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Revolutionizing Fleet Management with Advanced SaaS Solutions Industry Trends Gaining Momentum in the Global Fleet Management Market
Fleet Management Market
Fleet Management Market Size Growth Forecast: What to Expect by 2025?
In the previous years, the size of the fleet management market has witnessed immense growth. It is predicted to expand from a value of $20.87 billion in 2024 to $23.99 billion in 2025, with a compound annual growth rate (CAGR) of 14.9%. Factors such as fuel cost management, vehicle tracking and visibility, maintenance optimization, cost reduction measures, and route optimization can be credited for the growth experienced during the historic period.
How Will the Fleet Management Market Size Evolve and Grow by 2029?
In the coming years, the market size of fleet management is projected to experience swift expansion. A rise to $41.11 billion is anticipated by 2029, with a compound annual growth rate (CAGR) of 14.4%. Various factors contributing to this predicted growth within the forecast period include the adoption of electric vehicles, efforts towards emission reduction and climate change, cybersecurity awareness, the advancement of urbanization and intelligent city projects, remote staff management, as well as health and safety regulations. The industry expects major trend shifts during this period such as the advancement of telematics technologies, observation of driver safety and conduct, revolutionary autonomous vehicle technologies, the implementation of blockchain in fleet management, and the adaptation of mobility-as-a-service (MaaS) frameworks.
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What Drivers Are Propelling the Growth of Fleet Management Market Forward?
Expectations are that the fleet management market will see a significant boost in the upcoming period, primarily due to heightened commercial vehicle demands. Companies typically rely on fleet management services to supervise their commercial vehicles, enhancing efficiency and productivity and decreasing overall business costs related to transportation and personnel. In January 2022, a considerable year-over-year increase of 57% was reported in commercial vehicle sales of the Indian auto manufacturing firm, Mahindra & Mahindra. During this same time, the company saw a 26% increase in sales via exports. This rising global demand for commercial vehicles is predicted to act as a significant driver for the growth of the fleet management market.
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Which Emerging Trends Are Transforming the Fleet Management Market in 2025?
Leading corporations in the fleet management market are intensifying their efforts to create revolutionary solutions like cloud-based management platforms and advanced telecommunications to increase operational effectiveness and cut costs. Cloud-based management systems are integrated tools empowering fleet operators to monitor their vehicles in real-time for enhanced decision-making and resource distribution. For example, ZEVX Inc., a US firm specializing in mobile charging for electric vehicles (EVs), introduced OpenZEVX in June 2023, a complete management solution aimed at expediting EV operations. OpenZEVX is a software-as-a-service (SaaS) tailed to boost the performance and efficiency of EV fleets. It offers managers real-time observations and dynamic control of vehicle systems, tweaking battery performance and driving profiles to boost overall operational effectiveness. Some of its notable attributes include route tracking telematics, predictive maintenance analytics, and mobile app accessibility, all aiming to reduce total ownership costs and promote driver safety.
What Are the Key Segments in the Fleet Management Market?
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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Who Are the Key Players Shaping the Fleet Management Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Fleet Management Market?
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.
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