The global fleet management market size was evaluated at USD 22 billion in 2022 and it is expected to hit around USD 57.84 billion by 2032, growing at a CAGR of 10.2% during the forecast period 2023 to 2032.
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The large-scale management of the operations of commercial vehicles is known as fleet management. All the processes that are adopted by the fleet managers in order to make various decisions by monitoring the activities of the fleet Is known as fleet management. It includes the acquisition of the vehicles dispatch and the routing of the vehicle.
Fleet managers constantly focus on managing the fleet in a way that helps in reducing the consumption of fuel, it helps in controlling the costs, it helps in improving the productivity and ensures compliance. All of these are the functions of the fleet managers which help in maximizing the profitability of any business and focuses on maintaining the costs. By the way of management of fleet, the managers help in reducing any risk associated with the vehicles.
Financing of the vehicle and the management of the driver is also done by the fleet manager. The functions also include vehicle telematics which are associated with the commercial vehicles, aircrafts and watercrafts. Most of the fleet managers have adopted softwares which helps in improving the customer service and ensures better safety. It also helps in improving the profitability for the business and also increases the visibility.
The major reasons which are helping in the growth of the market are the increase in concerns about the safety of the fleet and the regulations imposed by the government for the tracking as well as the maintenance of the vehicles. The government of various regions has adopted policies for the maintenance of the vehicles in order to prevent any accidents. There has also been an increase in the demand for competency in the operations of the vehicles. Increased use of the wireless technology has also helped in ensuring the growth of the market.
Fleet management market is expected to grow in the coming years as the businesses seek efficient operations through the use of various technologies that make the process of coordination and tracking of the vehicles better.
Report Scope of the Fleet Management Market
|Market Size in 2023||
USD 24.13 Billion
|Market Size by 2032||
USD 57.84 Billion
|Growth Rate from 2023 to 2032||CAGR of 10.2%|
|Forecast Period||2023 to 2032|
|Segments Covered||Vehicle, Component, Communication Technology, Deployment Type, Industry and Geography|
TomTom N.V. U.S, General Services Administration, Fleetmatics Group PLC, Telogis, Freeway Fleet Systems, IBM Corporation, AT&T Inc., Navico, Grupo Autofin de Monterrey, Grab, Scope Technologies, Troncalnet, FAMSA, Ola Cabs, I.D. Systems, MiTAC International Corporation, Cisco Systems, Trimble Transportation & Logistics, Uber Technologies, Didi Chuxing, DC Velocity, Fleet Robo, European GNSS Agency (GSA)
What are the drivers of fleet management market?
On the basis of the vehicle type, the commercial vehicle segment held highest revenue share in 2022. Various initiatives taken by the government which are favorable for international trade has been instrumental in the growth of the commercial vehicle segment in the recent years and it is expected to grow well in the coming years. For proper scheduling and tracking of the material that needs to be exchanged the market for commercial fleet is expected to grow well in the coming years. The use of the commercial vehicles in transportation and logistics will play an instrumental role in the growth of the segment. The increased use of the commercial vehicles in the manufacturing industries will also play an important role in the growth of the market in the coming years.
On the basis of component, the solutions segment accounted highest revenue share in 2022. The market was valued at USD 12,614.34 million and it will continue to grow well in the coming years.
Apart from solutions segment the services segment is also expected to grow well in the coming years due to a growing demand for it in various industries.
Communication Technology Insights
On the basis of the communication technology the cellular system segment is expected to have the largest market share in the coming years and this segment has dominated the market in the past with the highest share in terms of revenue.
On the basis of the industry the transportation industry is expected to have the largest market share in the coming years and this segment has dominated the market in the past with the highest share in terms of revenue and it will continue to grow in the coming years.
Fleet Management Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
North American region held highest revenue share in 2022. The government of this region has played an extremely significant role in increasing the market for fleet management in the recent years. The strict regulations and rules in the North American region have successfully reduced the amount of emissions that come through the use of vehicles. And in order to reduce the pollution caused by the vehicles the stringent regulations are compelling the industry to adhere to the policies. This region is expected to contribute well in the growth of the fleet management market during the forecast period.
Due to the presence of countries like China as well as India in Asia Pacific region this region is expected to show maximum growth in fleet management in the coming years. Increased international trade has also been instrumental in the growth of the market in the Asia Pacific region in the recent years. This region is expected to grow at the highest compound annual growth rate in the coming years owing to the favorable policies adopted by the government of various regions in order to support the trade. The demand for vehicles that cause less pollution has increased in the Asia Pacific region as though pollution in these countries is more due to the population explosion.
In order to have better efficiency in electric vehicles, Europe is expected to play a significant role in the coming years. This region is expected to contribute well in the growth of the fleet management market during the forecast.
Key market players
Segments covered in the report
By Communication Technology
By Deployment Type
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