Fleet Management Global Market Report 2024

The fleet management market size has grown rapidly in recent years. It will grow from $18.37 billion in 2023 to $21.33 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth observed in the historic period can be attributed to effective fuel cost management, vehicle tracking and visibility, optimization of maintenance processes, initiatives aimed at cost reduction, and the implementation of route optimization strategies.

The fleet management market size is expected to see rapid growth in the next few years. It will grow to $36 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The anticipated growth in the forecast period can be attributed to the integration of electric vehicles, concerns related to climate change and emission reduction, heightened awareness of cybersecurity, urbanization, and the implementation of smart city initiatives, as well as the management of remote workforces and compliance with health and safety regulations. Major trends expected during this period include the adoption of advanced telematics technologies, the monitoring of driver safety and behavior, the development of autonomous vehicle technologies, the utilization of blockchain for fleet management, and the emergence of mobility-as-a-service (MaaS) models.

The rising demand for commercial vehicles is anticipated to propel the fleet management market in the forecast period. Businesses leverage fleet management services to effectively handle commercial vehicles, enhancing efficiency, productivity, and reducing overall transportation and staffing expenses. In January 2022, Mahindra & Mahindra, an Indian automotive manufacturing company, witnessed a 57% increase in commercial vehicle sales compared to the previous year. Additionally, the company's export sales grew by 26% during the same period. Consequently, the global surge in demand for commercial vehicles is expected to be a driving force behind the growth of the fleet management market.

The anticipated increase in fuel prices is expected to contribute to the expansion of the fleet management market. Fuel price denotes the cost per unit of a specific type of fuel, typically expressed in currency per unit of volume. Fleet management solutions play a crucial role in influencing fuel prices, as they enable businesses to prioritize the optimization of fuel usage and reduce operational costs through real-time monitoring, efficient route planning, and fuel consumption analytics. For example, in August 2022, as reported by the United States Department of Transportation, the cost of regular motor gasoline in the U.S. increased by 49% between January and June 2022. During the same period, diesel fuel prices experienced a slightly higher surge, rising by 55%. Consequently, the upward trend in fuel prices is a key driver behind the growth of the fleet management market.

The adoption of the Internet of Things (IoT) in fleet management is a prominent trend gaining traction in the market. IoT represents a system of interconnected digital and mechanical devices, objects, and computing systems capable of transmitting data over a network without requiring human-to-human interaction. Companies are increasingly focusing on leveraging IoT in fleet management to automate various processes and enhance trip planning. For example, in April 2021, Ridecell Inc., a U.S.-based company specializing in digital transformation software for fleet businesses, introduced the Fleet IoT Automation System. This IoT-driven automation platform is specifically designed for fleet-based businesses, integrating data insights with digital vehicle control to transform manual processes into automated workflows.

Leading companies in the fleet management market are actively developing advanced technologies, such as fleet management suites, to cater to broader customer bases, boost sales, and increase revenue. A fleet management suite is a comprehensive and integrated set of software applications and tools designed to streamline and optimize the management of a fleet of vehicles. In September 2023, Ford Pro, a U.S.-based company specializing in delivering productivity solutions for business fleets, unveiled the Ford Pro Fleet Management Software. A standout feature of this software is its flexible tracking system, intricately designed to seamlessly monitor fuel usage costs and adapt to various payment methods employed by businesses. This comprehensive solution is versatile, capable of tracking essential data on vehicles of any make, covering both Ford and non-Ford models, including gas and electric vehicles. Notably, the software excels in optimizing vehicle cycle management and empowers drivers by facilitating automated maintenance and repair tracking, leveraging a vast network of over 55,000 in-network repair facilities across the United States. Furthermore, the software is optimized for fleets of up to 150 vehicles, ensuring scalability and efficiency in fleet management operations.

In August 2021, Bridgestone, a tire manufacturer based in the United States, completed the acquisition of Azuga for a deal valued at $391 million. This strategic move is anticipated to expedite Bridgestone's initiatives in developing and implementing sustainable mobility solutions as part of the company's advanced mobility strategy. Additionally, the acquisition will further enhance Bridgestone's comprehensive offerings for fleets of varying sizes, ranging from small to enterprise-level, by providing real-time insights into vehicle operations and leveraging data analytics. These capabilities are expected to contribute to improved safety, increased operational efficiency, and enhanced customer service experiences. Azuga, the acquired company, is a U.S.-based fleet management firm that specializes in providing software solutions enabling customers to generate data about vehicles and their usage.

Major companies operating in the fleet management market report are Verizon Connect, Trimble Inc., Samsara Networks Inc., Donlen Corporation, TomTom International BV, Geotab Inc., Teletrac Navman US Ltd., Orbcomm Inc., Inseego Corporation, Azuga Inc., Omnitracs LLC, MiTAC International Corporation, Fleet Complete Ltd., Siemens AG, KeepTruckin Inc., Masternaut Ltd., GURTAM LLC, NexTraq LLC, GPS Insights, US Fleet Tracking, Freeway Fleet Systems, Fleetonomy Ltd., Fleetroot Ltd., ClearpathGPS Inc., Utilimarc Inc., RAM Tracking, Automile Inc., Fleetmatics Group PLC, MiX Telematics International Ltd., Otto Marine Limited.

Europe was the largest region in the fleet management market in 2023. Asia-Pacific is expected to be fastest growing in the forecast period. The regions covered in the fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fleet management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of the fleet management market comprise solutions and services. Tailored to meet specific client requirements, fleet management solutions aim to enhance route optimization, ensure vehicle security, promote driver safety, and contribute to the overall improvement of fleet vehicle performance and life cycle. Fleet management finds application in various vehicle types, including heavy commercial vehicles, light commercial vehicles, aircraft, railways, and watercraft. Industries such as retail, government, transportation and logistics, automotive, and others utilize fleet management services. Communication technologies integral to fleet management encompass GNSS (satellite) and cellular systems, which can be deployed either on-premises or in the cloud.

The fleet management research report is one of a series of new reports that provides fleet management market statistics, including global fleet management industry size, regional shares, competitors with fleet management market shares, detailed fleet management market segments, market trends and opportunities, and any further data you may need to thrive in the fleet management industry. This fleet management research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fleet management market includes revenues earned by entities by providing services such as vehicle leasing, acquisition and remarketing, supply chain management, fuel management, maintenance services, safety programs, collision response, Tolls and compliance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.