The fleet management market is witnessing rapid expansion, soaring from $18.37 billion in 2023 to $21.33 billion in 2024, with a remarkable CAGR of 16.1%. This growth results from fuel cost management initiatives, enhanced vehicle tracking, and route optimization strategies. By 2028, the market is expected to reach $36 billion, with a CAGR of 14.0%. Key drivers include electric vehicle integration, smart city initiatives, and advancements in telematics technologies.
Major Driver In The Fleet Management Market
The rising demand for commercial vehicles is projected to propel the fleet management market during the forecast period. Organizations are increasingly utilizing fleet management services to streamline the management of commercial vehicles, enhancing efficiency, productivity, and reducing overall transportation and staffing costs. In January 2022, Mahindra & Mahindra, an Indian automotive manufacturing company, reported a significant 57% increase in commercial vehicle sales compared to the previous year, with a concurrent 26% increase in export sales. The surge in global demand for commercial vehicles is expected to be a driving force for the fleet management market, with sustained growth anticipated in 2023, 2024, and beyond.
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Fleet Management Market Competitive Landscape
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
Key Fleet Management Market Trend
The integration of the Internet of Things (IoT) in fleet management is becoming increasingly popular. IoT involves interconnected devices that can transfer data over a network without human intervention. Companies are leveraging IoT for automating processes and optimizing trip planning. For instance, in April 2021, Ridecell Inc., a U.S.-based provider of digital transformation software for fleets, launched the Fleet IoT Automation System. This IoT-driven platform automates workflows by integrating data insights with vehicle control.
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Fleet Management Market Segmentation
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
By Geography:The regions covered in the fleet management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the fleet management market in 2023.
The Fleet Management Global Market Report 2024 furnishes information about the global fleet management market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
