Fleet Management Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
The global fleet management market size is projected to grow from USD 28.6 billion in 2023 to USD 55.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The integration of telematics and IoT technologies has emerged as a pivotal factor driving the growth of the fleet management market. Fleet management has always emphasized safety, but 2024 it will be more focused. Fleets implementing cutting-edge safety systems have seen a noticeable drop in accidents and fatalities, according to the latest data from the National Highway Traffic Safety Administration (NHTSA). In addition to lowering the financial and human costs of accidents, real-time monitoring, collision avoidance technologies, and driver behavior analysis are helping to make driving safer.
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“By vertical, the transportation & logistics segment to hold the largest market size during the forecast period.”
The escalating fuel costs have become a pivotal factor driving the adoption of advanced fleet management technologies to optimize fuel efficiency. Fleet managers increasingly invest in sophisticated route optimization systems that leverage real-time traffic data, historical route information, and predictive analytics to identify the most fuel-efficient vehicle paths. These systems consider traffic congestion, road conditions, and elevation changes to minimize fuel consumption. Moreover, integrating eco-driving technologies plays a crucial role in this scenario. These technologies, often facilitated by telematics and onboard sensors, provide real-time feedback to drivers on their driving behavior, encouraging fuel-efficient practices such as smooth acceleration, deceleration, and optimal speed maintenance. The synergy of route optimization and eco-driving not only reduces fuel consumption but also contributes to lower emissions, aligning with environmental sustainability goals. This technological approach not only addresses the immediate cost concerns associated with fuel but also positions fleet management systems as indispensable tools for achieving operational efficiency and environmental responsibility in the logistics and transportation sector.
“By solution, the performance management segment is expected to hold a higher growth rate during the forecast period.”
Solutions for scalable performance management are essential for tackling the changing problems expanding fleets encounter. As fleets expand and undergo operational changes, these solutions provide a level of flexibility and adaptability that is crucial for seamless integration into evolving business operations. The scalability feature allows fleet managers to effortlessly accommodate an increasing number of vehicles, diverse assets, and a growing workforce. Whether expanding to new geographic locations, adjusting to fluctuating demand, or incorporating additional functionalities, scalable solutions ensure that the performance management system can readily grow alongside the fleet. This adaptability not only future-proofs the investment in technology but also facilitates a smooth transition during periods of change, ultimately contributing to sustained operational efficiency and optimized fleet performance in the face of evolving business landscapes.
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Unique Features in the Fleet Management Market
Fleet management systems incorporate telematics technology to gather information on driver behaviour, fuel usage, and vehicle performance in addition to tracking cars in real-time and keeping an eye on their health.
Route optimisation is made possible by fleet management technologies, which also help with delivery schedule optimisation, fuel economy, and idle time reduction.
In order to guarantee vehicle dependability and save downtime, fleet managers may schedule preventive maintenance chores, track vehicle inspections, and keep an eye on maintenance history with the help of fleet management solutions.
In order to increase driver safety, lower accident rates, and guarantee compliance with safety laws, fleet management systems integrate driver safety features including driver behaviour monitoring, dashcam integration, and driver teaching tools.
By enabling businesses to track the whereabouts and conditions of equipment, vehicles, and other assets in real time, fleet management platforms can improve asset utilisation and security.
Major Highlights of the Fleet Management Market
Fleet management systems are being adopted more widely across a wide range of businesses and sectors globally, which is driving market growth.
Fleet visibility, efficiency, and safety are being improved by the rapid evolution of fleet management technologies brought about by developments in telematics, GPS tracking, IoT (Internet of Things), artificial intelligence (AI), and data analytics.
Fleet management systems provide route optimisation features that facilitate effective route planning, fuel economy, idle time reduction, and delivery schedule optimisation.
In order to promote driver safety, lower accident rates, and guarantee adherence to safety rules, fleet management systems are equipped with driver safety features including driver behaviour monitoring, dashcam integration, and driver teaching tools.
By enabling businesses to track the whereabouts and conditions of equipment, vehicles, and other assets in real time, fleet management platforms can improve asset utilisation and security.
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Top Key Companies in the Fleet Management Market
Crucial and innovative vendors in the fleet management market include Geotab (Canada), Verizon Connect (US), Bridgestone Group (Japan), Trimble (US), Samsara (US), Wheels (US), Inseego (US), Solera Group (US), Verra Mobility (US), Teletrac Navman (US), Holman (US), Orbcomm (US), Mix Telematics (South Africa), Zebra Technologies (US), Motive (US), Chevin (UK), GPS Insight (US), Michelin (France), ClearpathGPS (US), Fleetcomplete (Canada), Gurtam (Lithuania), Automile (US), Via Transportation (US), Fleetroot (UAE), Ruptela (Lithuania), Freeway Fleet (UK). The market players have adopted various strategies to strengthen their fleet management market position.
GEOTAB
Geotab provides telematics solutions that offer advanced reporting, driver behavior management, robust engine data reporting, GPS vehicle tracking, and route optimization. With over 20 years of experience and millions of connected vehicles, the company harnesses the power of data to transform operations. For fleets of various sizes and sectors, Geotab provides a wide range of solutions, including fuel management, driver coaching, dispatching and routing, and much more. The company has a presence in North America, Europe, Asia Pacific, and Latin America.
Geotab stated that it will be working with Renault to integrate the MyGeotab fleet management platform with the telematics capabilities of its vehicles. Fleet managers can make informed decisions and offer connectivity solutions to fleets of any size thanks to this one point of access. Clients can choose from Renault models manufactured in 2010 or later, and receive a telematics system that is factory-installed or modified for field-use vehicles. Because of this, users can manage their whole fleet with first-hand, high-quality OEM data that has been combined into the robust, vendor-neutral MyGeotab platform. In twenty-one European nations, including France, Germany, Spain, Italy, the UK, and Ireland, the new telematics solution is now accessible.
Verizon Connect
Verizon Connect is a subsidiary of Verizon Communications, a leading global telecommunications company. Verizon Connect, a pioneer in connected fleet management, empowers businesses of all sizes to transform their operations. Harnessing the power of GPS tracking, telematics, and data analytics, their comprehensive solutions address key challenges such as visibility and control, driver safety and compliance, productivity and performance, tailored solutions and expertise, scalability, and security.
Verizon Connect’s fleet management solutions help track vehicles in the field, improve fleet operations, increase worker productivity, and promote safe driving. With a range of customizable GPS tracking solutions that offer dashboards, reports, and alerts, fleet managers can see driver and vehicle location in near real-time, track driver behavior like speeding, idling, and harsh driving, reduce costs for vehicle maintenance and fuel consumption, and improve dispatch, routing, and visibility. Verizon Connect’s solutions can help optimize fleet operations and save money.
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