Press release
Fleet Management Market Size, Share, Trends Analysis And Forecasts (2024 - 2033)
Fleet Management Market
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.
Market Overview -
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.
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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
Growing Trend Of Implementing Internet Of Things In Optimizing Fleet Operations
The use of the internet of things (IoT) in fleet management is a key trend gaining popularity in the market. An IoT is a system of interrelated digital and mechanical machines, objects, and computing devices that have the potential to transfer data over a network without the use of human-to-human interaction. Companies are focusing on the application of IoT in fleet management to automate various processes and trip planning. For instance, in April 2021, Ridecell Inc., a US-based company offering digital transformation software for fleet businesses, launched the Fleet IoT Automation System, which is an IoT -driven automation platform designed specifically for fleet-based businesses. The system integrates data insights with digital vehicle control to turn manual processes into automated workflows.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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