Kingdom have ample opportunities to leverage fleet management systems to streamline operations, improve efficiency, and achieve their business objectives.

Europe Fleet Management Industry Overview

The Europe Fleet Management Market is highly fragmented, with major players like Mix Telematics, Inseego Group, ABAX, Geotab Inc., and Verizon Corporation (Connect). Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

In January 2023, Inseego UK partnered with vehicle and driver management software company, Pocket Box, to deliver telematics-enabled fleet management solutions. Under the partnership, the company's fleet customers could use the easy-to-use tool to ensure that vehicles are kept road legal and safe while staff are fit and eligible to drive.

In November 2022, MiX Telematics, a provider of connected fleet management solutions, announced that the company had won a fleet safety partnership award for its partnership with McGill. The fleet management solutions assist users in the constant drive to improve driver behavior and increase safety and compliance.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Please note: The report will take approximately 2 business days to prepare and deliver.

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the Fleet Management and Telematics Industry
5.1 Market Drivers
5.1.1 Favorable Market Regulations Coupled with Growing Emphasis on Operational Efficiency
5.1.2 Collaborations between Aftermarket Providers and LCV Manufacturers
5.1.3 Evolving Pricing Models and Emergence of Internet of Transportation
5.2 Market Challenges
5.2.1 Privacy and Operational Concerns Related to Geocoding
6.1 By Deployment Type
6.1.1 On-demand
6.1.2 On-Premises
6.2 By Major Applications
6.2.1 Asset Management
6.2.2 Information Management
6.2.3 Driver Management
6.2.4 Safety and Compliance Management
6.2.5 Risk Management
6.2.6 Operations Management
6.2.7 Other Solutions
6.3 By End User Vertical
6.3.1 Transportation
6.3.2 Energy
6.3.3 Construction
6.3.4 Manufacturing
6.3.5 Other End-Users
6.4 By Country
6.4.1 Germany
6.4.2 United Kingdom
6.4.3 France
6.4.4 Spain
6.4.5 Italy
6.4.6 Rest of Europe (Benelux, Eastern Europe, etc.)
7.1 Company Profiles*
7.1.1 Mix Telematics
7.1.2 Inseego Group
7.1.3 ABAX
7.1.4 Geotab Inc.
7.1.5 Verizon Corporation (Connect)
7.1.6 Trimble Navigation
7.1.7 Viasaet Group
7.1.8 EasyFleet
7.1.9 ArealControl
7.1.10 G4S Telematix
7.1.11 EcoFleet
7.1.12 Aeromark

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