Market Size of Europe Fleet Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.20 Billion |
| Market Size (2029) | USD 12.62 Billion |
| CAGR (2024 - 2029) | 11.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Fleet Management Market Analysis
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).
- 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.
