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Fleet Management Market Size By Solution (Operation Management, Driver Management, Vehicle Tracking System), By Vehicle (Passenger Vehicle, Commercial Vehicle [Light-duty, Medium-duty, Heavy-duty (Tractor, Trailer)], By Deployment Model (On-premise, Cloud), By End-use (Transportation, Construction, Manufacturing, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3598
  • Published Date: Oct 2022
  • Report Format: PDF

Industry Statistics

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.
 

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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.
 

Growing risk of cyberattacks may restrain industry progression

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.
 

Improved logistics performance to help the operation management segment gain traction

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.
 

Significant security concerns to push on-premise segment growth

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.
 

Mounting demand for fleet telematics to accelerate commercial vehicles segment growth

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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.
 

Soaring prominence of heavy-duty fleet management to augment industry expansion

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.
 

Surging need for asset management to bolster product uptake in transportation end-uses

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.
 

Cost-effective operation tracking to benefit the Asia Pacific market

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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.
 

Impact of COVID-19 on the fleet management business

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.
 

Product innovation to proliferate the business outlook

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.
 

This market research report on fleet management includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032, for the following segments:

Market, By Deployment Model

  • Cloud
  • On-premise

Market, By Solution

  • Operation Management
  • Driver Management
  • Vehicle Tracking System
  • Others

Market, By End-use

  • Transportation
  • Construction
  • Manufacturing
  • Utility
  • Others

Market, By Vehicle

  • Passenger Vehicle
  • Commercial Vehicle
    • Light duty
    • Medium duty
    • Heavy duty
      • Tractors
      • Trailers

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • ANZ
    • Southeast Asia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • South Africa

 

Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

The market size of fleet management valued at USD 18 billion in 2022 and is set to progress at around 15% CAGR from 2023 to 2032, owing to the ease of managing fleet performance and productivity of the vehicles offered by these solutions.
The on-premise deployment segment is anticipated to account for more than 25% of the revenue share by the end of 2032 as it reduces security threats and offers fleet operators superior control and management capabilities for operations.
The operation management segment is projected to expand at a 16.5% growth rate between 2023 and 2032 as it aids logistics enterprises and fleet operators in adopting enhanced business processes to control fleet operations and improve logistics performance.
The Asia Pacific fleet management market size is slated to register gains at approximately 18.5% through 2032 as transportation & logistics service providers in the region are incorporating innovative fleet management solutions to save operational costs.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 457
  • Countries covered: 21
  • Pages: 220
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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