Fleet Maintenance Software Market
Fleet Maintenance Software Market Analysis by Fleet Type (Passenger Car, and Commercial Fleets), by Component (Solution, Services) and by Region - Global Forecast 2022-2032
Global Fleet Maintenance Software Market Outlook
The fleet maintenance software market is predicted to grow at an impressive CAGR of 9.2% during the forecast period covering 2022 to 2032. The fleet maintenance software market share is estimated to reach a value of nearly US$ 30.9 Billion by 2032, expanding from US$ 11.6 Billion in 2021.
Fleet Maintenance Software Market Share (2021)
US$ 11.6 Billion
Fleet Maintenance Software Market Size Value (2022)
US$ 12.8 Billion
Fleet Maintenance Software Market Size Value (2032)
US$ 30.9 Billion
Fleet Maintenance Software Market Growth Rate (2022-2032)
Fleet Maintenance Software Market Key Players
Fleet maintenance software makes it simple to track and upkeep the fleet by the owner on a digital model. Growing complications in keeping a record of the preventative maintenance services, repairs, work orders, inventory management, gasoline store, personnel deployment, availability of vendors, and other important details have made the adoption of fleet maintenance software imperative in the present day logistics and transport business.
Both web-based and desktop versions of this system are available nowadays and are expected to be the archetypal determinant for the global fleet maintenance software market trends in the coming days.
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Global Fleet Maintenance Software Market Historical Analysis (2015-2021) Vs. Forecast Outlook (2022-2032)
As reported by the new market research report on fleet maintenance software market, the overall growth rate has dropped by 1% from 2015 to 2021. The COVID-19 pandemic effect has substantially impacted all major and small business activities alike.
While some businesses were able to shift to work-from-home rules, others, such as transportation, utilities, field services, logistics, and others, had to function at a reduced capacity to meet the regulations.
The transport and logistics industry experienced tremendous problems as a result of the turmoil and supply chain disruption that is recognized by the fleet maintenance software market demand analysis to have negatively impacted the overall market. As a result of the COVID-19 epidemic, global fleet maintenance software market key participants have witnessed a considerable drop in revenue.
Demand for fleets, carriers, emergency responders, organisers, and other fleet operators has dwindled as a result and secondarily slipped down the fleet maintenance software market share.
What is the Future of Global Fleet Maintenance Software Market?
“As more and more transportation legislation are getting enacted to regulate the market, the demand for fleet maintenance software is growing concurrently across the countries.”
The primary purpose of fleet maintenance software is to collect, store, process, monitor, report, and export data for the logistics or transport business vehicles. Management of information imported from external sources such as gas pump processors or territorial authorities is becoming easier and more accountable by this system which has created a huge demand for fleet maintenance software in these sectors.
The advantage of storing fleet data in the software's checklist for future reference and avoiding any chances of downtime and disasters has attracted many long route transportation business owners, as evident from the fleet maintenance software market analysis report.
The program can also track and observe driver behavior, allowing enterprises to successfully keep an eye on any misappropriate behavior or other similar behaviors and is poised to drive future trends in the fleet maintenance software market. However, in recent years, SaaS-based fleet maintenance software is emerging to be more efficient and cost-effective for the user. As a result, these services have popularized the adoption of fleet maintenance software in numerous new businesses in the logistic sector.
Due to the growing government restrictions over licensing and allowance of vehicles through the extensive check post networks, the tracking and management of fleet vehicles and ships are getting cumbersome, consequently driving the fleet maintenance software market future trends. Also, the need to optimize fleet operating expenditures for achieving maximum revenue generation is the key factor driving the fleet maintenance software market growth.
To manage their business operations, several firms have adhered to the policies set by the government in various nations and economies. Such laws and compliance necessitate the adoption of fleet maintenance software on the market. These rules and procedures are in place to safeguard the driver' and employee safety, maintain fleet efficiency and turnaround time, and eliminate traffic accidents. These regulations can be managed by digital solutions, particularly which have augmented the fleet maintenance software market growth.
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What are the Expected Challenges for the Fleet Maintenance Software Market Growth?
The fleet software system gathers data by deciphering signals from several satellites interconnected to fleet vehicles. Large buildings, storms, and other barriers have a practical potential of affecting these signals before reaching the receiver.
For instance, the components utilized for this purpose, GPS transducers, have chances of getting weak and inefficient jeopardising the whole system and might pose a challenge for widespread adoption of fleet maintenance software in the regional markets.
Furthermore, the individual may find it challenging to learn and understand the fleet maintenance software, which might take a long time, especially occurs when an employee has never used a fleet management system previously. These are some of the obstacles that might stymie the fleet maintenance software market growth in the upcoming days.
Moreover, the global fleet maintenance software market is restrained by the fact that while the software is generally accepted by big and medium-sized fleet owners, its adoption rate among small fleet owners is limited due to a lack of knowledge and capital.
