Fleet Management Solutions Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 28.5 Billion |
| Market Size (2029) | USD 58.12 Billion |
| CAGR (2024 - 2029) | 15.32 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Fleet Management Solutions Market Analysis
The Fleet Management Solutions Market size is estimated at USD 28.5 billion in 2024, and is expected to reach USD 58.12 billion by 2029, growing at a CAGR of 15.32% during the forecast period (2024-2029).
• Fleet management software has become a vital tool for businesses that depend on car fleets, transforming operations through increased productivity. Traditional methods, which originated in manual processes and fragmented systems, have drawbacks, including imprecise data, poor visibility, and wasteful resource use. However, the need for new solutions has increased due to the demand for cost-effective tactics and real-time analytics.
• Some of the features businesses are looking for, which they expect will create opportunities, include monitoring tasks and productivity in a remote environment, along with real-time tracking of fleet data. Introducing autonomous vehicles will likely contribute to market growth as fleet management solutions are becoming a key factor in effectively coordinating routes and delivery schedules.
• The Fleet Management System market mainly comprises software, hardware, connectivity solutions, and network infrastructure to provide fleet operators with effective monitoring and reporting. The solution will benefit fleet operators by reducing costs and resource expenditures while making it possible to ensure that the fleet is complying with established standards. Market vendors' primary focus has been increasing fleet efficiency by eliminating services that offer no appreciable benefit.
• The second significant trend behind software development for freight and logistics is the rapid adoption of automation, where fleet management solutions rapidly adopt this approach. The market is gaining considerable traction from new technologies such as the Internet of Things, connected trucks, and containers. Connecting vehicles to the Internet would also create further opportunities for efficient business.
• 5G deployment will also immensely affect fleet management, as it increases the speed of information transfer and allows fleets to reduce delays and gain productivity. Organizations using a mobile fleet management application will make the use of 5 G possible. The increased coverage and the introduction of immediate notifications enable fleet managers and their crews to remain in touch with each other and increase productivity.
• Fleet management solutions have high initial costs with limited functionality, and the cost per asset per month varies according to the management system's features. Ultimately, the exact price of each solution is unique and dependent on various factors, such as the number of vehicles tracked, the quality of support offered by the vendor, and the price of the vendor's licensing and maintenance fees, which are typically bundled into the total cost.
• The spread of COVID-19 resulted in high levels of idled vehicles, and fleet management solutions offered by vendors designed to manage other types of fleets have been hit hardest. This is due to a global lockdown, travel restrictions, and the culture of working from home. The trend stays in place as firms continue to expand work-from-home policies and people avoid using ride-hailing services.
Fleet Management Solutions Market Trends
Asset Management Segment Expected to Hold Significant Share
• Asset management systems and solutions allow for the creation of connections between property and maintenance management and financial by maintaining a direct connection to the (FAST), eliminating duplicate databases, and maintaining a This allows for the monitoring of an asset's effect on each activity to be carried out so that a review of cost-benefit analysis may take place, thanks to data availability and effective research.
• In the present market scenario for rapid digitalization in manufacturing and office environments, asset management and tracking solutions have become even more important to ensure a higher efficiency of operations. Several end users have benefited from recent developments in the Internet of Things technologies, enabling them to purchase economical and efficient asset-tracking equipment. The sales of asset tracker systems are driven by modern wide area and short-range Internet of Things equipment, which use minimal power and infrastructure compared with standard traditional Asset Tracker Systems.
• Global positioning systems (GPS) are widely used in vehicles, but their application is not limited. Organizations have also reported using them to monitor employees—GPS aids in tracking precise outdoor locations. As a preliminary application, the vehicle tracking system is designed to help businesses in transport or logistics keep track of all their assets, including vehicles and drivers.
