Europe Fleet management Market Size in 2022

The Europe Fleet Management Market is expected to reach a CAGR of 16.2% during the forecast period (2022-2031). 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 2019 after experiencing a notable decrease in numbers and fluctuations since the implementation of the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) deadline that was initiated in the second half of 2018.

- Moreover, the vendors operating in the market are focusing on the total cost of mobility instead of the total cost of ownership to significantly reduce operational cost 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 thus might increase the demand of 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 performances.

For instance, in July 2020, Enterprise Rent-A-Car UK acquired SHB Hire, which operates a fleet of more than 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), EU 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 so far this year: 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 also expected to decrease in the short and medium-term.

Request A Free Sample to Learn More About This [email protected] Key Market Trends Driver Management is Expected to Boost the Growth of the Market

- The need to improve the smooth flow of vehicle fleets and also to keep track of vehicle and driver movements and to ensure reliable registration of all vehicle-related activities is increasing the need for fleet management solutions. The integration of fleet management software also allows the users to manage the bus fleet efficiently, record entering and leaving buses, and monitor vehicle and driver-related activities. - The benefits of fleet management software are that it produces near real-time alerts and notifications about dangerous driving habits.

For example, fleet vehicle equipment such as dashboard video cameras allows fleet managers to monitor any incidences of speeding and hard cornering by their drivers. - The need to avoid exhausted drivers behind the wheels is among a major factor that is driving the Fleet management Market growth in the region. For instance, according to Verizon, last year ending in June 2019 saw a rise in road deaths in the UK compared to 2018, from 1,794 to 1,870.

Although statistically, the UK has fewer fatal accidents compared to other European nations, the increased emphasis on the need for road safety is expected to drive the demand for fleet management in the region. - In June 2020, Verizon Connect also launched Integrated Video for Fleet, an extension of its Integrated Video for Reveal product made for fleet customers. Integrated Video uses artificial intelligence (AI) and machine learning to help businesses improve driver behavior and understand the details of specific driving events.

The smart dash-cam solution captures and automatically classifies harsh driving events in near-real-time. It also provides video analysis that can be used to help keep drivers safe on the road, protect them against false claims in the event of an incident, and coach and reward drivers. Construction Segment is Expected to Witness Growth

- In the construction industry, many moving parts and machinery are involved with high-cost projects; hence, optimization of these asset use through sophisticated fleet management has gained popularity over the years for much operational application, including maintenance, efficiency, accountability, productivity, and for rented equipment. Increased emphasis on safety, increasing output, decreasing downtime, and obtain optimal product lifecycles, careful management of heavy fleet equipment has become more critical in recent years. - Fleet management not only allows the organization with a physical location of their equipment but also enables digitized and error-free documentation about these equipment using fleet management software.

This provides the data over how frequently and when precisely the equipment being used, which can later be used for preventive maintenance, resulting in gaining on the increased realization of their productivity. To Know How our Report Can Help Streamline Your Business, Ask an [email protected] - Moreover, according to Worldwide Harmonized Light Vehicles Test Procedure (WLTP), for heavy-duty vehicles, CO2 emissions will have to be reduced by 15 % by 2025 and 30 % by 2030, with respect to a 2019 baseline.

This is expected to provide opportunities to fleet management vendors to penetrate further in the construction industry across the region. - However, the Covid-19 pandemic has negatively impacted the construction industry in the region as sites are closed, supply chains are disrupted, and clients suspend investment plans. The slowdown in the construction industry is expected to hinder the market growth for fleet management.

For instance, According to European Automobile Manufacturers Association, so far in 2020, 64,456 heavy trucks were registered across the European Union, which is 35.4% less than the year before. Demand declined by 39.8% in France, followed by Germany (-30.8%), Italy (-25.7%) and Spain (-23.6%). Competitive Landscape

The Europe fleet management market is moderately fragmented, presence of original equipment manufacturers, low levels of product differentiation, and sinking connectivity costs. The competitiveness has been increasing steadily, due to high market consolidation by market leaders and increased R&D activities, leading to innovations in telematics and analytics solutions. - In November 2019, Geotab, a well-known organization in IoT and connected transportation, announced the acquisition of Intendia, a Spanish engineering firm specializing in integrated technology solutions for the heavy-truck market in Europe.

The acquisition is expected to add to Geotab's strong engineering capabilities and bring complementary technology into the company's product portfolio. - In October 2019, MiX Telematics, a global provider of fleet and asset management solutions, announced an update to MiX Vision in-cab video solution, which delivers driver and road facing footage. This is expected to help fleet managers to conveniently obtain an accurate view of their fleet operations.

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