Press release
Electric Vehicle Fleet Management Market Growth Accelerates: Strategic Forecast Predicts $30.76 Billion by 2029
Electric Vehicle Fleet Management
What Will the Electric Vehicle Fleet Management Industry Market Size Be by 2025?
In recent times, the electric vehicle fleet management market has seen robust growth. Its size is expected to expand from $23.52 billion in 2024 to $24.92 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. The enhanced growth witnessed during the historic period is a result of an increase in charging infrastructure, improved consumer awareness, initiatives taken towards corporate sustainability, and the formation of collaborations and partnerships.
What's the Long-Term Growth Forecast for the Electric Vehicle Fleet Management Market Size Through 2029?
The market for managing electric vehicle fleets is predicted to witness substantial expansion in the upcoming years. It is projected to reach a figure of $30.76 billion by the year 2029, with a compound annual growth rate (CAGR) of 5.4%. The predicted growth in this period is due to factors such as environmental consciousness, potential cost reductions, infrastructure improvements, and goals for powering fleets electrically. Key trends for this period encompass accelerated expansion of electric fleets, the incorporation of superior technology, emphasis on energy efficiency and sustainability initiatives, and an increased need for data analytic and insight capabilities.
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What Are the Key Growth Drivers Fueling the Electric Vehicle Fleet Management Market Expansion?
The electric vehicle fleet management market is anticipated to experience sustained growth thanks to expanding governmental support for the adoption of electric vehicles, including various incentives like subsidies and tax credits for EV purchases, funding for the development of charging infrastructure, and laws that further clean transport goals and emission reduction. These initiatives aid in the enhancement of innovative fleet management solutions designed to accommodate the unique requirements of electric vehicle fleets, such as integration with renewable energy sources, energy management systems, and predictive maintenance algorithms. Reports from the International Energy Agency (IEA), a France-based autonomous intergovernmental institution, disclosed in April 2022 that global expenditure on electric vehicles by consumers and governments surpassed $400 billion in 2022. Moreover, the Global Memorandum of Understanding (MoU) on Zero-Emission Medium- and Heavy-Duty Vehicles was joined by 11 more nations, aiming for a 100% shift to zero-emission new truck and bus sales by 2040, bringing the total number of signers to 27. Therefore, escalating government policies in support of EV adoption are key drivers for the growth of the electric vehicle fleet management market.
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What Are the Key Trends Driving Electric Vehicle Fleet Management Market Growth?
Leading companies in the electric vehicle fleet management market are making strides in developing platforms that serve last-mile EV fleet operators in enhancing their route planning, vehicle utilization, real-time performance monitoring, maintenance scheduling, and reducing operational costs, therefore improving efficiency and sustainability in city transportation. The Mobility-as-a-Service (MaaS) platform is an integrated solution that offers a user-friendly system providing access to multiple transportation services through a single digital interface. It brings together both public and private modes of transportation such as buses, trains, ride-sharing, bike-sharing, and car rentals, offering a seamless mobility experience. For instance, in September 2024, myTVS Accessories, a company based in India, unveiled the myTVS MaaS Platform. It provides a variety of charging options, such as portable chargers and bespoke myTVS charging stations, easing access to charging infrastructure for fleet operators. Moreover, advanced telematics services provide real-time information on vehicle performance, while roadside assistance is available for support during breakdowns or emergencies.
How Is the Electric Vehicle Fleet Management Market Segmented?
The electric vehicle fleet management market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Type: On-Premises, Cloud-Based
3) By Fleet Size: Large Size, Medium Size, Small Size
Subsegments:
1) By Hardware: Electric Vehicle Tracking Devices, Charging Infrastructure, Telematics And Sensors, Battery Management Systems (BMS), Onboard Units (OBUs)
2) By Software: Fleet Management Software, Route Optimization Software, Charging Management Software, Vehicle Diagnostics And Maintenance Software, Fleet Analytics And Reporting Software
3) By Services: Fleet Management Services (Operations And Monitoring), Charging Infrastructure Management Services, Maintenance And Repair Services, Consulting And Integration Services, Data Analytics And Reporting Services
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Which Companies Are Leading the Charge in Electric Vehicle Fleet Management Market Innovation?
Major companies operating in the electric vehicle fleet management market are Verizon Connect Inc., Tesla Inc., Siemens AG, BYD Company Limited, Schneider Electric SE, ABB Ltd., Rivian Automotive Inc., Arrival Ltd., Solera Group, Geotab Inc., AeroVironment Inc., Enel X North America Inc., Proterra Inc., ChargePoint Inc., Lordstown Motors Corp., Allego N.V., Lion Electric Company, Blink Charging Co., EVBox Group B.V., Greenlots Inc., Nuvve Corporation, Driivz Ltd., PowerFlex Systems Inc., Electrify America LLC, Fleet Complete
Which Regions Are Leading the Global Electric Vehicle Fleet Management Market in Revenue?
North America was the largest region in the electric vehicle fleet management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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