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Fleet Management Market size to value $70 Bn by 2032
- Published Date: November 4, 2022
Fleet Management Market size is anticipated to cross USD 70 billion by 2032, according to a new research report by Global Market Insights Inc.
The report identifies notable government initiatives focused on improving transport infrastructure and the consistent focus of fleet operators on enhancing operational efficiency as the chief growth drivers of the fleet management industry. Fleet operations and acquisition expenses contribute significantly to overhead costs, and to overcome these challenges, fleet operators across the region are foreseen to boost innovative fleet management software solutions uptake, fostering the business outlook.
Remote collection of fleet data to increase cloud segment industry share
The global cloud fleet management industry is slated to grow at more than 16% growth rate between 2023 and 2032. The utilization of cloud-based fleet management systems allows fleet operators to collect and provide vehicle information to stakeholders remotely & swiftly. Additionally, technology enterprises are undertaking collaborative efforts to develop fleet management solutions, which is estimated to fuel the demand for cloud-based fleet management software.
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Burgeoning need to optimize productivity to push driver management segment growth
The driver management solution segment held around 31% of the revenue share in 2022 and is projected to depict decent growth trends until 2032. Driver management solutions are considered a crucial part of fleet management for ensuring asset safety and optimum fleet operations as well as maintaining driver productivity. This has improved segment popularity among fleet operators as it helps them monitor driver behavior consistently to minimize the risks associated with asset management.
Browse key industry insights spread across 220 pages with 419 market data tables and 38 figures & charts from the report “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”, in detail along with the table of contents:
Real-time tracking of heavy equipment in remote locations to augment revenues from the construction segment
The construction end-use segment accounted for over 24% of the fleet management market revenue share in 2022. Fleet management systems help construction companies locate heavy equipment across remote locations in real-time, which is pushing product adoption. The segment growth is attributed to the surging requirement to monitor the exact equipment job hour in light of the mounting number of fatalities at construction sites.
Rising integration of fleet telematics to accelerate passenger vehicles segment progress
The passenger vehicle segment is primed to register sizable revenue growth by 2032. New opportunities in the car leasing and renting businesses are forecast to impel the production of passenger vehicles, bolstering the demand for fleet management solutions. Passenger vehicle OEMs are integrating sophisticated telematics software and hardware devices into vehicles’ ECUs, which is speculated to benefit the global market.
North America emerges as a prominent revenue pocket
The North America fleet management market is poised to observe strong progress at 13.5% CAGR through 2032 owing to the rapid adoption of IoT devices and connected vehicle technologies for meeting vehicle tracking requirements. Digital banking and payment services companies are launching innovative payment solutions for automotive fleets, which is likely to further propel regional industry development.
Collaborative product development to remain a key growth strategy
Some of the key fleet management market players profiled in the report include ID Systems, Inc. (Powerfleet), Masternaut Ltd., LeasePlan Corporation., GPS Insights, MiX Telematics International (Pty) Ltd., and KeepTruckin, Inc., among others. The strategic landscape is expected to witness a series of strategic partnerships and collaborations by industry participants.