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Fleet Management Market Surges with Size, Trends, and Lucrative Growth
Fleet Management Global Market Report 2024
The Business Research Company offers in-depth market insights through Fleet Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Global Fleet Management Market Thrives On Escalating Demand For Commercial Vehicles
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.
Competitive Landscape:
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
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Top Trend - Advanced Fleet Management Software Revolutionizes Vehicle Operations
Major companies operating in the fleet management market are developing advanced technologies, such as fleet management suites, to meet larger customer bases, increase sales, and increase revenue. A fleet management suite is a comprehensive and integrated set of software applications and tools designed to streamline and optimize the management of a fleet of vehicles. For instance, in September 2023, Ford Pro, a US-based company that delivers productivity solutions for business fleets, launched the Ford Pro Fleet Management Software. The distinctive feature of the Ford Pro Fleet Management Software lies in its flexible tracking system, meticulously designed to monitor fuel usage costs seamlessly and adapt to a variety of payment methods employed by businesses. This comprehensive solution extends its capabilities to track essential data on vehicles of any make, encompassing both Ford and non-Ford models, including both gas and electric vehicles. Notably, the software excels in optimizing vehicle cycle management and empowers drivers by facilitating automated maintenance and repair tracking, leveraging a vast network of over 55,000 in-network repair facilities across the United States. Furthermore, the software's optimization is tailored for fleets of up to 150 vehicles, ensuring scalability and efficiency in fleet management operations.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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