Fleet Management System Market Size to Hit US$ 43.1 Billion by 2028 | CAGR of 10.5%

According to IMARC Group's latest report, titled "Fleet Management System Market : Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global fleet management system market size reached US$ 23.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 43.1 Billion by 2028, exhibiting a growth rate (CAGR) of 10.5% during 2023-2028.

Fleet management (FM) is the control and administration of commercial automobiles, including cars, trucks, vans, marine vessels, aircraft, etc. It involves performing numerous functions, such as fuel management, vehicle maintenance, vehicle acquisition, driver safety, regulatory compliance, etc. Fleet management systems are integrated with software programs to streamline routine tasks and improve employee efficiency. They assist in maintaining costs, provide real-time access to the fleet, improve the life span of vehicles, increase customer retention rates, ensure driver satisfaction, etc. As a result, fleet management systems find widespread applications across various sectors, including energy, utility, automotive, manufacturing, retail, construction, logistics, transportation, etc.

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Market Trends

The escalating usage of cloud computing and Internet of Things (IoT) technologies in the transportation sector is primarily driving the fleet management system market. Besides this, the elevating demand for FM solutions in the mining sector to enhance overall safety, monitor driver behavior, and minimize maintenance costs is further augmenting the market growth. Apart from this, the introduction of several innovative services, such as asset management, two-way communication, and customer relationship administration, is also catalyzing the global market. Moreover, the growing popularity of 4G and 5G technologies that assist in enhanced productivity, area coverage, access, and user response is acting as another significant growth-inducing factor. Furthermore, the launch of favorable policies by government bodies to promote smart transport techniques and various innovations, including in-vehicle cameras with telematics compatibility and remote tachograph reporting, are expected to bolster the fleet management system market in the coming years.

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List of Key Companies Covered in this Market Report:

AT&T Inc.
Geotab
I.D. Systems
IBM Corporation
Inseego Corporation
Mix Telematics Ltd.
Omnitracs LLC
TomTom N.V.
Trimble Inc.
Verizon Communications
Wheels Inc.

The report has segmented the market on the basis of component, vehicle type, end-use sector, technology, deployment and geography.

Breakup by Component:

Solutions
Fleet Telematics
Driver Information Management
Vehicle Maintenance
Safety and Compliance Management
Others
Services
Installation and Integration Services
After-Sales Support Services
Consulting Services

Breakup by Vehicle Type:

Commercial Vehicles
Passenger Cars
Aircrafts
Watercrafts

Breakup by End-Use Sector:

Automotive
Energy & Utilities
Manufacturing
Retail
Transportation and Logistics
Construction
Others

Breakup by Technology:

GNSS
Cellular Systems

Breakup by Deployment Type:

Cloud-based
On-premises
Hybrid

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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