Fleet Management Market: Size, Share, Growth, Analysis, Key Players, Revenue, Growth | Valuates Reports

Fleet Management Market Statistics - 2030
The global fleet management market size was valued at US$ 19.47 billion in 2020 and is projected to reach US$ 52.50 billion by 2030 registering a CAGR of 10.6% from 2021 to 2030. Key drivers of the fleet management market include the growing demand for operational efficiency in fleet management.

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Further, the concerns related to fleet safety will lead to extensive adoption of fleet solutions thereby propelling the growth of the fleet management market during the forecast period. On the other hand lack of internet connectivity and poor infrastructure will hamper the market growth. However, the setting up of a robust communication network for the smooth functioning of fleet management software will bolster the market growth in the coming years.
Demand for efficient fleet management operations
The entire logistics process involving extensive transportation systems has been inefficient due to a lack of proper fleet management solutions and manual processing. However, the demand for efficient fleet management operations has led to the advent of fleet management solution providers. The advanced technologies through these solutions help in proper route planning, route scheduling, live tracking, better ROI, fuel tracking and delivery management, etc. They also help in vehicle optimization and fleet maintenance. Thus the demand for efficient fleet management solutions due to various benefits will drive the growth of the fleet management market during the forecast period.
Concerns related to fleet safety
Fleet safety is a serious concern as accidents occur frequently endangering the lives of drivers and other passengers. Moreover, this reduces business reputation and ethics. Fleet management solutions can help overcome these problems through the integration of IoT, GPS, and telematics in fleet systems. These technologies allow live tracking of driver behavior, vehicle location, real-time sharing of data, route management, accident detection, and enhanced task management. Thus the capacity to increase fleet safety and reliability will augment extensive adoption ultimately driving the growth of the fleet management market during the forecast period.

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• By Component
o Solution
o Services

• By Vehicle Type
o HEAVY COMMERCIAL VEHICLE
o LIGHT COMMERCIAL VEHICLE
o AIRCRAFT
o RAILWAY
o WATERCRAFT

• BY INDUSTRY
o Retail
o Government
o Transportation & Logistics
o Automotive
o Others (Manufacturing, Construction, and Energy)

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