Fleet Management Market Size

Fleet Management Market Size

Fleet Management Market size exceeded USD 18 billion in 2022 and is expected to expand at over 15% CAGR during 2023 to 2032. The market growth can be attributed to the increasing focus of fleet operators on operational efficiency along with effective supply chain processes. Also, fleet operations and acquisition expenses are contributing to the overhead costs. To address these challenges, fleet operators across the globe are set to drive the demand for innovative fleet management software solutions.

Growing adoption of AI in fleet management systems

The growing need to improve productivity and streamline fleet operations is increasing the adoption of AI in fleet management. In fleet management systems, AI helps streamline the fleet operations by eliminating the risks associated with human interventions. AI also enables the use of present & historical data to come up with predictive analytics to minimize potential risks. AI-based fleet analytics helps fleet operators to gain insights into real-time fleet operations.

Less awareness among small fleet owners

In the fleet management market, small fleet operators lag behind large operators in terms of benefiting from advanced fleet management technology solutions. The lack of awareness, limited financial budgets, and increasing operational costs will impact the adoption of technology by small fleet owners. Typically, small fleet operators own up to 100 fleet vehicles, making them agile in fleet operations. However, even after enough agility, they lack operational efficiencies. The lack of technology adoption by small fleet owners will also restrain the market growth.