Fleet Management Market

According to a research report "Fleet Management Market Size, Share, Growth Analysis, by Component (Services, Solutions (Operations Management, Vehicle Maintenance & Diagnostics, Performance Management)), Fleet Type (Commercial Fleets, Passenger Vehicles), Vertical, and Region - Global Forecast to 2028" published by MarketsandMarkets, the fleet management market is estimated at USD 28.59 billion in 2023 and is projected to reach USD 55.58 billion by 2028, at a CAGR of 14.2% from 2023 to 2028.

Browse 394 market data Tables and 42 Figures spread through 324 Pages and in-depth TOC on "Fleet Management Market Size, Share, Growth Analysis, by Component (Services, Solutions (Operations Management, Vehicle Maintenance & Diagnostics, Performance Management)), Fleet Type (Commercial Fleets, Passenger Vehicles), Vertical, and Region - Global Forecast to 2028"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/fleet-management-systems-market-1020.html

The fleet management market is experiencing a massive disruption because of technological advancements and the increasing need for operational efficiency. The cloud-based deployment of fleet tracking solutions has gained significant traction. On-premises fleet tracking and monitoring solutions may not provide these advantages. Hence, vendors increasingly leverage cloud technologies to provide scalable solutions that cater to changing customer needs. The cloud-based deployment model offers benefits, such as lucrativeness, easy and high speed of deployment, and more agile management and operation of field activity solutions. It enables fleet owners to monitor their fleets easily and make quicker and more informed decisions related to fleet operations.

By 2028, the Fleet management market is expected to have a robust growth trajectory in terms of value.

The increasing focus on enhancing worker safety and monitoring driver behavior is a key driver in the fleet management market. Workers employed in the construction and mining areas are exposed to many health hazards, especially in developing countries. Various companies have focused on providing safety and security solutions to ensure the safety of workers. For any fleet operator, safety is the primary concern. Any emergency or accident might lead to disastrous results; therefore, fleet tracking and monitoring solutions offering safety management as one of the features are gaining fleet managers' attention. By operating a safer fleet, companies have a huge potential to save money. A safer fleet will have fewer at-fault collisions, which will help lower insurance premiums; the fleet will have less employee downtime, lower medical costs, and less need to pay expensive overtime to cover absent drivers.

Based on industry, the retail sector is expected to have the highest growth rate during the forecast period.

Increased e-commerce penetration of retail sector across the globe drives demand for fleet management solutions. The retail industry comprises clothing, consumer products, and e-commerce. It has emerged as one of the most dynamic and fast-paced industries due to the emergence of new players. This sector has also witnessed tremendous growth over the years due to increased e-commerce penetration across the globe, along with improvements in fleet management solutions that help address enterprise demands. The major focus of retailers is on enhancing customer satisfaction, increasing customer loyalty, expanding the market, and managing transportation. Controlling the retail sector's costs is challenging with rising shipping expenses and cross-border tariffs. Fleet management solutions also provide a scalable solution to manage fleets, optimize routes, improve efficiencies, reduce costs, and increase customer satisfaction.

North America is expected to account for the largest market share in 2023.

The Fleet management market has been studied in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America’s fleet management market accounts for the largest share in 2023 and is expected to grow in the forecasted period. North America includes developed regions such as the US and Canada. Because these countries are early adopters of technology, commercial vehicle fleets play a significant part in their economies. The business positively impacts the growth of the North American fleet management market. 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 growth of this market is attributed to the leading automotive companies, such as General Motors and Ford Motor Company, which started offering first-generation telematics systems in 1996.

Prominent companies 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). Feetcomplete (Canada). Gurtam (Lithuania). Automile (US), Via Transportation (US), Fleetroot (UAE), Ruptela (Lithuania), and Freeway Fleet (UK).

Don’t miss out on business opportunities in Fleet Management Industry. Speak to our analyst and gain crucial market insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe.

Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.

The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.

In addition, MarketsandMarkets SalesIQ enables sales teams to identify high-priority accounts and uncover hidden opportunities, helping them build more pipeline and win more deals with precision.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter , LinkedIn and Facebook .

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Visit Our Website: https://www.marketsandmarkets.com/