Automotive fleet is a group of vehicles which is owned and managed by a government organization or a private company. At times, the government organization or private company governing the automotive fleet also prefers to lease the vehicles.
Rising industrialization is fueling the demand for a large number of high capacity vehicles for large-scale transport and shipment of goods and services in several countries across the world. This is expected to drive the automotive fleet market during the forecast period. The entry of several companies into fleet management and service business and increasing government investments in the automotive fleet management sector are anticipated to further fuel the automotive fleet market in the near future.
Companies are strategically utilizing their fleet of vehicles as a means to gain public exposure by placing logos and advertisements on each vehicle. Increasing technological advancements such as vehicle-to-vehicle connectivity, also known as “platooning” of vehicles, and increasing efforts by OEMs to develop and introduce autonomous vehicles on the road are anticipated to boost the automotive fleet market during the forecast period.
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However, maintaining an entire fleet of vehicles requires high cost and space. This is anticipated to hamper the automotive fleet market during the forecast period. Furthermore, rising sales of vehicles in the retail segment is expected to restrain the automotive fleet market in the near future. Unplanned short order production cycles by OEMs lead to a shortage of supply of commercial fleet vehicles, primarily trucks. This creates a gap between the demand and supply of fleet vehicles, especially trucks. This is anticipated to hinder the automotive fleet market during the forecast period.
The global Automotive Fleet Market can be segmented based on vehicle, type, nature of fleet, electric vehicle, and region. In terms of vehicle, the automotive fleet market can be classified into passenger vehicles and commercial vehicles. The commercial vehicles segment can be further sub-segmented into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and buses & coaches. The heavy commercial vehicles segment is anticipated to expand at a rapid pace during the forecast period owing to the increased leasing of heavy-duty trucks for transport of materials and services across the world.
Based on the type, the automotive fleet market can be divided into ownership and leasing. The leasing segment is anticipated to expand at a rapid pace during the forecast period, since owning an entire fleet of vehicles requires considerable investment. An automotive fleet is usually owned by government organizations and associations.
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Based on nature of fleet, the automotive fleet market can be segmented into goods & services carrying vehicles and passenger carrying vehicles. The goods & services carrying vehicles segment is expected to expand at a high growth rate owing to the rising demand for transportation of goods & services across the world, due to the rapid industrialization in various regions across the world.
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Based on electric vehicles, the automotive fleet market can be segregated into battery electric vehicles (BEVs), plug-in electric vehicles (PEVs), and hybrid electric vehicles (HEVs). The hybrid electric vehicles segment is anticipated to expand at a significant growth rate during the forecast period, since HEVs combine the conventional internal combustion engines (ICE) with the electric propulsion systems. The electric propulsion system aids in improving the fuel-efficiency of the vehicle.
Based on geographical region, the automotive fleet market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are expected to lead the automotive fleet market during the forecast period owing to the rapidly increasing demand for fleet vehicles for transport of goods & services in the region and the developed economies in this region, which promote the maintenance and management of automotive fleets.
Key players operating in the global automotive fleet market include ARI, Element Fleet Management Corp., LD Automotive Pvt. Ltd., Midas International Corporation, Enterprise Fleet Management, and BBL Fleet.
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