• Applications for asset fleet management may gather utilization information on specific cars and drivers, assisting managers in finding ways to boost output features like position monitoring, impact reporting, vehicle access control, and compliance checklists are additional possible additions to fleet management systems. The material handling truck has evolved beyond being a simple lift truck. It is now regarded as the manager’s data source as well as the operator’s cockpit. Traditional base lift truck offerings can be enhanced with a wide range of advanced technological choices, such as capabilities to support operator security and productivity, as well as data-driven, actionable insight into vehicle and operator performance for facility management.
• In the Industrial Internet of Things, asset tracking is projected to increase significantly in the coming decade, and location awareness will become a key element for interconnected devices. New solutions for asset monitoring of the Internet of Things have emerged due to developments in low-power radio frequency chip technology and the adoption of Low Power Wide Area Networks, LPWAN, and Bluetooth LBLE beacons. Demand in several sectors, such as industry automation, supply chains, logistics, agriculture, construction, mining, and related markets, is anticipated to increase when asset trackers are implemented using RFID technology.
North America is Expected to Register the Largest Market
- Given the strong presence of industry sectors such as manufacturing, transportation, and logistics, North America is an important market for asset management. In addition, market growth in the region is supported by government initiatives and regulations applicable to different end-user sectors.
- Allied carriers and shippers must keep a time-definite supply chain in place, given the increasing adoption of more rapid delivery by consumers at home. The competition between carriers for the last mile has resulted in a shift to efficient methods of delivering small packages directly into consumers' homes from traditional fleets and start-ups. In addition, there is a significant factor influencing the driving efficiency of fleet owners in this country: the last holiday shopping season.
- Adopting fleet management solutions is considered a critical driving factor in this country regarding 5G fleet management. Fleets should be able to shorten delays and improve productivity using 5G's main features. Due to improved coverage and higher productivity, users of fleet management applications can benefit from better communication with 5G.
- In vendor terms, vehicle leasing companies have started offering fleet management solutions to clients in the country. In addition, most of those companies have been using cooperation and partnerships to build their geographic presence. For instance, in Canada, from vehicle tracking and electronic logging to vehicle maintenance and idle tracking, HOS247 provides a comprehensive end to end fleet management system. The electronic logging device from HOS247 is made to reduce infractions and assist companies in adhering to federal rules. The company is dedicated to offering first rate support with their customer care. Because of the quality of the company’s hardware and the user-friendly design of the software, drivers can effortlessly manage their logs and stay away from funds and penalties.
Fleet Management Solutions Industry Overview
The fleet management solutions market is highly fragmented due to the presence of both global players and small and medium-sized enterprises. Furthermore, companies have become interested in cloud technologies due to growing fleet management data. Several important players, such as I.D., dominate this market. Systems, Cisco Systems Inc., IBM Corporation, AT&T Inc., Ctrack (Inseego Corp.), and others. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In July 2023, Charles Jackson and Co. expand its A.I. fleet camera solution with an InseegoAI-powered fleet dashcam solution to its specialist haulage operation to target safety and insurance improvements and to reduce collisions and improve safety, where the combination of live tracking, incident alerting, and driver status monitoring will help us encourage responsible driving and reduce crashes. If an incident does occur, we will be able to respond to ensure driver welfare and manage the insurance claims process, as well as use video and supporting data to undertake an effective investigation quickly. Individual or anonymized footage will support our targeted driver feedback and training strategy.
In March 2023, Powerfleet Inc. launched its safety and security data-powered application to Unity, its fleet intelligence platform. Unity ingests, compiles, and enriches data from any IoT device or third-party business system. Mixed fleets, over the road or in the warehouse or distribution center, now have a single source of truth to revolutionize the safety of assets, vehicles, and, most importantly, its people; with Powerfleet's new and enhanced data-science-driven solution, businesses have improved visibility and insights from real-world safety and security incidents under one comprehensive and highly focused set of dashboards and reporting.
Fleet Management Solutions Market Leaders
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Cisco Systems Inc.
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AT&T Inc.
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Ctrack (Inseego Corp.)
