Fleet Management Market 2024-2032 | Size, Share and Trends
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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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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