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IoT Fleet Management Market Rising Demand, Evolving Trends, Future Perspectives, Size, Share And Forecast To 2033
IoT Fleet Management Market
According to The Business Research Company's, The IoT fleet management market size has grown rapidly in recent years. It will grow from $6.89 billion in 2023 to $7.96 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to regulatory compliance requirements, rising fuel costs, demand for operational efficiency, and increasing focus on safety and security.
The IoT fleet management market size is expected to see rapid growth in the next few years. It will grow to $14.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to integration with autonomous vehicles, expansion of e-commerce and last-mile delivery, adoption of predictive analytics, demand for sustainable transportation, and emergence of 5G connectivity. Major trends in the forecast period include integration with advanced analytics, rapid adoption of telematics solutions, technological advancement, focus on cybersecurity, and shift towards predictive maintenance.
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Market Drivers and Trends:
Rising fleet vehicle sales are expected to propel the growth of the IoT fleet management market going forward. Fleet vehicles are a collection of automobiles owned or leased by a company or organization for business purposes, such as transportation, delivery, or service operations. Rising fleet vehicle sales bolster fleet management by allowing fleet managers to collect real-time data on vehicle health, fuel usage, road behavior, and maintenance needs. This data provides for optimized route planning, predictive maintenance, and improved asset utilization. For instance, in January 2024, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association for the motor industry, in 2023, Britain witnessed a remarkable 21.0% increase in new light commercial vehicle (LCV) registrations, reflecting a significant investment by businesses and fleets in 341,455 vehicles crucial to the UK economy. This surge in registrations also marked a record uptake of battery electric vans (BEVs), with 20,253 units registered, mirroring the overall 21.0% rise. Therefore, rising fleet vehicle sales are driving the IoT fleet management market.
Major companies operating in the IoT fleet management market are focused on developing advanced solutions such as AI-powered fleet management systems, to enhance efficiency, improve safety, and optimize operations for fleet owners. These systems provide advanced functionalities aimed at enhancing fleet operations, increasing efficacy, and cutting costs, rendering them a valuable asset for companies in the process of adopting electric vehicles. For instance, in August 2021, eBikeGo, an India-based electric bike and scooter manufacturer, launched EBG-Matics an AI-driven telematics solution tailored for fleet management, alongside an innovative IoT system integrated with mobility to elevate the effectiveness and intelligence of e-fleets within the electric vehicle realm. The platform provides contemporary vehicle tracking capabilities, including position tracking, speed assessment, and range prediction within vehicle tracking modules.
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Major Key Players of the Market:
Verizon Communications Inc, AT&T Inc, Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc, Oracle Corporation, Telefonica S.A, Northrop Grumman Corporation, Honeywell International Inc, Webfleet Solutions (Bridgestone Mobility Solutions B.V.), Telefonaktiebolaget LM Ericsson, Trimble Inc, Viasat Inc, Sierra Wireless Inc, Geotab Inc, TomTom International B.V, Omnitracs LLC, CalAmp Corp, KORE Wireless Group Inc, Teletrac Navman US Ltd, Inseego Corp, HydraForce Inc, Telit Communications PLC, Aeris Communications Inc, Gurtam, Fleet Complete, Vnomics Corp, Particle Industries Inc, Simon IoT LLC, Monogoto Ltd
IoT Fleet Management Market 2024 Key Insights:
• The IoT fleet management market size is expected to see rapid growth in the next few years. It will grow to $14.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
• Rising Fleet Vehicle Sales Driving Growth Of IoT Fleet Management Market
• Technological Advancements Enhanced IoT Fleet Management Market Growth
• North America was the largest region in the IoT fleet management market in 2023
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