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Fleet Management Market Growth, Size, Share, Overview Report 2024 To 2033
Fleet Management Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Fleet Management Market 2024 Key Insights:
• 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%.
• Global Fleet Management Market Thrives On Escalating Demand For Commercial Vehicles
• Growing Trend Of Implementing Internet Of Things In Optimizing Fleet Operations
• Europe was the largest region in the fleet management market in 2023
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