The market is expected to increase at a CAGR of 19.52% during the forecast period 2022-2031
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Fleet Management Market – A Global and Regional Analysis.
According to this study, the global fleet management market was valued at $8.35 billion in 2022 and is projected to reach $41.54 billion by 2031.
The following factors are responsible for the increase in demand for fleet management:
- Growing number of vehicle and asset thefts
- Increase in road accidents
- Volatility in fuel prices
- Augmented demand for fleet management solutions from the transportation and logistics industry
The detailed study is a compilation of 115 market data tables and 54 figures spread through 191 pages.
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Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “Due to the growing strategic significance of shifting mobility, there is an increase in demand for fleet management on a global scale. As a result, it is anticipated that the worldwide fleet management market will expand considerably throughout the forecast period. It is crucial for fleet businesses wishing to expand their enterprises to adopt fleet management. Its benefits include enhancing client happiness, boosting productivity, reducing gasoline expenses, and offering real-time visibility. The e-commerce, insurance, construction, and mining industries’ rising need for commercial vehicles is anticipated to fuel the market for fleet management. Additionally, the industry is expanding faster because of the utilization of artificial intelligence (AI) solutions in fleet management software and hardware.”
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Cloud Segment to Generate the Highest Demand Among the Fleet Management
Cloud-based deployment of fleet management solutions is expected to dominate through the forecast period. The cloud segment is expected to grow at a high growth rate of 21.84% between 2022 and 2031. Low cost of deployment, ease of handling, and ability to store more data cloud servers are beneficial features of cloud over on-premises deployment that are helping the segment to grow in the market. Fleet vehicles technology development and the capacity to secure the cloud-based storage of data will assist in the growth of the cloud-based fleet management market.
Major Existing Industry Leaders in the Fleet Management Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- Trimble Inc.
- Cisco Systems, Inc.
- TomTom International BV
- Geotab Inc.
- Verizon
- AT&T Inc.
- Zebra Technologies Corp.
- Embitel
- Teletrac Navman US Ltd
- Gurtam
- Wheels Donlen
- Astrata Europe BV.
- TELTONIKA
- Navtelecom, LLC
- Queclink Wireless Solutions Co., Ltd.
- Fleetx
- Fleeti
- Wonder Wagen
Recent Developments in the Global Fleet Management Market
- In May 2022, Astrata Europe BV. partnered with Bosch Group for five years. This may benefit the company in terms of optimizing its supply chain as it has started production in Europe to focus on reducing delay time and shipping risks of products.
- In February 2022, Veniam, an intelligent networking provider, combined its technology with TomTom IndiGO, a flexible digital cockpit platform, to deliver best-in-class connectivity for onboard applications and car manufacturers worldwide.
- In December 2021, Geotab Inc., a global leader in IoT and connected transportation, announced its partnership with Sygic to provide customers with offline GPS navigation and route planning for trucks and light commercial vehicles.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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