Market Trends of Europe Fleet Management Industry
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.
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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.
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