Research from Berg Insight suggests the installed base of fleet management systems in Europe will hit 22.5 million by 2025.
The analysts forecast a compound annual growth rate (CAGR) of 14.4 percent, showing the growing interest in systems for monitoring fleets.
Berg Insight estimates the current number of management systems deployed for commercial vehicle fleets in Europe to have reached 11.5 million at the end of 2020.
Webfleet Solutions is named as the “clear market leader” in the European market thanks to both organic growth and acquisitions over recent years. The company’s estimated install base was 726,000 at the end of 2020.
Verizon Connect is ranked by Berg Insight as the second-largest player with around 434,000 units. Targa Telematics rounds out the top three with an estimated install base of 415,000.
A number of acquisitions and mergers have consolidated the market in recent years. This consolidation doesn’t appear to be slowing anytime soon.
“Eight mergers and acquisitions have taken place so far this year among the vendors of fleet management systems in Europe,” commented Johan Fagerberg, Principal Analyst at Berg Insight.
The mergers and acquisitions noted by Fagerberg are:
- ECM Equity Capital Management taking a majority stake in YellowFox.
- Eurowag Telematics taking a 51 percent stake in KomTeS.
- Great Hill Partners’ acquisition of BigChange.
- Hg acquiring a controlling stake in Trackunit.
- Trackunit merging with the IIoT division of ZTR.
- Radius Payment Solutions acquiring CanTrack.
- GI Partners acquiring ORBCOMM and listing it on the Nasdaq.
- INELO Group acquiring a 73.5 percent of the shares in CVS Mobile.
Rounding out the top 10 fleet management players operating in Europe are ABAX, Scania, Calamp, Bornemann, AddSecure Smart Transport, Masternaut, and Gurtam.
(Photo by Gaia Armellin on Unsplash)
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