Fleet Management Solutions Market to be Worth $84.3 Billion by 2031

Fleet Management Solutions Market Size, Share, Forecast, & Trends Analysis by Type (Route Optimization, Asset Tracking & Management, Others), Fleet Type (MCVs, HCVs, Others), End User (Transportation & Logistics, Utilities, Others) & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Fleet Management Solutions Market by Type (Route Optimization, Asset Tracking & Management, Others), Fleet Type (MCVs, HCVs, Others), End User (Transportation & Logistics, Utilities, Others) & Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the fleet management solutions market is projected to reach $84.3 billion by 2031, at a CAGR of 17.4% from 2024 to 2031. The growth of the fleet management solutions market is driven by the increased use of remote fleet management technologies and the growing adoption of fleet management solutions for fuel management. However, data privacy & security concerns is a factor restraining the growth of this market.

Furthermore, the growing adoption of electric vehicles in fleet operations and the rising acceptance of cold-chain transportation are expected to generate growth opportunities for the stakeholders in this market. However, network connectivity issues in rural areas are a major challenge impacting market growth. Additionally, the integration of 5G and IoT in fleet operations and the growing adoption of mobility-as-a-service is a prominent trend in the fleet management solutions market.

Based on type, the global fleet management solutions market is broadly segmented into asset tracking & management, driver management, route optimization, compliance management, fleet analytics & reporting, vehicle operation & maintenance, and other solutions. In 2024, the asset tracking & management segment is expected to account for the largest share of ~33.0% of the global fleet management solutions market. The segment’s large market share is mainly attributed to the increased integration of advanced technologies such as IoT, AI, and telematics and the rise in fleet management solutions with features such as real-time tracking to monitor the location and movements of high-value vehicles, consignments, and mobile workforce.

In November 2023, Aperia Technologies Inc. (U.S.) introduced vehicle asset tracking as a part of the Halo Tire Management platform. This cutting-edge technology revolutionizes the way fleets manage their vehicles and tires for an integrated approach that maximizes customer satisfaction and uptime.

However, the route optimization segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing focus of fleet operators on reducing fuel consumption and operational costs, an increase in delivery volumes, and growing concerns over the rising cost of fuel.

Based on fleet type, the global fleet management solutions market is broadly segmented into commercial vehicles and passenger vehicles. In 2024, the commercial vehicles segment is expected to account for the larger share of ~79.0% of the global fleet management solutions market. The segment’s large share is mainly attributed to increasing advancements in commercial vehicles, increasing deployment of electric vehicles in fleet operations, and growing focus of fleet operators to encourage fleet operators to reduce their carbon footprint.

However, the passenger vehicles segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the emergence of connected car technology, the growing use of passenger vehicles for employee transportation, and the rise in the ride-hailing business.

Based on end user, the global fleet management solutions market is segmented into transportation & logistics, construction & heavy equipment, government & public sector, oil, gas & mining, retail & e-commerce, utilities, and other end users. In 2024, the transportation & logistics segment is expected to account for the largest share of ~35.0% of the global fleet management solutions market.

The segment’s large share is mainly attributed to the increased use of fleet management solutions to maintain the effective and efficient operation of vehicles and business operations, increasing focus of fleet operators on cost-cutting, enforcing driver safety, and planning preventive maintenance to minimize downtime and growing focus of companies on product development to streamline fleet operations. For instance, in July 2023, Fleetx Technologies Private Limited (India) launched transportation ERP software that digitizes fleet and transportation operations for fleet and truck owners. This software is designed to streamline end-to-end fleet management, improving efficiency and safety and reducing costs for transportation companies of all sizes.

Moreover, the transportation & logistics segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the growing use of fleet management solutions to keep delivery and courier service customers informed about their deliveries, increasing adoption of electric vehicles by delivery partners, adoption of last-mile delivery, and growing integration of telematic technology.

Based on geography, the fleet management solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of ~42.0% of the global fleet management solutions market. The large market share of this segment is attributed to the growing focus of automotive players for providing fleets with vehicle health and performance data, increased adoption of fleet management solutions by companies engaged in rental and leasing services to oversee their fleet operations and maintenance, and increased integration of fleet management solution with direct vehicle data to make decisions that can enhance safety, improve overall operations and boost sustainability. For instance, in February 2024, Geotab Inc. (Canada) partnered with Daimler Truck North America (DTNA) (U.S.) to simplify fleet management through the integration of direct truck data from Freightliner trucks via DTNA’s data-as-a-service (DaaS) technology, and Geotab’s advanced fleet management platform, MyGeotab.

However, the Asia-Pacific region is projected to register the highest CAGR of ~19.0% during the forecast period. The growth of this region is attributed to the expansion of the e-commerce market, rising fuel cost, growing focus of the logistics industry to enhance customer service and fleet management efficiency by tracking goods’ status and information, and increasing focus of companies on highly efficient, reliable and sustainable transport, logistics and supply chain system. For instance, in March 2024, HERE Technologies (Netherlands) expanded its partnership with Netstar (Australia). The partnership enabled Netstar to provide its customers with real-time navigation guidance for commercial and heavy vehicles on the road, enhance driver safety, and improve fleet management through optimized routing and tracking of the precise locations of vehicles.

Key Players:

Some of the key players operating in the fleet management solutions market are Oracle Corporation (U.S.), Infosys Limited (India), Verizon Connect (U.S.), Geotab Inc. (Canada), Samsara Inc. (U.S.), Motive Technologies, Inc. (U.S.), Azuga Inc. (U.S.), ClearPathGPS, Inc. (U.S.), Teletrac Navman US Ltd (U.S.), Element Fleet Management Corp (Canada), Route4Me, Inc (U.S.), Onfleet (U.S.), Wheels, LLC (U.S.), MiX Telematics International (Pty) Ltd (U.S.), and Fleet Complete (Canada).

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Key questions answered in the report-

Which are the high-growth market segments based on type, fleet type, and end user?
What was the historical market for fleet management solutions?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the fleet management solutions market?
Who are the major players, and what shares do they hold in the fleet management solutions market?
How is the competitive landscape in the fleet management solutions market?
What are the recent developments in the fleet management solutions market?
What are the different strategies adopted by the major players in the fleet management solutions market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global fleet management solutions market, and how do they compete with the other players?

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