ENT need for real-time data tracking for vehicle management to push fleet management market past US$ 239 Mn by 2032
A Market Research and Competitive Intelligence Provider: The global fleet management market is estimated to reach US$ 239 Mn by the end of 2032, exhibiting growth at 17.4% CAGR between 2022 and 2032.
Rising adoption of cloud based and big data analytics solutions to enhance the operational efficiency in commercial vehicles is one of the major factor driving the demand. Also, surging demand for real-time tracking solutions such as global positioning system (GPS) to avoid the risks of accidents and timely delivery is estimated to boost the market.
Further, advent of digital transformation is increasing the application of 5G technology among fleet operators for asset management and vehicle & driver tracking. This is likely to create lucrative opportunities for the market.
Besides this, increase in fuel prices is shifting the focus of several fleet management providers towards low-speed electric vehicles for efficient delivery needs of pharmacies, and others. Additionally, growing demand for improving the fleet safety is boosting the adoption of telematics and fleet analytics solutions.
| Report Attributes | Details |
| Base Year Value (2021A) | US$ 39.1 Mn |
| Estimated Year Value (2022E) | US$ 48 Mn |
| Projected Year Value (2032F) | US$ 239 Mn |
| Global Growth Rate (2022-2032) | CAGR 17.4% |
Key Takeaways:
- By type, operations management segment is estimated to record growth at a CAGR of 23% between 2022 and 2032.
- Based on deployment, the cloud segment is expected to hold a maximum share in the market, registering growth at 23% CAGR.
- China fleet management market is expected to surpass a market valuation of US$ 38.4 Mn by 2032.
- The U.S. fleet management market is projected to reach US$ 70.4 Mn, registering a CAGR of 18.2% during the forecast period.
- Sales of fleet management solutions in India are expected to increase at over 17.3% CAGR between 2022 and 2032
Growth Drivers:
- Increased adoption of internet of things (IoT), artificial intelligence, and cloud computing for operational efficiency of vehicles will boost the market.
- Surging use of remote sensing capabilities in oil and gas, transportation, and construction sectors is projected to propel the demand for fleet management.
Restraints:
- Rising operational costs and maintenance charges of fleet management solutions are projected to hinder the growth in the market.
- Increasing number of data breach, cyber threat, and GPS connectivity issues are likely to limit the growth in fleet management market.
Competitive Landscape:
Key players operating in the global fleet management market are integrating advanced technologies such as cloud based and big data analytics to gain competitive edge.
Some of the manufacturers are expanding their consumer base by updating their production capabilities and product line.
For instance,
- June 2021: dtac Business entered into a partnership with Cartrack Technology to commercialize premium fleet management solutions to small and medium enterprises in Thailand. It also plans to use Cartrack’s advanced artificial intelligence (AI) technology to reduce operation cost, lower fuel consumption, and create driving zones.
- June 2021: Goodyear partnered with ZF to integrate advanced Transics-branded, Fleet Management Solutions (FMS) of ZF and high performing tyre portfolio and mobility solutions for commercial vehicles throughout Europe.
Key Companies Profiled by Fact.MR
- GPS Trackit
- Zebra Technologies Corp.
- Trimble Inc.
- TomTom N.V.
- Geotab Inc.
- GoGPS
- Embitel
- Cisco Systems, Inc.
- GoFleet Corporation
- Digital Matter
- StreetFleet
- Fleetmatics Group PLC
- Wireless Links
- Ruptela
- Gurtam
- Teletrac Navman
- WebEye Telematics Group
- Linxio
- TigerFleet
- Trakm8 Limited
More Valuable Insights on Fleet Management Market
Fact.MR in its latest report offers comprehensive analysis on the global fleet management market for the forecast period of 2022 to 2032. This survey also focuses on the key factors such as opportunities, latest trends, and opportunities affecting the sales in the fleet management market through detailed segmentation as follows:
By Deployment:
- Cloud
- On-Premise
By Type:
- Vehicle Management
- Driver Management
- Operations Management
By End User:
- Transportation & Logistics
- Automotive
- Retail
- Government
- Shipping
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Covered in the Fleet Management Market Report
- Which are the factors driving the fleet management market?
- What is the estimated growth rate of the global fleet management market until 2032?
- Which region is projected to dominate the global fleet management market during the forecast period?
- What will be the market size of fleet management market in 2022?
- Which are the challenges hindering the growth in the global fleet management market?
Explore Fact.MR’s Coverage on the Technology Domain
Vehicle Fleet Communication Market: Adoption of vehicle fleet communication is expected to increase among fleet operators to control, monitor, and track commercial vehicles by improving their overall operational efficiency. This is projected to surge the demand in the vehicle fleet communication market.
Vehicle-to-Infrastructure (V2I) Communication Market: Rising demand for intelligent transportation systems to gain information regarding vehicle-generated traffic data is likely to bolster the growth in the market. Also, growing requirement of safety and operational data to avoid accidents and traffic is projected to increase application of vehicle-to-infrastructure (V2I) communication.
Driver Attention Alert Systems Market: Growing number of road accidents due to distraction and drowsiness is increasing the adoption of driver attention alert systems. Besides this, advancements in automobiles such as integration of wireless technologies, artificial intelligence and machine learning is projected to create lucrative opportunities for the market.
