Overview and Scope
Fleet management is an administrative strategy that allows businesses to organize and coordinate commercial vehicles to enhance productivity, cut expenses, and comply with government laws. Fleet management help to reduce costs, enhance business’ operational efficiency and implement compliance within whole fleet.
Sizing and Forecast
The fleet management market size has grown rapidly in recent years. It will grow from $18.37 billion in 2023 to $21.33 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to fuel cost management, vehicle tracking and visibility, maintenance optimization, cost reduction initiatives, route optimization.
The fleet management market size is expected to see rapid growth in the next few years. It will grow to $36 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to electric vehicle integration, climate change and emission reduction, cybersecurity concerns, urbanization and smart city initiatives, remote workforce management, health and safety compliance. Major trends in the forecast period include advanced telematics technologies, driver safety and behavior monitoring, autonomous vehicle technologies, blockchain for fleet management, and mobility-as-a-service (MaaS) models.
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Segmentation & Regional Insights
The fleet management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Vehicle Type: Heavy Commercial Vehicle, Light Commercial Vehicle, Aircraft, Railway, Watercraft
3) By Industry: Retail, Government, Transportation And Logistics, Automotive, Other Industries
4) By Communication Technology: GNSS (Satellite), Cellular System
5) By Deployment Type: On-Premises, Cloud
Europe was the largest region in the fleet management market in 2023. Asia-Pacific is expected to be fastest growing in the forecast period. The regions covered in the fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for commercial vehicles is expected to drive the fleet management market during the forecast period. Organizations use fleet management services to manage commercial vehicles and improve efficiency, productivity, and reduce overall transportation and staffing costs in business. In January 2022, Indian automotive manufacturing company Mahindra & Mahindra’s commercial vehicle sales increased by 57% over the previous year. The company’s sales through exports also increased by 26% during the same period. Therefore, the increasing demand for commercial vehicles around the world is expected to drive the fleet management market.
Key Industry Players
Major companies operating in the fleet management market report are Verizon Connect, Trimble Inc, Samsara Networks Inc, Donlen Corporation, TomTom International BV, Geotab Inc, Teletrac Navman US Ltd, Orbcomm Inc, Ctrack (Inseego Corp.), Azuga Inc, Omnitracs LLC, MiTAC International Corporation, Fleet Complete Ltd, Siemens AG, KeepTruckin Inc, Masternaut Ltd, GURTAM JLLC, NexTraq LLC, GPS Insights, US Fleet Tracking, Freeway Fleet Systems, Fleetonomy Ltd, Fleetroot Ltd, ClearpathGPS Inc, Utilimarc Inc., RAM Tracking, Automile Inc, Fleetmatics Group PLC, MiX Telematics International (Pty) Ltd, Otto Marine Limited
The fleet management market report table of contents includes:
1. Executive Summary
2. Fleet Management Market Characteristics
3. Fleet Management Market Trends And Strategies
4. Fleet Management Market – Macro Economic Scenario
5. Global Fleet Management Market Size and Growth
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32. Global Fleet Management Market Competitive Benchmarking
33. Global Fleet Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fleet Management Market
35. Fleet Management Market Future Outlook and Potential Analysis
36. Appendix
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