Fleet Management System Market Size

[ 170 + Pages Research Report ] to surpass USD 75.7 billion by 2031 from USD 22 billion in 2021 at a CAGR of 13.2% in the coming years, i.e., 2022-32.

Fleet Management System refers to a system that manages the operations of vehicles and other assets of an organization. Fleet management system enables the monitoring of fleet activities and helps in proper asset management, acquisition and disposal of vehicles. The system ensures meeting compliance requirements, cost reduction, durability, improved efficiency, maintenance, managing fuel consumption, and smooth operations of fleet of vehicles despite the size. Fleet management teams are using fleet management software as it offers complete visibility over fleet operations, identifies issues, and organizes day-to-day tasks to improve the performance of the businesses.

Market Highlights

Fleet Management System market is expected to project a notable CAGR of 13.2% in 2032.

Growth in transportation & logistics industry, growing E-commerce industry, favorable government policies, and advancements in 5g technology and wireless connectivity are the key factors driving the growth of Fleet Management System market.

Fleet Management System Market: Segments

Commercial Fleets segment holds the largest market share

Fleet Management System market is classified on the basis of fleet type into Passengers Cars and Commercial Fleets. Commercial Fleets segment is dominating the market with the largest market share. Various industries such as manufacturing, logistics, transportation, and others rely heavily on commercial fleets which is inducing the adoption of fleet management solutions to ensure smooth operations. Growing E-commerce industry will boost the growth of Commercial Fleets segment.

Solutions segment to grow with the highest CAGR during 2022-32

Fleet Management System market is fragmented on the basis of components into Solutions and Services. Solutions segment is projected to grow with the highest CAGR during the forecast period. Solutions segment is bifurcated into Vehicle Maintenance and Diagnostics, Operations Management, Fleet Analytics and Reporting, and Others. Growing need of analytical data solutions for getting a brief and clear view of the ongoing activities in the field is contributing to the segment growth.

Market Dynamics

Drivers

Growth in Transportation & Logistics Industry

Transportation industry has expanded significantly owing to the rise in the demand for taxi services in developed and developing countries. Transportation companies are opting Fleet Management solutions to lower maintenance and operational costs, regulate fuel consumption, tracking and access the real-time location of their assets. Booming E-commerce industry has created huge growth opportunities for Fleet Management System market due to increasing demand from logistics industry. Furthermore, rising trade activities and industrialization are also fostering the growth of the Fleet Management System market.

Advancements in 5g Technology and Wireless Connectivity

Widespread adoption of wireless connectivity and augmentation of Internet of Things in the transportation sector are driving the growth of Fleet Management System market. Advancement in 5g technology and use of cloud computing, artificial intelligence, GPS, and deployment of fleet telematics solutions are fueling the productivity of Fleet Management Systems. Also, favorable government regulations towards the vehicle maintenance and safety is fueling the growth of the Fleet Management System market.

Restraint

Low Signal and Cost Sensitivity

Various atmospheric interferences while travelling long distances reduces the accuracy and efficiency of GPS devices as the software needs to interpret signals from multiple satellites which is a key restraint in the market. Additionally, cost sensitivity among market players is also hampering the growth of the market.

Recent Developments

In 2022, Ford Pro Intelligence: A New Fleet Management System was introduced by Ford Pro.
In November 2020, Hertz Global Holdings and Athene Holding Ltd., signed a stock and asset purchase agreement in order to acquire Donlen.

Fleet Management System Market: Key Players

IBM Corporation
AT&T Inc.
Geotab
I.D. Systems
Inseego Corporation
Mix Telematics Ltd.
Omnitracs LLC
TomTom N.V.
Trimble Inc.
Verizon Communications
Wheels Inc.
Navico
Cisco Systems, Inc.
MiTAC International Corporation
Telogis
Other Prominent Players

Fleet Management System Market: Regions

Fleet Management System market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is projected to hold the largest market share during the forecast period. The growth is attributed to the presence of key market players and rising demand from transportation industry. Furthermore, Asia Pacific is anticipated to grow at a significant rate owing to the flourishing transport services and growing E-commerce industry.

Impact of Covid-19 on Fleet Management System Market

The global outbreak of coronavirus has adversely affected the economic growth of several countries. The strict imposition of lockdowns and travel bans have led to the shutdown of many businesses. There has been a huge imbalance in the supply and demand of goods and services. Transportation and Automobile sector was badly affected amid the pandemic due to the travel restrictions which resulted in a sharp decline in the demand for fleet operations. Covid-19 negatively impacted the growth of Fleet Management System market.

Fleet Management System Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Fleet Management System Market report also contains analysis on:

Fleet Management System Market Segments:

By Fleet Type
- Passengers Cars
- Commercial Fleets
By Component
- Solutions
- Services
By End-User
- Automotive
- Energy & Utilities
- Manufacturing
- Retail
- Transportation and Logistics
- Construction
- Others
Fleet Management System Market Dynamics
Fleet Management System Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints

Fleet Management System Market Report Scope and Segmentation

Report Attribute	Details
Market size value in 2021	USD 22 billion
Revenue forecast in 2031	USD 75.7 billion
Growth Rate	CAGR of 13.2% from 2022 to 2032
Base year for estimation	2021
Quantitative units	Revenue in USD million and CAGR from 2022 to 2032
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Fleet Type, Component, End-User, and Region
Regional scope	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled	IBM Corporation, AT&T Inc., Geotab, I.D. Systems, Inseego Corporation, Mix Telematics Ltd., Omnitracs LLC, TomTom N.V., Trimble Inc., Verizon Communications, Wheels Inc., Navico, Cisco Systems, Inc., MiTAC International Corporation, Telogis, and Other Prominent Players

Frequently Asked Questions (FAQ):

Fleet Management System market size was estimated at USD 22 billion in 2021 and is expected to reach USD 75.7 billion in 2031.

Fleet Management System refers to a system which manages the operations of vehicles and other assets of an organization. Fleet management system enables the monitoring of fleet activities and helps in proper asset management, acquisition and disposal of vehicles.

Commercial Fleets and Solutions segment accounted for the largest Fleet Management System market share.

Key players: IBM Corporation, AT&T Inc., Geotab, I.D. Systems, Inseego Corporation, Mix Telematics Ltd., Omnitracs LLC, TomTom N.V., Trimble Inc., Verizon Communications, Wheels Inc., Navico, Cisco Systems, Inc., MiTAC International Corporation, Telogis, and Other Prominent Players are the key players in the Fleet Management System market.

Growth in Transportation & Logistics Industry and Advancements in 5g Technology and Wireless Connectivity are the factors driving the Fleet Management System market.