Fleet Management Market Expansion Continues, with Forecast Valuation of $40.37 Billion by 2029

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

Fleet Management Market Size Growth Forecast: What to Expect by 2025?
In recent years, there's been a significant expansion in the fleet management market size. It is expected to rise from $20.87 billion in 2024 to $23.84 billion in 2025, registering a compound annual growth rate (CAGR) of 14.2%. The escalation in the historical phase is chiefly due to fuel cost management, the need for vehicle tracking and visibility, maintenance optimization, cost reduction drives, and route optimization.

How Will the Fleet Management Market Size Evolve and Grow by 2029?
The size of the fleet management market is slated for rapid expansion in the impending years with forecasts pegging it at $40.37 billion in 2029 with a 14.1% compound annual growth rate (CAGR). Contributing factors to this upward trend for the forecasted period include the incorporation of electric vehicles, efforts towards emission reduction and combating climate change, increased cybersecurity needs, urbanization coupled with smart city initiatives, remote management of workforce, and adherence to health and safety standards. The forecast period will also witness key trends such as the adoption of efficient telematics technologies, monitoring of driver safety and behavior, technologies pertaining to autonomous vehicles, the application of blockchain in fleet management, and the emergence of mobility-as-a-service (MaaS) models.

View the full report here:
https://www.thebusinessresearchcompany.com/report/fleet-management-global-market-report

What Drivers Are Propelling the Growth of Fleet Management Market Forward?
The forecasted period points to a surge in the fleet management market, primarily driven by the escalating demand for commercial vehicles. Businesses utilize fleet management services for the organisation of commercial vehicles, which enhances efficiency, heightens productivity, and diminishes the combined costs of staffing and transportation. Mahindra & Mahindra, a commercial automobile manufacturing company based in India, reported a 57% rise in its commercial vehicle sales in January 2022 compared to the prior year. Concurrently, the company experienced a 26% surge in sales through overseas channels. In light of this, the global growth in demand for commercial vehicles is anticipated to steer the advancement of the fleet management market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5679&type=smp

What Are the Key Trends Driving Fleet Management Market Growth?
Leader companies in the fleet management sector are concentrating their efforts on the creation of cutting-edge solutions, including cloud-based management systems and sophisticated telecoms, with the goal of boosting operational effectiveness and minimizing expenses. Cloud-based management systems are integrated solutions that provide fleet operators the ability to monitor and control their vehicles on a real-time basis, resulting in improved decision-making and effective resource distribution. For instance, ZEVX Inc., which is a US-based entity that provides mobile charging solutions for electric vehicles (EVs), launched OpenZEVX, a complete fleet management system for electric vehicle operations, in June 2023. OpenZEVX, a software-as-a-service (SaaS) fleet management tool, is designed to step up the performance and efficiency of EV fleets. It furnishes fleet managers with real-time insights and dynamic control over vehicle systems, calibrating battery performance and driving profiles to augment overall operational efficiency. Route tracking telematics, predictive maintenance analytics, and mobile app access for reducing total cost of ownership and improving driver safety are amongst its prominent features.

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

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=5679&type=smp

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.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=5679

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Saumya Sahey
Europe: +44 7882 955267,
Asia: +44 7882 955267 & +91 8897263534,
Americas: +1 310-496-7795
Email: saumyas@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.