Furthermore, the possibility of data breach and security is having a detrimental influence on the fleet maintenance software market key trends. The increasing amount of data available as a result of technology might lead to cyber security vulnerabilities for the business owners, as mentioned by this new market research report on fleet maintenance software by the Fact.MR.
What is the Performance of Fleet Maintenance Software Market in Different Geographical Regions?
Due to the early adoption of fleet management systems and tight regulatory regulations, North America is likely to have the biggest fleet maintenance software market share over the projection period. Also, due to the huge presence of commercial fleets owing to strong international trade facilities and with the continuous ELD mandate, the US fleet maintenance software market is projected to dominate the industry.
As per the global market study on fleet maintenance software, the net worth of the US market is estimated to be around US$ 4.7 Billion for the current year of 2022. By virtue of the presence of many leading fleet maintenance software market players in this country, it is expected to grow at a rate of 8.9% over the forecast period of 2022 to 2032.
While continuing at this growth rate, the US fleet maintenance market is anticipated to reach a total worth of US$ 11 Billion by the end of the year 2032.
Due to the extensive interconnection trade relations among the European nations, thanks to European Union agreement, the Europe fleet maintenance software market is the most lucrative region for the key players. However among all the countries, as well as in the global fleet maintenance software market, United Kingdom is the fastest growing region at a CAGR of 9.1% through 2032.
What is the Growth Outlook for the Fleet Maintenance Software Market According to Different Segments?
“Built-in sensors communicate operational data regarding engine components directly to the headquarters which has further popularized the adoption of fleet maintenance software solutions.”
According to the emerging trends in the fleet maintenance software market, the services segment is anticipated to overtake the solution segment during the projection period with its higher growth rate of 9%. On the other hand, the solution segment is expected to continue its expansion in parallel with the previous fleet maintenance software market statistics.
Operation management solution is predicted to lead the global fleet maintenance market in the solutions domain as the supply chain management of the industries is primarily reliant on fleet operational management. The performance management segment is expected to expand quickly since it provides predictive maintenance technology to decrease engine downtime.
What are the Major Applications of the Fleet Maintenance Software by Different Market Segments?
On the basis of fleet type, the passenger car segment, as figured out by the fleet maintenance software market survey, has been contributing immensely to the global market in recent past years.
By providing greater vehicle-to-infrastructure data connectivity and driver-vehicle interaction facilities, passenger car service providers have already marched into the digital future. Greater awareness among the car drivers for using such solutions has rendered this sector the fastest-growing segment at about 8.9% during the forecasted years of 2022 to 2032.
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How Strong is the Competitive Landscape for the Fleet Maintenance Software Market?
Some of the major fleet maintenance software market key players are Geotab Inc., Automotive Rentals Inc., Omnitracs, Teletrac Navman, Trimble, Verizon Connect, Wheels Inc., Mix Telematics, Chevin Fleet Solution, and Donlen Corporation, among others.
Fleet management software can indeed be created in-house or acquired from a third-party service provider, and it varies enormously in terms of intricacy and price. Fleet management software is linked to fleet maintenance software in a basic way with some added features.
Fleet maintenance software adoption trend began on erstwhile mainframe computers during the 1970s, then moved on to personal computers or PCs by the year 1980s as it became the major target of the fleet maintenance software market major players.
Artificial intelligence or AI is also the new edge technology getting widely adopted with all kinds of solutions and resulting in a better consumer experience for a variety of operations and businesses. Incorporation of AI with the solutions to increase productivity and provide rapid insight has emerged as a profitable avenue with some new fleet maintenance software market key players. This is getting recognized as an encouraging adoption in a variety of areas of fleet management market share, including transportation, logistics, manufacturing, and construction activities.
Recent Developments in the Global Fleet Maintenance Software Market
- Geotab Inc. integrated its fleet management systems with Ford cars in the month of July in 2020 as Ford vehicles are accessible across all European Countries, also including the United Kingdom or UK. Furthermore, a number of organisations in thIS industry are implementing innovative technology to obtain real-time vehicle traction for providing the best service in the global fleet maintenance software market.
- Element Fleet Management Corporation is a renowned source for different types of automobile fleet management solutions, which has proclaimed for an upgraded element connection solution and telematics products for the fleet maintenance market share in November 2021. DriverCare CoPilot and QConnect, are the two innovative telematics systems for fleet owners and operators that were introduced by the business establishment.
- CalAmp Inc. developed a new one of its kind iOn fleet management software Tracker in October of 2021 to assist fleet managers and owners in the United Kingdom to make faster decisions over the waters. Assets, fleets, and workers are all accessible in real time with this tracker that also aids in lowering fuel costs, improving fleet efficiency, and enhancing safety.
By Fleet Type :
- Passenger Car
- Commercial Fleets
By Component :
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)