Fleet Management Market Size Worth USD 59.29 Billion in 2032 | Emergen Research

Increasing concerns regarding fleet safety is one of the major factors driving fleet management market revenue growth

Vancouver, Dec. 27, 2023 (GLOBE NEWSWIRE) — The global fleet management market size was USD 23.20 Billion in 2022 and is expected to register a steady revenue CAGR of 9.9% during the forecast period, according to latest analysis by Emergen Research. Increasing concerns regarding fleet safety is a key factor driving market revenue growth. Fleet management tracks and manages the location and condition of fleet vehicles and other fleet assets. The fleet management system monitors and records driving behavior, such as speeding, forceful braking and acceleration, idling, and others, and automatically generates customizable reports based on data collected to determine where and when drivers engage in unsafe driving behaviors.

In addition, increasing strategic initiatives taken by major companies is another key factor driving revenue growth of the market. For instance, on 28 February 2020, GoFleet, a pioneer in fleet management and vehicle tracking technology, announced a new collaboration with Samsara, a pioneer in industrial Internet of Things (IoT), which provides a wide range of solutions for fleet-related sectors. This collaboration enables GoFleet to continue to assist customers with all of their IoT telematics and technology requirements and provide best solutions in the industry.

However, high cost of fleet management systems and lack of cyber security are key factors, which could restrain market revenue growth. The system requires specialized resources to maintain, which as a result raises the expense of maintenance. People can be tracked using Global Positioning System (GPS) gadgets, which also helps in tracking illegal and malicious operations such as stalking, breaking & entering, kidnapping, and others.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 23.20 Billion
CAGR (2023–2032) 9.9%
Revenue Forecast To 2032 USD  59.29  Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Component, fleet type, deployment type, connectivity type, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Verizon, Geotab Inc., Trimble Inc., Omnitracs, Samsara Inc., Teletrac Navman US Ltd., Element Fleet Management Corp, WEX Inc., ALD Automotive, Azuga, a Bridgestone Company, Masternaut Limited, TomTom International BV, Donlen, MiX Telematics, Fleet Complete, Teletrac Navman US Ltd., GPS Insight, Wheels, Quartix Ltd., and TRANSPOCO 
Customization Scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global fleet management market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective fleet management systems in the market. Some major players included in the global fleet management market report are:

  • Verizon
  • Geotab Inc.
  • Trimble Inc.
  • Omnitracs
  • Samsara Inc.
  • Teletrac Navman US Ltd.
  •  Element Fleet Management Corp.
  • WEX Inc.
  • ALD Automotive
  • Azuga, a Bridgestone Company
  • Masternaut Limited
  • TomTom International BV
  • Donlen
  • MiX Telematics
  • Fleet Complete
  • Teletrac Navman US Ltd.
  • GPS Insight
  •  Wheels
  • Quartix Ltd.
  • TRANSPOCO

Strategic Development

  • On 14 July 2023, Transworld Group and Fleet Management (FLEET) announced their partnership to management joint venture, Transworld Fleet Management. Transworld Group’s diverse fleet, which comprises container boats, bulk carriers, and tankers, as well as Transworld associated and connected vessels, benefited from dedicated technical management services. As a result, the new enterprise also supports and provide value-added ship management services to a large number of other ship-owners in the region.

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Some Key Highlights From the Report

  • The solutions segment accounted for largest revenue share in the global fleet management market in 2022 attributed to rising demand for fleet management solutions since these provide various benefits to businesses. Implementing fleet management software allows to keep an eye on every vehicle in the fleet at all times. Real-time monitoring of vehicles helps companies to optimize routes and avoid unnecessary detours, reducing fuel consumption and Carbon Dioxide (CO2) emissions. In addition, effective fleet management also helps companies to make better use of their assets by analyzing vehicle utilization data and optimizing fleet utilization. Companies anticipate and plan for maintenance, reducing downtime and maintenance costs, by tracking vehicle maintenance records.
  • The on-premises segment is expected to register steadily fast revenue growth rate in the global fleet management market during the forecast period. This is due to rising need for fleet management in organizations, particularly those dealing with sensitive data or operating in highly regulated industries, prefer to have direct control over their data. On-premises solutions allow businesses to maintain strict control over their fleet data, enhancing security and ensuring compliance with data protection regulations.
  • On 27 September 2022, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, announced the general availability of AWS IoT FleetWise, a new service that simplifies the collection, transformation, and transfer of vehicle data to cloud in near real time. Automakers, suppliers, fleet operators, and technology solution vendors in the automotive industry utilize AWS IoT FleetWise to more quickly gather and organize vehicle data, as well as store the data in a standardized format for cloud data analysis. Using the service’s sophisticated data-collection capabilities, AWS IoT FleetWise assists automotive companies in efficiently transferring data to the cloud in near real time.

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Emergen Research has segmented the global fleet management market on the basis of component, fleet type, deployment type, connectivity type, end-use, and region:

  • Business Model Outlook (Revenue, USD Billion; 2019–2032)
    • Solutions
      • Operational Management
      • Fleet Maintenance and Diagnostics
      • Performance Management
      • Compliance Management
      • Fleet Analytics and Reporting
      • Others
    • Services
      • Professional Services
        • Consulting & Advisory
        • Integration & Implementation
        • Support & Maintenance
      • Managed Services
    • Hardware
      • GPS Tracking Devices
      • Dash Cameras
      • Bluetooth Tracking Tags
      • Data Loggers
  • Product Categories Outlook (Revenue, USD Billion; 2019–2032)
    • Apparel and Fashion
    • Electronics and Appliances
    • Health and Beauty
    • Home and Furniture
    • Automotive
    • Books and Media
    • Food and Grocery
    • Toys and Games
    • Sports and Outdoors
    • Jewelry and Accessories
    • Industrial and Machinery
    • Art and Collectibles
  • Fleet Type Outlook (Revenue, USD Billion; 2019–2032)
    • Heavy Commercial Vehicle (HCV)
    • Light commercial Vehicle (LCV)
    • Aircraft
    • Railway
    • Watercraft
  • Deployment Type Outlook (Revenue, USD Billion; 2019–2032)
    • On-Premises
    • Cloud
  • Connectivity Type Outlook (Revenue, USD Billion; 2019–2032)
    • Wired Solutions
    • Wireless Solutions
  • End-use Outlook (Revenue, USD Billion; 2019–2032)
    • Transportation and Logistics
    • Construction and Heavy Equipment
    • Retail
    • Healthcare and Pharmaceutical
    • Utilities
    • Oil, Gas, and Mining
    • Government
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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