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North America Fleet Management Solutions Market Size (2024 - 2029)

The North America fleet management solutions market is experiencing significant growth, driven by the increasing adoption of wireless technologies and investments aimed at optimizing fleet operating expenses. The expansion of communication technologies, including vehicle-to-vehicle and vehicle-to-cloud interactions, is enhancing productivity and efficiency, further propelling the market. Collaborations among key vendors to develop advanced solutions are also contributing to the market's expansion. However, challenges such as data security concerns in cloud-based services pose obstacles to growth.

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Market Size of North America Fleet Management Solutions Industry

north america fleet management solutions market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 20.21 %
Market Concentration Medium

Major Players

fleet management market

*Disclaimer: Major Players sorted in no particular order

North America Fleet Management Solutions Market Analysis

The North America fleet management solution market was valued at USD 2.2 billion in 2020, and it is expected to reach USD 6.72 billion by 2026, registering a CAGR of 20.21% during the forecast period (2021-2026). The growing adoption of wireless technology, increasing investment in fleet management solutions to optimize the fleet operating expenses, rising international trades are some of the major factors driving the growth of the fleet management solution market in North America.

  • The rapid expansion of communication technologies has turned the world into a cluster of billions of connected vehicles where the driver can communicate with other cars on the road (vehicle-to-vehicle), roadside infrastructure (vehicle-to-infrastructure), and the cloud (vehicle-to-cloud) to yields higher productivity, agility, and efficiency and is expected to drive the market.
  • Moreover, most of the key vendors are collaborating to develop and launch new and advanced fleet management solutions to seize the growing demand. For instance, in 2019, I.D. Systems, Inc partnered with Jungheinrich to develop a highly integrated telemetry platform for Jungheinrich vehicles combined with sophisticated fleet management software. This technology partnership will power-up Jungheinrich customers' ability to run safer, more cost-effective intralogistics operations.
  • Additionally, the rapid expansion of 5G availability is driving the growth of fleet management systems in various industries. For instance, as per Ericsson's 2019 report on the mobile industry has predicted that by 2024 there will be 1.9 billion 5G cellular subscriptions that will drive the growth of connecting vehicles. North American market is expected to grow most with 63% of mobile subscriptions with 5G service, and 47% of cellular subscribers in East Asia will have 5G access as well. Much of the growth will be credited to reductions in chipset prices and the expansion of cellular technologies such as NB-IoT and Cat-M1.
  • However, lack of data security in cloud and server-based services is hampering the growth of the market. Cloud-based services bring many unique security issues and challenges. Data is stored with a third-party provider and accessed in the cloud. This means visibility and control over that data is limited.

North America Fleet Management Solutions Industry Segmentation

Fleet management solution is a system of technologies and procedures that allows companies to organize and coordinate work vehicles to reduce costs, improve efficiency, and ensure compliance with government regulations across an entire fleet operation. It includes a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics, such as tracking and diagnostics, driver management, speed management, fuel management, and health and safety management.

By Deployment
On-Premise
Cloud
Hybrid
By Application**
Asset Management
Information Management
Driver Management
Safety and Compliance Management
Risk Management
Operations Management
Other Solutions
By End-User Industry
Transportation
Energy
Construction
Manufacturing
Other End User Industries
Country
United States
Canada
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North America Fleet Management Solutions Market Size Summary

The North America fleet management solutions market is experiencing significant growth, driven by the increasing adoption of wireless technologies and the need to optimize fleet operating expenses. The market is characterized by the rapid expansion of communication technologies, enabling vehicles to connect with each other, roadside infrastructure, and cloud services, thereby enhancing productivity and efficiency. Key vendors are actively collaborating to develop advanced solutions, such as the partnership between I.D. Systems, Inc. and Jungheinrich, which aims to integrate telemetry platforms with sophisticated fleet management software. The expansion of 5G technology further propels market growth, offering enhanced connectivity for vehicles. However, challenges such as data security concerns in cloud-based services pose obstacles to market expansion.

The demand for fleet management solutions is also bolstered by the growing number of smart transportation projects under the smart city concept, which aims to reduce reliance on private cars and promote public transport. The increasing adoption of commercial vehicles in the United States and Canada, coupled with efforts to expand production and exports, further fuels market growth. Additionally, the need to reduce fleet accidents and improve driver safety drives companies to adopt these solutions. The retail sector's expansion, driven by online shopping, also contributes to the market's growth as more vehicles are employed. Despite the competitive landscape dominated by major players like PowerFleet, Inc. and Geotab, Inc., mid-size and smaller companies are gaining market presence through strategic initiatives and technological advancements.

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North America Fleet Management Solutions Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Favorable market regulations coupled with growing emphasis on operational efficiency

      2. 1.2.2 Advent of the concept of Green Fleets to further aid market growth

      3. 1.2.3 Technological advancements enabling greater reach and declining costs of installation

    3. 1.3 Market Challenges

      1. 1.3.1 Privacy and operational concerns related to geocoding

    4. 1.4 Market Opportunities

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Bargaining Power of Suppliers

      2. 1.5.2 Bargaining Power of Consumers

      3. 1.5.3 Threat of New Entrants

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Impact of COVID-19 on the Fleet Management and Telematics industry

    7. 1.7 Industry Standards & Regulations

    8. 1.8 Industry Value Chain Analysis - IT Software, Fleet Hardware (Telematics), Connectivity, Automotive OEM's, etc.

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Deployment

      1. 2.1.1 On-Premise

      2. 2.1.2 Cloud

      3. 2.1.3 Hybrid

    2. 2.2 By Application**

      1. 2.2.1 Asset Management

      2. 2.2.2 Information Management

      3. 2.2.3 Driver Management

      4. 2.2.4 Safety and Compliance Management

      5. 2.2.5 Risk Management

      6. 2.2.6 Operations Management

      7. 2.2.7 Other Solutions

    3. 2.3 By End-User Industry

      1. 2.3.1 Transportation

      2. 2.3.2 Energy

      3. 2.3.3 Construction

      4. 2.3.4 Manufacturing

      5. 2.3.5 Other End User Industries

    4. 2.4 Country

      1. 2.4.1 United States

      2. 2.4.2 Canada

North America Fleet Management Solutions Market Size FAQs

The North America Fleet Management Solutions Market is projected to register a CAGR of 20.21% during the forecast period (2024-2029)

PowerFleet, Inc., Geotab, Inc., Verizon Communications Inc. (Connect), Omnitracs, LLC and GPS Trackit, Inc. are the major companies operating in the North America Fleet Management Solutions Market.

North America Fleet Management Solutions Market Report Snapshots

North America Fleet Management Solutions Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)