Fleet Management Software Market - Forecast (2022 - 2027)

The Fleet Management Software Market size is estimated to reach $55.89 billion by 2027, growtin at a CAGR of 16.1% during the forecast period 2022-2027. The Fleet Management Software solution provides authentic actionable data to aid automate fleet operations. To keep vehicles and other associated features performing smoothly, a fleet management solution offers data-based insights regarding safety, vehicle tracking, operations Management, passenger cars, and others. The significant transformation in the fleet management sector owing to digitalization, platformization and data-driven business models has driven the Fleet Management Software Industry. The rising adoption of Telematics software and hardware, enables fleet operators to seek a complete fleet management lifecycle, starting from asset tracking, data capture, maintenance & repair to driver safety. Moreover, the emergence of the Fleet IoT market offers optimum and seamless connectedness across various assets, vehicles as well as mobile workforce management solutions to stream smart mobility solutions. In addition to that, demand for location-based asset tracking solutions across warehouses and the overall supply chain hub are some of the factors that will drive the Fleet Management Software Market.

Fleet Management Software Market Report Coverage

The report: “Fleet Management Software Market” - Forecast (2022-2027)”, covers an in-depth analysis of the following segments of the Fleet Management Software Market.

• By Deployment: Cloud Based, On Premises and Hybrid
• By Offerings: Operation Management, Asset Management, Driver Management, Fuel management, Vehicle Maintenance & Leasing, Security and safety features , Others
• By End Users: Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics and Transportation and others
• By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America(Brazil, Argentina and others)and RoW (the Middle East and Africa)

Key Takeaways

The rising boom in e-commerce has accelerated the demand for the effective operation of the logistic sector, which drives the growth of the Fleet Management Software Market.

The demand for autonomous driving cars and Electric vehicles has grown exponentially, which drives the Fleet Management Software Market growth

North America dominated the Fleet Management Software Market in 2020 with a share of 41.3 %, followed by Europe owing to the significant adoption of asset tracking devices across several end-verticals.

Fleet Management Software Market Segment Analysis - By Deployment Types

• By Deployment Types, the Fleet Management Software Market is segmented into Cloud Based, On Premises and Hybrid. The Cloud based segment is analyzed to register the highest share of 54% in 2020 due to the growing demand for operational efficiencies and to manage rising fuel prices, which needs innovative monitoring systems. In March 2021, Shell Fleet Solutions UK launched a new fuel card management app for the owners of the UK limited company to manage fuel operational challenges. The Shell Fleet App provides insights such as driver fuel card expenses, and other on both on both Android and iOS platforms. Therefore, the demand for smart fuel management program, enhanced mobility of passenger cars and other respective factors are accelerating the growth of the Fleet Management Software market.

Fleet Management Software Market Segment Analysis - By End Users

The Logistics and Transportation is analyzed to register the highest share of 56.4% in 2020 due to the growing demand for global trade activities, rapid E-commerce sectors surge and the emergence of cloud-based technologies for smart transportation. In October 2019, India’s largest luxury car manufacturer Mercedes Benz India launched a host of digital initiatives such as ‘Mercedes me Adapter’ and ‘Mercedes I connect’ to support the commencement of the e-commerce business across India. The augmentation of IoT solutions and the developing of connected networks are boosting the market growth. In September 2020, Mahindra Electric Mobility launched MESMA 48 platform for EVs, like three-wheelers, quadricycles and other light electric vehicles, which offers better acceleration than its ICE counterparts. Therefore, the technological innovations, advanced cellular System and various connected networks feasibility are contributing to the growth of the Fleet Management Software Market.

