Home > Sustainable & Smart Technologies > Fleet Management Market
Fleet Management Market size surpassed USD 18 billion in 2022 and is predicted to grow at more than 15% CAGR from 2023 to 2032.
Seamless tracing of fleet information is driving the fleet management industry growth. Furthermore, the extensive penetration of cloud computing and big data analytics solutions in vehicles has promoted the use of fleet management software by helping fleet owners modernize their existing fleet infrastructure with innovative platforms. Big data analytics enables fleet operators to perform predictive analysis and alter fleet operations to optimize vehicle output in the future.
Get more details on this report - Request Free Sample PDF
Mounting adoption of IoT and substantial use of commercial vehicles are also fostering fleet management market outlook as a result of the emergence of innovative auto-tech companies, such as Aeris Communication and Telit IoT Platforms, LLC, which are developing IoT-based fleet management solutions for the mainstream market. As per data published by Fleet Advisory Hub, around 80% of large fleet owners have transitioned into integrating IoT in their operations while another 8% are actively working on adopting the technology. Thus, mounting IoT incorporation across the automotive sector is set to supplement the market growth.
Report Coverage | Details |
---|---|
Base Year: | 2022 |
Market Size in 2022: | USD 18 billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 15% |
2032 Value Projection: | USD 70 billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 220 |
Tables, Charts & Figures: | 457 |
Segments covered: | Deployment Model, Solution, End-use, Vehicle, and Region |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
Get more details on this report - Request Free Sample PDF
Rising incidents of cyberattacks and data breaches are foreseen to hamper fleet management business. Cyber threats have become a massive constraint for enterprises that have cloud infrastructures. According to the World Economic Forum’s 2021 report, cyberattacks are top business risks for connected vehicles and fleet telematics technologies. Nevertheless, the integration of telematics within fleet management systems is likely to aid fleet operators in tracking unusual occurrences and protecting system information, thus, allowing them to overcome the constraint.
The fleet management market size from operation management segment is projected to expand at above 16.5% growth from 2023 to 2032. The segment growth is attributed to the soaring need for managing end-to-end logistics functions, which comprise customer order management and suitable fleet selection. The solution also aids logistics enterprises and fleet operators in adopting superior business processes to control fleet operations and improve logistics performance.
The on-premise segment is anticipated to account for approximately 25% of the market revenue share by 2032. On-premise deployment offers fleet operators better control and management capabilities for operations. Unlike their counterpart, fleet management solutions deployed over on-premise infrastructure mitigate security threats, which is also speculated to propel segment development.
Get more details on this report - Request Free Sample PDF
The commercial vehicle segment is estimated to attain over 57% of the fleet management market share by 2032. Widespread adoption of connected vehicle technologies by fleet operators, including key automotive manufacturers such as Mercedes-Benz, Volvo, and Scania, has fostered the use of fleet telematics. Favorable partnerships among automotive OEMs and other enterprises are also driving the penetration of fleet management systems in commercial vehicles.
The heavy-duty commercial vehicle segment is poised to observe around 17.5% growth rate between 2023 and 2032 backed by the vast proliferation of heavy-duty commercial vehicles across the world. In addition, several companies offer a comprehensive suite of connected solutions for heavy commercial vehicles, which is poised to positively influence segment outlook.
The penetration of fleet management solutions in the transportation application is expected to achieve nearly 14.5% gains through 2032. The uptake of driver management and vehicle tracking systems, along with asset monitoring systems, allows transportation companies to monitor the asset status from start to end till successful delivery. Moreover, the ability of fleet management solutions to aid transporters in minimizing fuel expenses and maintaining the fleet vehicles is forecast to augment their usage in the industry.
Get more details on this report - Request Free Sample PDF
Regionally, the Asia Pacific fleet management market revenue is slated to register more than 18.5% CAGR through 2032 on account of an upsurge in the number of commercial vehicles. The transportation & logistics service providers are incorporating innovative fleet management solutions to save operational costs. This has encouraged them to adopt fleet management solutions as they are highly reliable and cost-effective and support real-time tracking of fleet operations, which is likely to further stimulate regional business growth.
The fleet management industry witnessed a negative impact during the COVID-19 pandemic. There were a notable decline in product penetration as the outbreak altered fleet trends. For instance, a drastic shift in working scenarios of consumers shifted companies’ preference towards incorporating effective solutions for remote fleet management. However, surging demand for fleet mileage to maintain a healthy fleet, coupled with rising inclination towards IoT technologies, fueled the use of fleet management solutions, thereby enhancing the market scenario.
Some of the key players operating in the fleet management market include ARI Fleet Management Company, Verizon Connect, Azuga, Inc., Element-Arval Global Alliance, Donlen Corporation, Garmin Ltd., GPS Insights, TomTom International BV, Geotab, Inc., Samsara Networks, Inc., KeepTruckin, Inc., ID Systems, Inc. (Powerfleet), LeasePlan Corporation., MiX Telematics International (Pty) Ltd., Omnitracs, LLC, Masternaut Ltd., ORIX Corporation, Teletrac Navman US Ltd., Trimble, Inc., and Wheels, Inc.These companies are majorly focusing on product innovation and collaborations with telematics companies to enhance their business outreach.
Market, By Deployment Model
Market, By Solution
Market, By End-use
Market, By Vehicle
The above information has been provided for the following regions and countries: