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Electric Vehicle Fleet Management Market 2024 - By Share, Growth, Demand, Trends, Opportunities And Outlook 2033
Electric Vehicle Fleet Management Market
According to The Business Research Company's, The electric vehicle fleet management market size has grown strongly in recent years. It will grow from $21.94 billion in 2023 to $23.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to charging infrastructure expansion, consumer awareness, corporate sustainability initiatives, collaborations, and partnerships.
The electric vehicle fleet management market size is expected to see strong growth in the next few years. It will grow to $29.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to environmental awareness, cost savings, infrastructure development, and fleet electricity targets. Major trends in the forecast period include rapid growth of electric fleets, integration of advanced technologies, focus on energy efficiency and sustainability partnerships and collaborations, demand for data analytics and insights.
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Market Drivers and Trends:
The growing government policies supporting EV adoption are expected to propel the growth of the electric vehicle fleet management market going forward. Government policies supporting EV adoption include incentives such as tax credits and subsidies for purchasing EVs, grants for charging infrastructure development, and regulations promoting emissions reductions and clean transportation goals. These investments support the development of advanced fleet management solutions designed to meet the specific needs of electric vehicle fleets, such as predictive maintenance algorithms, energy management systems, and integration with renewable energy sources. For instance, in April 2022, according to reports published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global spending by governments and consumers on electric vehicles had significantly increased and exceeded $400 billion in 2022. Additionally, 11 countries, aiming for 100% zero-emission new truck and bus sales by 2040, signed on to the Global Memorandum of Understanding (MoU) on Zero-Emission Medium- and Heavy-Duty Vehicles, bringing the total number of signatories to 27. Furthermore, in August 2021, the Investment and Jobs Act, a US-based federal statute, announced the investment of $7.5 billion to build out the first-ever national network of EV chargers in the United States to accelerate the adoption of EVs. Therefore, the growing government policies supporting EV adoption are driving the growth of the electric vehicle fleet management market.
Major companies operating in the electric vehicle fleet management market are focusing on technologically advanced fleet telematics solutions, such as AI-powered fleet management systems, to streamline operations and achieve environmental targets. AI-powered systems offer advanced capabilities to optimize fleet operations, improve efficiency, and reduce costs, making them a valuable investment for businesses transitioning to electric vehicles. For instance, in August 2021, eBikeGo, an India-based electric two-wheeler mobility platform, introduced EBG-Matics, an innovative fleet management system that uses AI (artificial intelligence) and machine learning to analyze rider and vehicle behavior to track and improve efficiency. The system offers advanced vehicle tracking capabilities, including position, orientation, speed, and range estimation, while also providing insights into vehicle quality, driver behavior, and terrain conditions. eBikeGo anticipates that the adoption of EBG-Matics will lead to reduced maintenance expenses, a prolonged vehicle lifespan, and enhanced vehicle safety. EBG-Matics is standard in all eBikeGo fleets, providing vehicle health ratings. This system sets a new industry standard for future electric vehicles, enhancing their appeal and accessibility, akin to advancements in battery technology.
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Major Key Players of the Market:
Verizon Connect Inc., Tesla Inc., Siemens AG, BYD Company Limited, Schneider Electric SE, ABB Ltd., Rivian Automotive Inc., Arrival Ltd., Solera Group, Geotab Inc., AeroVironment Inc., Enel X North America Inc., Proterra Inc., ChargePoint Inc., Lordstown Motors Corp., Allego N.V., Lion Electric Company, Blink Charging Co., EVBox Group B.V., Greenlots Inc., Nuvve Corporation, Driivz Ltd., PowerFlex Systems Inc., Electrify America LLC, Fleet Complete
Electric Vehicle Fleet Management Market 2024 Key Insights:
• The Electric Vehicle Fleet Management Market is expected to grow to $29.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Government Policies Driving Growth In The Electric Vehicle Fleet Management Market
• Pioneering Fleet Telematics Innovation In The Electric Vehicle Market
• North America was the largest region in the electric vehicle fleet management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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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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