Fleet Management Market Size By Solution (Operation Management, Driver Management, Vehicle Tracking System), By Vehicle (Passenger Vehicle, Commercial Vehicle), By Deployment Model, By End-use & Forecast, 2023-2032

Industry Drivers

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.
 

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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.
 

Growing need for fuel management and weather & traffic updates

The vehicle tracking system application segment will grow at 13% CAGR through 2032. The use of vehicle tracking systems assists fleet operators with a comprehensive report on vehicle directions, engines, fuel consumption, and speed. The GPS-based vehicle tracking systems help fleet managers to locate the fleet vehicles in real time. In case of loss of vehicles and assets, the vehicle tracking systems provide granular updates regarding the stolen vehicle or assets.
 

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Enhanced flexibility offered by cloud-based fleet management systems

The cloud segment accounted for 65% of the market share in 2022, due to growing adoption of cloud-based services along with extensive enterprise-wide transition to cloud infrastructure. The fleet management solutions & services delivered over cloud infrastructure allow fleet operators to manage and monitor fleet operations remotely. The scalability offered through cloud infrastructure provides fleet operators with flexibility to expand the fleet monitoring capabilities with the increasing fleet assets.
 

Growing integration of vehicle tracking systems into passenger vehicles by automotive OEMs

The passenger vehicle segment will attain over 42% of the fleet management market share by 2032. Automotive OEMs are focused on integrating advanced vehicle tracking systems including telematics & OBD devices into passenger vehicles, as these devices facilitate extended visibility and real-time monitoring capabilities. Also, the growing opportunities in car leasing & renting businesses are slated to boost the production of passenger vehicles, fueling the market demand.
 

Increasing need for real-time monitoring of construction equipment

The penetration of fleet management solutions in construction applications is anticipated to achieve over 16% growth rate during the forecast period. There is a need for the real-time monitoring of heavy equipment including mixed equipment and vehicles such as cranes, excavators, loaders, bulldozers, and trucks. The use of fleet management systems helps the construction companies to locate heavy equipment across remote locations in real time. The companies can also leverage real-time equipment data including aggressive driving, idling, and speeding. Construction companies gain enhanced visibility on performance and costs related to equipment & assets through the central systems.
 

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Growing digitalization initiatives and launch of automotive leasing services in Europe

The Europe fleet management market revenue is projected to register more than 15.5% CAGR till 2032, credited to the proliferation of commercial vehicles, extensive digitization, and launch of automotive leasing services. Digitization across diverse industry verticals including automotive and IT & telecom has been extensive in the region, propelling the uptake of cloud-based fleet management solutions & services. The need to manage & monitor customer experience has forced companies to adopt cloud-based fleet management solutions including vehicle tracking and driver management solutions.
 

The companies operating in the fleet management market are introducing new products to cater to the needs of vehicle drivers and fleet managers. The major market players are ARI Fleet Management Company, Azuga, Inc., Donlen Corporation, Element-Arval Global Alliance, Garmin Ltd., Geotab, Inc., GPS Insights, ID Systems, Inc. (Powerfleet), KeepTruckin, Inc., LeasePlan Corporation, Masternaut Ltd., MiX Telematics International (Pty.) Ltd., Omnitracs, LLC, ORIX Corporation, Samsara Networks, Inc., Teletrac Navman US Ltd., TomTom International BV, Trimble, Inc., Verizon Connect, and Wheels, Inc. Fleet management solution providers are forming partnerships to enable digital transformation.
 

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:

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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