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Fleet Management Market: Comprehensive Analysis of Market Size, Key Trends, and Growth Drivers
Fleet Management Market
Fleet Management Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $36 billion In 2028 At A CAGR Of 14.0% :
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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Fleet Management Market Major 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 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.
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Prominent Trend - 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.
Fleet Management Market Players
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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Largest And Fastest Growing Region In The Market
Europe was the largest region in the fleet management market in 2023. Asia-Pacific is expected to be fastest growing in the forecast period. The regions covered in the fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fleet Management Market Report Structure
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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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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