According to a survey by Global Industry Insights Inc., the worldwide fleet management market had a 2022 valuation of USD 18 billion and will achieve a USD 70 billion revenue collection by 2032 with an annual growth rate of 15%.
Additionally, over the course of the projection period, market expansion is anticipated to be aided by the growing use of cloud computing services across numerous industry verticals and the integration of AI technology into fleet management solutions.
Due to a shift in company preference for efficient remote fleet management systems as a result of movement restrictions and severe lockdowns, the COVID-19 pandemic had a favorable effect on industry growth. Additionally, the developments in remote work changed how drivers used telemetry systems.
To further boost their market position, the key industry players have been concentrating on developing innovative fleet management products and forming strategic alliances and collaborations with both private and public entities. For instance, the American technology company Garmin International Inc. announced in September 2022 that the U.S. Department of Defense has chosen its Garmin G3000 integrated flight deck for the Avionics Reconfiguration and Tactical Enhancement for Inventory (ARTEMIS) Program.
The deployment model, solution, end-use, vehicle, and geographic segments of the fleet management market have been established.
The industry has been divided into operation management, driver management, vehicle tracking system, and others based on solutions. By 2032, it is expected that the others segment will hold more than 4% of the market. The section covers vehicle maintenance and accident management.
By 2032, it is predicted that the fleet management market share from the other end-use sector will be greater than 4.5%. Supply chain operations are promoting sector expansion in a variety of industrial verticals where they are being used to increase fleet capacity with the addition of vehicles. For instance, the Scottish food manufacturer Stewarts of Tayside Limited increased its fleet of vehicles in March 2021 by nine Volvo FH 500 6×2 Globetrotter XL tractor vehicles.
In terms of the region, the market for fleet management in Europe will be worth more than $4 billion in 2022. The region’s market situation has benefited from the rising sales of commercial cars, extensive digitization, and the introduction of automotive leasing services.
The Fleet Management market consists of ID Systems, Inc. (Powerfleet), Masternaut Ltd., LeasePlan Corporation., GPS Insights, MiX Telematics International (Pty) Ltd., and KeepTruckin, Inc.