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(Wireless-NewsWire.Com, January 31, 2024 ) According to a research report "Fleet Management Industry by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service, Deployment Type, Fleet Type, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, 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.
The increasing focus of fleet owners on operational efficiency is driving the fleet management market. Fleet management solutions enable fleet managers to enhance fleet efficiency through valuable insights into vehicle location and status. By tracking essential data such as vehicle location, idle time, and fuel levels, these solutions facilitate route optimization, streamlined maintenance scheduling, and identification of underutilized vehicles.
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Browse 371 market data Tables and 40 Figures spread through 288 Pages and in-depth TOC on "Fleet Management Market - Global Forecast to 2027"
By solution, the compliance management segment is expected to grow with the highest CAGR during the forecast period
Fleet management solutions are crucial in ensuring compliance with regulations by offering real-time data on driver hours of service and vehicle maintenance. This valuable information allows businesses to proactively address any compliance issues, minimizing the risk of incurring fines and penalties that can be financially burdensome. For fleet operations, compliance produces benefits in lower costs for accidents, fines and violations, and expenses for insurance, workers' compensation, legal fees, and replacement vehicles. Fleet compliance is a key driver for developing effective approaches to tasks such as completing maintenance checks on vehicles.
By service, the professional service segment is expected to have the dominant market share during the forecast period
Professional services in fleet management encompass a diverse range of offerings to assist businesses in enhancing their fleet operations. These services are typically provided by various entities, such as fleet management providers, consultants, and technology companies. Their expertise can be instrumental in offering valuable insights, implementing effective strategies, and leveraging advanced technologies to optimize fleet performance and achieve operational objectives. Professional services in fleet management can be a valuable tool for businesses of all sizes.
Based on region, North America is expected to lead the market size during the forecast period.
The demand for fleet management in North America is growing rapidly because of the increasing popularity of e-commerce, the rising fuel cost, the growing focus on safety, and the increasing availability of affordable and easy-to-use fleet management solutions. The region comprises the US and Canada, the leading regions in developing smart cities and smart transportation projects. These countries have sustainable and well-established economies, empowering them to invest strongly in R&D activities, thereby contributing to developing new technologies in the fleet management market.
Market Players
Key and innovative vendors in the fleet management market are Geotab (Canada), Verizon Connect (US), Donlen (US), Inseego (US), Teletrac Navman (US), Holman (US), Azuga (US), Chevin (UK), GPS Insight (US), Masternaut (UK), Orbcomm (US), Trimble (US), Omnitracs (US), MiX Telematics (South Africa), TomTom (Netherland), Zonar Systems (US), Zebra Technologies (US), Motive (US), Samsara (US), Fleet Complete (Canada), ClearPathGPS (US), Titan GPS (Canada), Gurtam (Lithuania), Automile (US), Fleetonomy (Israel), Avrios (Switzerland), Fleetio (US), Fleetroot (UAE), Freeway Fleet (UK), and Ruptela (Lithuania). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the fleet management market.
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