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IBM Corporation
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PowerFleet
*Disclaimer: Major Players sorted in no particular order
Fleet Management Solutions Market News
• June 2023: PowerFleet has driven green initiatives by modernizing and aligning fleets with corporate environmental, social, and governance (ESG) initiatives with its SaaS-based sustainability data-powered application; this latest addition to unity, Powerfleet's fleet intelligence platform aims to minimize carbon footprint and material waste, enhance maintenance and fuel efficiency, help comply with government mandates, and reduce overall operational costs while accelerating revenue growth for customers.
• May 2023: Inseego launches new support portal to enhance fleet customer experience; the Customer Self-Service Portal will speed up and simplify the resolution of requests by providing a user-friendly means of raising and tracking support tickets, where Fleet customers can now create new support tickets via the portal, which are instantly allocated to one of Inseego's customer support specialists and given a case reference number for enhanced tracking. Notifications alert customers of any status changes, enabling them to stay fully up-to-date with the progress of cases without the need to call the support center or send any follow-up emails.
Fleet Management Solutions Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of the Impact of COVID-19 on the Industry
5. IMPACT OF CHIP SHORTAGE IN AUTOMOTIVE AND DOWNSTREAM EFFECTS
6. TELEMATICS (FLEET HARDWARE) OVERVIEW
7. MARKET DYNAMICS
7.1 Market Drivers
7.1.1 Renewed Emphasis on Streamlining Fleet Operations
7.1.2 Availability of a Wider Range of Reporting and Analytics Services
7.1.3 Affordable Hardware and Access to Greater Connectivity
7.2 Market Restraints
7.2.1 Lack of Awareness among Smaller Fleet Owners
7.2.2 Uncertainties in transport industry due to COVID-19
8. MARKET SEGMENTATION
8.1 By Deployment Model
8.1.1 On-Premise
8.1.2 On-Demand
8.1.3 Hybrid
8.2 By Solution
8.2.1 Asset Management
8.2.2 Information Management
8.2.3 Driver Management
8.2.4 Safety and Compliance Management
8.2.5 Risk Management
8.2.6 Operations Management
8.2.7 Other Solutions
8.3 By End User
8.3.1 Transportation
8.3.2 Energy
8.3.3 Construction
8.3.4 Manufacturing
8.3.5 Other End-Users
8.4 By Geography
8.4.1 North America
8.4.1.1 United States
8.4.1.2 Canada
8.4.2 Europe
8.4.2.1 Germany
8.4.2.2 United Kingdom
8.4.2.3 France
8.4.2.4 Rest of Europe
8.4.3 Asia Pacific
8.4.3.1 China
8.4.3.2 Japan
8.4.3.3 India
8.4.3.4 Rest of Asia Pacific
8.4.4 Latin America
8.4.4.1 Brazil
8.4.4.2 Argentina
8.4.4.3 Rest of South America
8.4.5 Middle East and Africa
8.4.5.1 United Arab Emirates
8.4.5.2 Saudi Arabia
8.4.5.3 South Africa
8.4.5.4 Rest of Middle East and Africa
9. COMPETITIVE LANDSCAPE
9.1 Company Profiles
9.1.1 Cisco Systems Inc.
9.1.2 AT&T Inc.
9.1.3 Ctrack (Inseego Corp. )
9.1.4 I.D. Systems
9.1.5 IBM Corporation
9.1.6 Astrata Group
9.1.7 Mix Telematics Limited
9.1.8 Omnitracs LLC
9.1.9 Tomtom NV
9.1.10 Trimble Navigation Limited
9.1.11 Verizon Communications Inc.
9.1.12 Wheels Inc.
9.1.13 Tenna LLC
9.1.14 Samsara Network Inc.
9.1.15 KeepTrucking Inc.
9.1.16 Fleet Complete Inc.
9.1.17 Odoo SA
9.1.18 Fleetable (Affable Web Solutions Company)
9.1.19 Octo Group SpA
9.1.20 Geotab Inc.
9.1.21 Rarestep Inc. (FLEETIO)
9.1.22 Switch Board Inc.
9.1.23 Azuga holdings Inc.
9.1.24 Chevin Fleet Solutions
9.1.25 One Step GPS LLC
9.1.26 Transflo
9.1.27 Go Fleet Inc.
9.1.28 Advance Tracking Technologies Inc.
9.1.29 Donlen Corporation By Hertz Holdings
- *List Not Exhaustive
10. MARKET OUTLOOK
Fleet Management Solutions Industry Segmentation
