NEW YORK, May 4, 2021 /PRNewswire/ --
The fleet management market in Europe by technology (commercial telematics hardware, software, and connectivity technologies) and geography (Germany, the UK, France, and the rest of Europe) has been added to Technavio's offering. The fleet management market in Europe is expected to grow by USD 8.78 billion, registering a CAGR of over 17% during 2021-2025.
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The imposition of lockdowns temporarily halted production, limited gatherings, and slowed down the global economy in 2020. This had a significant impact on the fleet management market in Europe. However, the economic scenario in Europe is expected to improve in 2021 with a reducing number of fresh COVID-19 cases and the growth of the automotive industry in the region. This will have a positive impact on the fleet management market in Europe.
The market is expected to be driven by factors such as the growing focus on efficient use of data to enhance fleet management, integration of video-based safety systems in fleet management, and government regulations related to the use of GPS trackers.