Fleet Management Market worth $52.4 billion by 2027 - Exclusive Report by MarketsandMarkets™
Fleet management solutions help to manage fleet operations while lowering costs, increasing efficiency, and improving compliance.
CHICAGO, Sept. 28, 2022 /PRNewswire/ -- Fleet Management size is expected to grow from USD 25.5 billion in 2022 to USD 52.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period, according to a new report by MarketsandMarkets™.
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Solutions segment to have the highest market share during the forecast period
Fleet management solutions are technological solutions used to manage asset and fleet information. Fleet management solutions help to manage fleet operations while lowering costs, increasing efficiency, and improving compliance. Fleet management solutions are designed to reduce risks, improve safety and security, and manage and monitor fleet operations. It aids in lowering total cost of ownership, protecting asset investments, assisting in asset inventory management, facilitating preventative maintenance in accordance with vehicles' OEM guidelines, and lowering and repairing costs by improving fleet safety.
The solutions segment in the Fleet Management Market comprises five major solutions – operations management, vehicle maintenance and diagnostics, performance management, fleet analytics and reporting, compliance management, and others (EV fleet management, accident management, and toll management).
Passenger Cars is expected have the highest market share during the forecast period
Vehicles with seating capacity of up to six people, excluding the driver, are classified as passenger cars. Passenger cars are further divided into the following groups in accordance with the agreed-upon classification: minivans, compact cars, mid-sized cars, executive cars, premium cars, and luxury cars. Having a modest fleet of cars, minivans, or pickups has more benefits than before. The accompanying services for keeping the vhicle in good condition include supply chain management, maintenance, licensing and compliance, fuel management, and accident claims.
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North America region to record the highest market share in the Fleet Management Market
North America includes developed regions such as the US and Canada. Because these countries are early adopters of technology and commercial vehicle fleets play a significant part in their economies, there is an increasing demand for operational effectiveness and total cost reduction of corporate fleets. The growth of the North American Fleet Management Market is positively impacted by business. Since the standard GPS tracking capabilities have been widely adopted in North America, businesses in this region are now investing in telematics solutions that enhance the value of commercial fleet-based enterprises.
The fleet management companies in North America offer services such as fuel cards to track mileage and gas costs, vehicle management, GPS and telematics tracking, and insurance and maintenance programs. This, along with fast-paced digital transformation across the region, has helped the growth of the Fleet Management Market with the help of industrial IoT, automation, analytics, and cloud. The growth of the Fleet Management Market is also a contributor to the Fleet Management Market where in this region. This is attributed to the leading automotive companies, such as General Motors and Ford Motor Company, which started offering first-generation telematics systems in 1996. In addition, government regulations, policies, and mandates for a different applications of commercial vehicle telematics are projected to drive the market growth in North America.
Key and innovative vendors in the Fleet Management Market are Geotab (Canada), Verizon Connect (US), Donlen (US), Inseego (San Diego), Teletrac Navman (US), Holman (US), Azuga (US), Chevin (England), GPS Insight (US), Masternaut (England), Orbcomm (US), Trimble (US), Omnitracs (US), MiX Telematics (South Africa), TomTom (Amsterdam), Zonar Systems (US), Zebra Technologies (US), Motive (Australia), Samsara (US), Fleet Complete (Canada), ClearPathGPS (US), Titan GPS (Canada), Gurtam (Belarus), Automile (US), Fleetonomy (Israel), Avrios (Switzerland), Fleetio (US), Fleetroot (UAE), Freeway Fleet (UK), and Ruptela (Lithuania).
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