Fleet Management Market worth $52.4 billion by 2027, growing at a CAGR of 15.5%: Report by MarketsandMarkets™

Chicago, April 13, 2023 (GLOBE NEWSWIRE) — The global Fleet Management Market 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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371 – Tables
40 – Figures
287 – Pages

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Scope of the Report

The growth of the Fleet Management Market can be attributed to several factors, such as rising fleet safety concerns to drive market, increasing focus on fleet owners, and declining hardware and IoT connectivity costs. Safety is the top priority for any fleet manager. Any emergency or disaster could have disastrous effects, hence fleet management solutions that include safety management as a component are attracting the attention of fleet managers. Businesses have big opportunity to save money by running a safer fleet. A safe fleet will have fewer collisions in which the at-fault party is discovered to be at fault, resulting in lower insurance rates. The fleet will also experience less employee downtime, lower medical expenses, and less need for costly overtime to cover absent drivers.  Vehicles would endure less wear and tear if safety violation occurrences like speeding and abrupt braking are reduced. This may lead to lower maintenance costs and less downtime for the vehicle. Vehicle utilization rates will rise as accident rates decline and wear and tear on vehicles decreases. As a result, there may be less demand for stand-by cars, opening up possibilities for size reduction.

The scope of this report covers the study which provides an analysis of the global Fleet Management Market based on contemporary market trends and developments and its potential growth from 2017 to 2027. The global fleet management  Market is categorized based on component, fleet type, deployment type, vertical, and region. The market size is estimated based on the approximation of the market shares of major vendors in the Fleet Management Market. The market size is constructed from 2022-2027, considering 2021 as the base year.

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Since 1950s, when card reader equipment first became available, the fleet business has been a pioneer in implementing new technology. The fleet data was logged using these card readers. The development of mainframe computers, which can store large amount of data and conduct transactions, was facilitated by by technological improvements. Data collecting has now become simple and has changed from a time-time activity into a real-time activity due to the advancements in mobile devices, telecommunications, and sophisticated sensors. Modern fleet management solutions with extra capabilities, such a sGPS tracking and monitoring, have more prospects as a result of the growing integration of ICT and IoT with logistics, transportation, and automobiles.

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).

Frequently Asked Questions (FAQ)

How is the fleet management market expected to grow in the next five years?

According to MarketsandMarkets, the fleet management market size is expected to grow 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.

Which region has the largest market share in the fleet management market?

North America is estimated to hold the largest market share in fleet management market in 2022. North America is one of the technologically advanced markets in the world.

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