The scope of the study focuses on the global market analysis of fleet management solutions. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The scope of the report encompasses market sizing and forecast for segmentation by deployment, by solution, by end-user industry, and by geography. The study further analyzes the impact that COVID-19 had on the ecosystem. The Fleet Management Solutions market is segmented by deployment model (on-premise, on-demand, hybrid), by solution (asset management, information management, driver management, safety & compliance management, risk management, operations management), by end-user (transportation, energy, construction, manufacturing), and by geography (North America (United States, Canada), Europe (United Kingdom, Germany, France, and rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), and Middle East and Africa (United Arab Emirates, Saudi Arabia, South Africa, and rest of Middle East and Africa)).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Deployment Model | |
| On-Premise | |
| On-Demand | |
| Hybrid |
| By Solution | |
| Asset Management | |
| Information Management | |
| Driver Management | |
| Safety and Compliance Management | |
| Risk Management | |
| Operations Management | |
| Other Solutions |
| By End User | |
| Transportation | |
| Energy | |
| Construction | |
| Manufacturing | |
| Other End-Users |
| By Geography | ||||||
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Fleet Management Solutions Market Research FAQs
How big is the Fleet Management Solutions Market?
The Fleet Management Solutions Market size is expected to reach USD 28.5 billion in 2024 and grow at a CAGR of 15.32% to reach USD 58.12 billion by 2029.
What is the current Fleet Management Solutions Market size?
In 2024, the Fleet Management Solutions Market size is expected to reach USD 28.5 billion.
Who are the key players in Fleet Management Solutions Market?
Cisco Systems Inc., AT&T Inc., Ctrack (Inseego Corp.), IBM Corporation and PowerFleet are the major companies operating in the Fleet Management Solutions Market.
Which is the fastest growing region in Fleet Management Solutions Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Fleet Management Solutions Market?
In 2024, the North America accounts for the largest market share in Fleet Management Solutions Market.
What years does this Fleet Management Solutions Market cover, and what was the market size in 2023?
In 2023, the Fleet Management Solutions Market size was estimated at USD 24.13 billion. The report covers the Fleet Management Solutions Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Fleet Management Solutions Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What future trends are expected in the Fleet Management Software Market?
Major trends in the Global Fleet Management Software Market are a) Integration of blockchain for better security and transparency b) Increased use of electric vehicles within fleets
What are the key challenges faced by the Fleet Management Software Market?
Major challenges faced by the Fleet Management Software market are a) Data privacy concerns b) High initial investment costs c) Resistance to adoption from traditional operators
Fleet Management Solutions Industry Report
The fleet management market is experiencing significant growth, driven by the increasing adoption of advanced technologies such as GPS and IoT for real-time vehicle tracking, crucial in industries like logistics, manufacturing, and transportation. North America continues to dominate the market, leveraging innovative technologies and mobility-as-a-service (MaaS) to optimize fleet operations. The focus on operation management and vehicle maintenance segments is enhancing supply chain efficiency and vehicle performance, further boosting the market. The shift towards cloud-based solutions is opening new growth avenues, providing scalable and efficient fleet management capabilities. As businesses prioritize operational efficiency and regulatory compliance, the fleet management market size is projected to expand significantly. For a detailed analysis, including market share, size, revenue growth rate, and a forecast outlook, download a free report PDF sample from Mordor Intelligence™ Industry Reports on Fleet Management Solutions.
