Major players in the fleet management market are Automile Inc, Azuga Inc, ClearpathGPS Inc, Donlen Corporation, Geotab Inc, GPS Insights, KeepTruckin Inc, Masternaut Ltd, MiX Telematics International (Pty) Ltd, NexTraq, Omnitracs LLC, Samsara Networks Inc, Teletrac Navman US Ltd, TomTom International BV, Trimble Inc, Verizon Connect, Freeway Fleet Systems, US Fleet Tracking, Utilimarc Inc., MiTAC International Corporation, Fleetmatics group Plc, Fleetonomy, GURTAM, Fleetroot, Orbcomm Inc, Otto Marine Limited and Siemens AG
The global fleet management market is expected to grow from $14.15 billion in 2021 to $16.27 billion in 2022 at a compound annual growth rate (CAGR) of 14.98%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $30.80 billion in 2026 at a CAGR of 17.31%.
The fleet management market consists of sales of fleet management services and solutions by entities (organizations, sole traders, and partnerships) for managing commercial motor vehicles such as cars, trucks, vans, specialist vehicles, trailers, forklifts, ships, railcars and other private vehicles.Fleet management assists organizations to manage all information associated with their vehicles and other assets, dispatch and routing, and vehicle acquisition and disposal.
These services oversee and organize all fleet performance and fleet maintenance to increase productivity and help in smooth business operation.
The increasing demand for commercial vehicles is expected to drive the fleet management market during the forecast period.Organizations use fleet management services to manage commercial vehicles and improve efficiency, productivity and reduce overall transportation and staff costs in business.
In January 2022, Indian automotive manufacturing company, Mahindra & Mahindra’s commercial vehicle sales increased by 57% over the previous year.The company’s sales through exports also increased by 26% during the same period.
Therefore, the increasing demand of commercial vehicles around the world is expected to drive the fleet management market.
Europe was the largest region in the fleet management market in 2021.Asia Pacific is expected to be fastest growing in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The use of internet of things (IoT) in fleet management is a key trend gaining popularity in the market.IoT is a system of interrelated digital and mechanical machines, objects, and computing devices that have the potential to transfer data over a network without the use of human-to-human interaction.
Companies are focusing on the application of IoT in fleet management to automate various processes and trip planning. For instance, in April 2021, Ridecell Inc., a US-based company offering digital transformation software for fleet businesses launched the Fleet IoT Automation system, which is an IoT driven automation platform designed specifically for fleet-based businesses. The system integrates data insights with digital vehicle control to turn manual processes into automated workflows.
In August 2021, Bridgestone, a USA-based tire manufacturer, acquired Azuga for a deal amount of $391 million.The acquisition is expected to accelerate Bridgestone’s efforts to develop and deploy sustainable mobility solutions for the company’s advanced mobility strategy.
It will also advance Bridgestone’s comprehensive solutions for small to enterprise-sized fleets, providing real-time vehicle operations insights and data analytics that will improve safety, increase efficiency and enhance customer service experiences. Azuga is a USA-based fleet management company that provides software that enables customers to generate data about vehicles and their use.
The countries covered in the fleet management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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