Press release
Fleet Management Market Set to Reach $41.11 Billion by 2029 with 14.4% Yearly Growth
Fleet Management
The rise in need for commercial vehicles is anticipated to fuel the fleet management market in the projected period. Companies employ fleet management services to supervise commercial vehicles and enhance efficiency, productivity, while lowering transportation and personnel costs in their operations. In January 2022, commercial vehicle sales of Indian automotive manufacturer, Mahindra & Mahindra, surged by 57% compared to the previous year. Export sales of the company also saw a 26% growth during the same duration. As such, the global rise in demand for commercial vehicles is predicted to propel the fleet management market.
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What is the future CAGR of the fleet management market, and how will it impact industry expansion?
The rapid expansion of the fleet management market in recent years is notable. The market's value, which is forecasted to rise from $20.87 billion in 2024 to $23.99 billion in 2025, represents a compound annual growth rate (CAGR) of 14.9%. Factors driving the growth in the historic period are fuel cost management, enhanced vehicle tracking and visibility, maintenance streamlining, cost cutting measures, and route optimization.
Anticipations predict a swift expansion in the fleet management market in the upcoming years. Forecasts indicate an increase to $41.11 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 14.4%. This predicted growth within the forecast period can be credited to factors like the introduction of electric vehicles, initiatives towards climate change and reducing emissions, cybersecurity issues, urbanization and smart city projects, remote labor force management, along with health and safety compliance. Key emerging trends within the same forecast period encompass advanced telematics technologies, monitoring of driver safety and behavior, technologies for autonomous vehicles, application of blockchain in fleet management, and mobility as a service (MaaS) models.
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What are the most significant trends transforming the fleet management market today?
Leading firms in the fleet management market are channeling their efforts into the creation of cutting-edge solutions, such as cloud-based management platforms and sophisticated telecommunication technologies, with the aim of boosting operational efficiency and trimming expenses. These cloud-based management platforms serve as unified systems enabling fleet operators to monitor and regulate their vehicles in real-time, thus improving decision-making processes and allocation of resources. For instance, ZEVX Inc., a U.S. firm known for its expertise in mobile charging for electric vehicles (EVs), launched OpenZEVX, an all-inclusive fleet management solution created to simplify electric vehicle operations, in June 2023. OpenZEVX is a software-as-a-service (SaaS) fleet management system engineered to improve the functional performance and efficiency of EV fleets. This system equips fleet managers with instantaneous insights and dynamic control of vehicle systems, enhancing battery performance and modifying driving profiles for a more effective operation. Essential features include route tracking telematics, predictive maintenance analytics, and mobile app access, all directed at reducing the total cost of ownership and improving driver safety.
Which key market segments comprise the fleet management market and drive its revenue growth?
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
Subsegments:
1) By Solutions: Fleet Tracking And Monitoring Software, Route Optimization Software, Fuel Management Solutions, Maintenance Management Solutions, Driver Behavior And Safety Solutions
2) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training And Education Services, Data Analytics And Reporting Services
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What regions are at the forefront of fleet management market expansion?
Europe was the largest region in the fleet management market in 2024. 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.
Who are the leading players fueling growth in the fleet management market?
Major companies operating in the fleet management market include 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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What Is Covered In The Fleet Management Global Market Report?
•Market Size Forecast: Examine the fleet management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the fleet management market for a structured understanding.
•Key Players Overview: Analyze major players in the fleet management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fleet management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the fleet management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fleet management market.
•Industry Challenges: Identify potential risks and obstacles affecting the fleet management market.
•Competitive Landscape: Review strategic developments in the fleet management market, including expansions, agreements, and new product launches.
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