Fleet Management Market Overview:
Fleet Management Market
industry is projected to grow from USD 17.6 Billion in 2023 to USD 40.6 Billion
by 2032, at a CAGR of 11%
The worldwide fleet management market size projects revenue and
growth estimates for the projected period. A thorough explanation of the
COVID-19 epidemic and its repercussions on the industry is provided. The
practice of overseeing an organization's fleets is known as fleet management.
It makes use of software to monitor assets, driver behavior, and vehicle
diagnostics. Waste management, oil and gas, construction, chemicals, mining,
retail and logistics, utilities, and both public and private transportation are
among the industries in which it is used.
Fleet Management Market Scope
Over the course of the
forecast period, the global fleet management market is anticipated to rise at a
CAGR of 22%. The market is mostly driven by the ongoing need for logistics and
transportation, pollution reduction programs, connection problems, and fluctuating
fuel prices. Fleet management software may be used by organizations to track
their vehicles and guarantee the security of its drivers. The market demand
might be considerably increased by integrating electronic logging devices in
fleets to comply with current regulations and the growth of smart
transportation.
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Management Market
Fleet management software
demand may increase if regulations requiring drivers to get more sleep and
breaks are enforced. This can guarantee operational effectiveness and save
overall expenses. In the upcoming years, the industry may benefit from
sustainability measures combined with real-time notifications for management
and GPS monitoring for vehicle location. The market may benefit from the
integration of big data and artificial intelligence to access fleets and their
routes in real-time.
Fleet Management Market
Competitive Outlook
Trimble Inc., I.D.
Systems, Inc., Verizon Telematics Inc., Cisco Systems, Inc., WorkWave LLC, Fleetmatics
Group PLC, and Zonar Systems, Inc. are key players of the global fleet
management market. Acquisitions are the primary strategy undertaken by players
for gaining the competitive edge in the market. Recently, Infobric acquired
TelliQ AB, a Swedish telematics company, in 2020. The large number of clients
in the construction industry by the former provides the acquisition a new path
by engaging in a smart manner and integration of fleet management systems in
vehicles.
Fleet Management Segmentation
·
By connectivity type, it is divided into cellular system and
satellite navigation.
·
By deployment type, it is segmented into cloud, on-premises,
and hybrid. The cloud segment is expected to dominate the market owing to its
easy integration and cost-efficiency.
·
By services type, it is segmented into professional services,
managed services, and integration and deployment services. The professional
services segment can lead in the market owing to presence of various logistics
and transportation companies and mandatory laws for curbing emissions.
·
By management type, it is segmented into operation
management, asset management, and driver management.
Fleet Management Regional Analysis
The North American and
Europe regions are expected to dominate the market due to stringent norms on
vehicle emissions and huge innovations in the fleet management technology
deployment. Sustainability approaches by countries in these regions combined
with modernization of infrastructure for monitoring fleet vehicles can drive
the demand for fleet management market. Presence of reputed logistics companies
and focus on efficiency and cost savings can bode well for the market. In order
to encourage sustainability, the state of California has mandated its vehicles
to be emission-free by 2035.
The Asia Pacific region is
expected to be the fastest growing region with increased opportunities in
countries of China and India. Large scale adoption of web and mobile based
business services in these countries is the primary driver for the market in
the region. Incorporation of low-emission vehicles and efforts for
electrification of transport infrastructure can drive the global fleet management
market demand.
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