What Has Been the Growth Trajectory of the Fleet Management Market?
The fleet management market has seen considerable growth due to a variety of factors.
• The market size for fleet management has seen a swift expansion over the recent years. The market, which is projected to be at $20.87 billion in 2024, is expected to rise to $23.99 billion in 2025, boasting a compound annual growth rate (CAGR) of 14.9%.
The significant growth during the historical period was mainly driven by factors such as management of fuel costs, enhanced vehicle tracking and visibility, optimized maintenance, initiatives to reduce costs, and route optimization.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Fleet Management Market?
The fleet management market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the fleet management market is set to experience a swift escalation in its size, projected to reach a value of $41.11 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 14.4%.
Factors such as the incorporation of electric vehicles, mitigating climate change and emissions, strengthening cybersecurity, advancing urbanization and smart city endeavours, managing remote workforce, and adhering to health and safety regulations are the key contributors to growth during the forecast period. The imminent period is set to witness trends like progressive telematics technologies, monitoring of driver safety and behaviour, autonomous vehicle technologies, the application of blockchain in fleet management, and models of mobility-as-a-service (MaaS).
What Are The Primary Growth Drivers In The Fleet Management Market?
The anticipated rise in demand for commercial vehicles is predicted to propel the fleet management market throughout the forecasted period. Businesses utilize fleet management services to handle their commercial vehicles, improving efficiency and productivity while simultaneously reducing overall logistics and personnel expenses. In the case of Indian automotive manufacturer Mahindra & Mahindra, their commercial vehicle sales surged by 57% in January 2022 compared to the previous year. Their export sales also saw an uptick, rising by 26% during the same timeframe. Hence, the global surge in demand for commercial vehicles is predicted to fuel the fleet management market.
What Are The Key Segments Within The Global Fleet Management Market?
The fleet management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Vehicle Type: Heavy Commercial Vehicle, Light Commercial Vehicle, Aircraft, Railway, Watercraft
3) By Industry: Retail, Government, Transportation And Logistics, Automotive, Other Industries
4) By Communication Technology: GNSS (Satellite), Cellular System
5) By Deployment Type: On-Premises, Cloud
Subsegments:
1) By Solutions: Fleet Tracking And Monitoring Software, Route Optimization Software, Fuel Management Solutions, Maintenance Management Solutions, Driver Behavior And Safety Solutions
2) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training And Education Services, Data Analytics And Reporting Services
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How Are New Trends Impacting The Size Of The Fleet Management Market?
Leading businesses in the fleet management market are directing their efforts to create cutting-edge solutions such as cloud-based management platforms and sophisticated telecommunications, aiming to improve operational efficacy and cut down expenses. The cloud-based management platforms indicate integrated systems that enable fleet managers to supervise and control their vehicles in real-time, leading to better decision-making processes and resource distribution. For instance, in June 2023, ZEVX Inc., an American company specializing in mobile charging services for electric vehicles (EVs), introduced OpenZEVX, an all-encompassing fleet management solution designed to simplify electric vehicle operations. OpenZEVX is a software-as-a-service (SaaS) fleet management system, geared towards enhancing the performance and operating efficiency of electric vehicle (EV) fleets. It offers fleet managers access to real-time data and dynamic control over vehicle systems, which aids in optimizing battery performance and driving profiles, thereby improving the overall operational efficiency. Main highlights of OpenZEVX include telematics for tracking routes, predictive maintenance analytics, and mobile app access, all tailored to decrease the total cost of ownership while ensuring improved driver safety.
Who Are the Key Players in the Fleet Management Market?
Major companies operating in the fleet management market include:
• Verizon Connect
• Trimble Inc
• Samsara Networks Inc
• Donlen Corporation
• TomTom International BV
• Geotab Inc
• Teletrac Navman US Ltd
• Orbcomm Inc
• Ctrack (Inseego Corp.)
• Azuga Inc
• Omnitracs LLC
• MiTAC International Corporation
• Fleet Complete Ltd
• Siemens AG
• KeepTruckin Inc
• Masternaut Ltd
• GURTAM JLLC
• NexTraq LLC
• GPS Insights
• US Fleet Tracking
• Freeway Fleet Systems
• Fleetonomy Ltd
• Fleetroot Ltd
• ClearpathGPS Inc
• Utilimarc Inc.
• RAM Tracking
• Automile Inc
• Fleetmatics Group PLC
• MiX Telematics International (Pty) Ltd
• Otto Marine Limited
What are the Regional Insights into the Fleet Management Market?
Europe was the largest region in the fleet management market in 2024. Asia-Pacific is expected to be fastest growing in the forecast period. The regions covered in the fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
