Hyderabad, July 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Fleet Management Solutions Market Report (2023-2028)," the market is estimated at USD 24.48 billion in 2023. It is expected to register a CAGR of 16.42% during the forecast period.
Fleet management solutions (FMS) consist of various functions like vehicle financing, maintenance, telematics, driver management, fuel management, etc. They integrate software, hardware, connectivity solutions, and network infrastructure to effectively monitor, optimize fleet operations, reduce costs, and ensure compliance with standards. More large and medium-scale fleet owners are adopting FMS, aided by favorable factors like 5G technology.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 24.48 billion |
| Market Size (2028) | USD 52.36 billion |
| CAGR (2023-2028) | 16.42% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growing demand for commercial vehicles. |
| Technological advancements. |
Who are the Top Companies in the Global Fleet Management Solutions Market?
The fleet management solutions market is highly fragmented, with the presence of global players and small and medium-sized enterprises. These companies are investing in cloud technologies. They are also interested in strategies like partnerships and acquisitions.
The significant players in the global fleet management solutions market in 2023 are,
- Cisco Systems Inc.
- AT&T Inc.
- Ctrack (Inseego Corp.)
- I.D. Systems
- IBM Corporation
- Astrata Group
- Mix Telematics Limited
- Omnitracs LLC
- Tomtom NV
- Trimble Navigation Limited
- Verizon Communications Inc.
- Wheels Inc.
- Tenna LLC
- Samsara Network Inc.
- KeepTrucking Inc.
- Fleet Complete Inc.
- Odoo SA
- Fleetable (Affable Web Solutions Company)
- Octo Group SpA
- Geotab Inc.
- Rarestep Inc. (FLEETIO)
- Switch Board Inc.
- Azuga holdings Inc.
- Chevin Fleet Solutions
- One Step GPS LLC
- Transflo
- Go Fleet Inc.
- Advance Tracking Technologies Inc.
- Donlen Corporation by Hertz Holdings
Other Reports That Might Be of Your Interest:
- India Fleet Management Software Market Report - The Indian fleet management software market is anticipated to register a CAGR of 15.20% over the next five years.
- Europe Fleet Management Market Report - The European fleet management market size is expected to grow from USD 6.43 billion in 2023 to USD 11.28 billion by 2028, at a CAGR of 11.90% during the forecast period (2023-2028).
Key Highlights from the Global Fleet Management Solutions Market Report:
Asset Management Segment Looking Promising
- Asset management systems connect financial, property, and maintenance management for improved analysis. Asset tracking solutions are crucial in digitalized manufacturing and office environments.
- Asset tracking is expected to grow in the industrial IoT sector. It makes asset-tracking hardware more economical and efficient.
North America to Witness Significant Growth
- Increased manufacturing, transportation, logistics industries, and government initiatives make North America a prominent market for asset management.
- Fleet businesses in the United States are widely investing in new fleet tracking technologies. They are also partnering with commercial vehicle companies by offering integrated solutions.
What are the Latest Developments in the Global Fleet Management Solutions Market?
- In June 2022, the global automotive services organization announced an investment from its venture capital division in AmpUp, one of the leading electric vehicle management software companies.
- In June 2022, Renault announced a partnership with telematics supplier Geotab to integrate its models into the MyGeotab fleet management platform.
Mordor Intelligence has Segmented the Global Fleet Management Solutions Market Based on Deployment Model, Solution, End-user, and Geography.
- By Deployment Model (Market Size and Forecast based on Value (USD billion), 2018-2028)
- On-premise
- On-Demand
- Hybrid
- By Solution (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Asset Management
- Information Management
- Driver Management
- Safety and Compliance Management
- Risk Management
- Operations Management
- Other Solutions
- By End-user (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Transportation
- Energy
- Construction
- Manufacturing
- Other End Users
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Fleet Management Solutions Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Big Data Market in the Automotive Industry Report - The big data market in the automotive industry is expected to grow from USD 5.30 million in 2023 to USD 11.21 million by 2028, at a CAGR of 16.15% during the forecast period (2023-2028).
- Semiconductor Memory Market for Automotive Report - The semiconductor memory market for automotive is expected to register a CAGR of 21.6% over the next five years.
- Edge Computing in Automotive Market Report - The edge computing in automotive market is projected to register a CAGR of 27.5% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Attachment
