Fleet Management Market

Fleet Management Market Size & Growth (2023 - 2028)

The size of the global fleet management market is expected to reach $44.12 million by 2028, up from $24.05 billion in 2022, developing at a CAGR of 24.5% from 2023 to 2028.

Fleet management is considered as a process of managing the fleet of automobiles in an organization. The improper maintenance of a fleet of vehicles can lead to a negative effect on business operations. Fleet management usually contains vehicles like automobiles, trucks and corporate fleets, commercial and freight aircraft, buses, trams, and container ships. It also promotes activities like tracking of automobiles, diagnostics, and updates information about driver behavior. Of these, vehicle monitoring and diagnostics further involve the management of risks, fuel supervision, telematics, and accident management. Fleet management has found extensive applications in end-users like oil and gas, mining, construction, chemicals, retail and logistics, public and private transport, utilities, waste management and services, and others.

Fleet management enables companies to track and maintain their vehicles profitably, quickly, and affordably. It helps business organizations that rely heavily on transportation to reduce or completely eliminate the risks associated with the cost of personnel, operations, and others. The benefits of fleet management are reduced overall operating and fuel costs, improved safety, and optimized fleet operations, with real-time monitoring and surveillance of the fleet.

Market Growth and Trends

Driver management is expected to retain a significant share in the coming years.

• Driver management framework in fleet management solutions contains applications such as driver registration, insurance risk management, and analysis. The main reason for driver management systems is to study driver behavior and make necessary changes to driving styles, which will reduce fuel consumption and improve vehicle maintenance.
•  These systems promote better driving behavior and continually send comments indicating the driving style, with alerts. Organizations adopt this solution because it saves fuel, reduces maintenance costs, and gives them confidence in vehicle and customer management.
• According to a recent safety report by Volvo Trucks, more than 90% of worldwide mishaps were caused by human factors. The investigation indicates that more than 13% of the accidents caused the death of occupants of heavy vehicles. These statistics pave the way for the tremendous growth opportunities in the global fleet management market.

Drivers and Market Restraints:

The progressions in the global fleet management market are driven by the increase in the incorporation of real-time fleet monitoring systems in automobiles, the increase in the use of cloud technology for smart fleet management solutions, and improved supervision in vehicle, and fuel management. Large and medium-scale fleet owners are implementing these fleet management solutions broadly to streamline operations. The adoption rate among small fleet owners has been slow, due to factors such as lack of knowledge, limited scale of operations, smaller budgets, less compliance standards, high demands on increased capital, and operating costs.

Furthermore, the advent and integration of IoT and Information, Communication, and Technology (ICT) in sectors such as automotive, logistics and transportation are driving the market growth. In addition, continuous driver behavior monitoring, automotive tracking, real-time visibility, driver management, and so on have resulted in significant market growth. Growth in the vehicle replacement market and increased international trade are driving this market growth. However, fleet owners' concerns about pricing and cybersecurity issues are hampering industry growth. Awareness of increased driver and vehicle safety and better business decisions for fleet owners is expected to provide lucrative opportunities for fleet management companies in the near future.

The significant factor driving the growth of the global fleet management market is increased government regulations. Other factors promoting this industry growth involve lower expenses related to hardware and software and the introduction of autonomous fleets.

FLEET MANAGEMENT MARKET REPORT COVERAGE

Market Segmentation

Fleet Management Market - By Solution

• Operations Management
• Vehicle Maintenance and Diagnostics
• Performance Management
• Fleet Analytics
• Reporting

Fleet Management Market - By Service

• Professional
• Managed

Fleet Management Market - By Deployment Type

• Cloud
• On-Premise

Of these, the cloud segment dominated the global business and projected to account for a significant portion in the coming years.

Roads, seaways, and railways are studied in the world market on the basis of modes of transport.

Regional Analysis

By region, the global fleet management market is studied in areas like North America, Europe, Asia-Pacific, and LAMEA. The smart fleet management market is calculated based on various traction technologies that are employed in automobiles around the world. North America and Europe are the leading contributors to the global market that are expanding with a notable rate. The Asia Pacific region is considered to register a notable share in the international marketplace due to the increasing investments by market giants in this area.

Key players in the market:

Key and emerging players in the global fleet management market are:

1. ARI Fleet Management (United States)
2. Azuga (United States)
3. Chevin Fleet Solutions (Australia)
4. Ctrack (United States)
5. Donlen Corporation (United States)
6. Geotab (Canada)
7. GPS Insight (United States)
8. Masternaut (United Kingdom)
9. MiX Telematics (South Africa)
10. Nextraq (United States)
11. Teletrac Navman (United States)
12. Trimble (United States)
13. Verizon Connect (United States)
14. Wheels Inc (United States)
15. Fleetroot (United Arab Emirates)

These players have adopted various strategies to develop themselves in the global fleet management market. We rate and list these fleet management software (FMS) based on product quality, reliability, and business strategy.

Recent Developments

• Fleetonomy focuses on providing a cloud-based fleet management service for automakers, car rental companies, and carpoolers.
• Chevin has launched a SaaS package designed to take on the core responsibilities of fleet management, maintenance, and compliance. Some of the other main players in this industry are AT&T Inc. and Cisco Systems.
• Cisco Jasper launched a platform for automated mobility management, namely Control Center for Mobile Enterprise, which automates the management of enterprise mobile services and devices.