Fleet Management Market In-Depth Analysis, Future Growth Prospects, Industry Trends And Revenue Share During Forecast Period 2023-2032: Automile Inc., Azuga Inc., ClearpathGPS Inc., Donlen Corporation, Geotab Inc., GPS Insights
Fleet Management Market Size, Growth Rate, And Forecast
The global fleet management market size grew from $16.13 billion in 2022 to $18.69 billion in 2023 at a compound annual growth rate (CAGR) of 15.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The fleet management market size is expected to grow to $33.13 billion in 2027 at a CAGR of 15.4%.
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Fleet Management Market Drivers
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.
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Fleet Management Market Segments
• By Component: Solutions, Services
• By Vehicle Type: Heavy Commercial Vehicle, Light Commercial Vehicle, Aircraft, Railway, Watercraft
• By Industry: Retail, Government, Transportation And Logistics, Automotive, Other Industries
• By Communication Technology: GNSS (Satellite), Cellular System
• By Deployment Type: On-Premises, Cloud
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the fleet management market.
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Fleet Management Market Key Players
Major competitors in the fleet management market are Automile Inc., Azuga Inc., ClearpathGPS Inc., Donlen Corporation, Geotab Inc., GPS Insights, KeepTruckin Inc., Masternaut Ltd., MiX Telematics International (Pty) Ltd., NexTraq, Omnitracs LLC, Samsara Networks Inc.
The Business Research Company's "Global Fleet Management Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Fleet Management Market Include:
1. Executive Summary
2. Fleet Management Market Characteristics
3. Fleet Management Market Trends And Strategies
4. Fleet Management Market - Macro Economic Scenario
5. Fleet Management Market Size And Growth
27. Fleet Management Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Fleet Management Market
29. Fleet Management Market Future Outlook and Potential Analysis
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