A fleet management system, which includes hardware, software and service, has the ability to make decisions for fleet managers and fleet businesses easily. Fleet businesses use this solution to help their fleet vehicles to increase efficiency and productivity of vehicles. There is a high demand for fleet management systems due to their considerable benefits in reducing additional maintenance and operational costs. The ongoing research and development activities in this market are experiencing product launches of fleet management system for fleet owners, fleet managers, or businesses that utilize fleet management on a daily basis.
Read Report Overview: Fleet Management Market
The global fleet management market is projected to reach $41.54 billion by 2031 from $8.35 billion in 2022, growing at a CAGR of 19.52% during the forecast period 2022-2031. The growth in the global fleet management market is expected to be driven by increasing demand of cutting extra maintenance and operation costs.
Impact
- In U.S., since December 16, 2019, all fleet managers/commercial drivers have been required to replace their AOBRDs with modern ELDs. The exemption applies to fleets already using an AOBRD device by the original December 18 deadline, so they didn’t need ELDs as urgently as others.
- In the United Kingdom, from 2022 The Government of the United Kingdom made mandatory to install speed limiter on all new vehicles produced. The Department for Transport confirmed this after the European Commission approved new rules. Even though the U.K. is no longer a member of the EU, this ruling is still followed. As a result, The U.K. fleet management market is expected to grow significantly in the coming years.
Cloud Segment to Generate the Highest Demand among the Fleet Management Deployment
Cloud-based deployment of fleet management solutions is expected to dominate through the forecast period. 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.
North America to be the Predominant Region in the Global Fleet Management Market
The demand for fleet management system varies according to various countries in the regions. North America is currently the largest region in the fleet management market. The early adoption of the fleet management system in this region will benefit the North America fleet management market to gain market share in the forecast period 2022-2031. Increasing sales of light and heavy commercial vehicles in North American countries such as the U.S. and Canada is also one of the key driving factors for the growth of this market. Government mandates on the implementation of the fleet management system in commercial vehicles are boosting the market substantially.
Recent Developments in the Fleet Management Market
- 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.
- 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 August 2020, MiX Telematics acquired Trimble’s field service management business. The combination adds significant scale to Mix Telematics company’s North American telematics subscriber base while diversifying that business into additional industry verticals.
- 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 April 2021, The world’s leading provider of IoT devices and technologies, Queclink Wireless Solutions Co., Ltd., partnered with Sigfox, the OG network pioneer and IoT leader. This collaboration launched a series of initiatives to make asset management and stolen vehicle recovery (SVR).
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Competitive Landscape
To gain market share, major fleet management system providers are making various kinds of strategic moves. Some key highlights from BIS Research with respect to providers of fleet management system are as follows:
- Trimble Inc., TomTom International BV, Geotab Inc., and AT&T Inc. are some leading players globally.
- New product launches are the most preferred strategy.
- Apart from product launch activities, expanding businesses and sealing new partnerships and collaborations are the other strategies being implemented.
- Most players have tie-ups with various vehicle manufacturers and fleet businesses, original equipment manufacturers (OEMs), and tier 1 suppliers.