Fleet Management Software Market Segment Analysis - By Geography

North America dominated the Fleet Management Software Market in 2020 with a share of 41.3%, followed by Europe owing to the significant adoption of asset tracking devices across several end-verticals. Moreover, the paradigm transformation to e-commerce from traditional retail stores has driven the demand for robust logistics to support, thereby, accelerating the growth of the Fleet Management Software Market. In December 2020, LocatorX, an innovative tracking technology company launched an Asset Management solution, which is designed to track mobile and fixed assets from anywhere. Specifically, in the U.S and Canada, the region represents promising logistics hubs like express delivery services, truck, freight rail, air and maritime transportations, which require highly customizable technologies for fleet operation. In July 2020, Tata Motors launched Fleet Edge, a next-generation connected vehicle fleet management solution that provides real-time insights, such as fuel-efficiency, tracking, tracing and so on. The Asia Pacific is estimated to witness the fastest growing market for the forecast period owing to the emerging competitive landscape, growing connected solution offerings and high demand for online shopping platforms. Hence, these market growth opportunities and performance across the telematics industry are contributing positively to the Fleet Management Software Market.

Fleet Management Software Market Drivers

The rapid growth of e-commerce

The exponential rise of omnichannel shopping sectors for an easy online shopping experience has influenced the supply and logistics sectors highly to adopt advanced IoT solutions, such as alarm systems, asset trackers, critical and complex fleet management software to meet the rising demand. In June 2020, Ford Commercial Solutions launched a web-based software platform and subscription service known as Ford TelematicsTM, which offers GPS tracking and geofencing, and help commercial vehicle customers to monitor fuel usage, driver behavior and so on. The logistic industry is completely based on the transformation of products to any part of the globe and thus, any interruption can cause disruption of performance. The rising boom in e-commerce has accelerated the demand for the effective operation of the logistic sector, which drives the growth of the Fleet Management Software Market. In December 2020, Rewire Security launched GPS & Telematics platform for all vehicles, which are mostly serving the transportation industry. To enhance safety, visibility and sustainability in the Covid- 19 pandemic, this software is specifically designed to deliver the optimum solution for fleet operated vehicles, as the companies like food and pharmaceuticals are working tirelessly to deliver products in time irrespective of the global crisis.

Rising demand for connected cars and EV-vehicles

In recent years, the demand for autonomous driving cars and Electric vehicles has grown exponentially. Hence, the rising demand for connected cars and EV-vehicles across the globe is accelerating the growth of the Fleet Management Software Market to aim for improved driver performance, remote fleet management access and real-time communication. More customers are inclined to buy ADAS enabled vehicles due to massive safety features, onboard connectivity and sensors and a greener version of the driving experience. In February 2020, Reliance Jio launched a scalable Connected Car technology at the auto expo, which offers a connected vehicle tracking system, specifically for the logistics companies and transport service providers. Therefore, the adoption of fleet management software solution owing to the several advantages is the factors that drive the growth of the Fleet Management Software Market.

Fleet Management Software Market Challenges

The budget constraint for installing high-scale fleet software

To meet the growing demands in the logistic industry, the operators are trying to leverage more advanced fleet solutions like cloud based software to manage wide-area coverage for better operation management. However, the tracking and follow-up of the fleet requires a top standalone application or software-as-a-service solution, which is high-priced to prevent the risk of cyber security and unauthorized access to the system. These factors are considered to hinder the growth of the Fleet Management Software Industry outlook.

Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Fleet Management Software Market. Fleet Management Software Market top 10 companies include Geotab Inc., ZF Friedrichshafen AG, Verizon Connect, Trimble Inc., Omnitracs, LLC, GPSTrackit, Trimble Navigation Limited, Telogis, Zonar Systems and Workwave LLC and among others

Partnerships/Product Launches/Contracts

In December 2020, ZF launched telematics-based fleet management solutions for Light Commercial Vehicle. The TX-FLEX™driver app offers improved operational performance, safety, customer service levels, and also, enables operators or owners to manage all their commercial vehicles and drivers from this designed platform.

In August 2020, Zoomcar, a vehicle rental platform launched Zoomcar Mobility Stack' (ZMS) in India, an IoT software based device that offers real-time information.


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