Electric Vehicle Fleet Management Global Market Report 2024

The electric vehicle fleet management market size has grown strongly in recent years. It will grow from $21.94 billion in 2023 to $23.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion witnessed in the historical period can be credited to several factors, including the proliferation of charging infrastructure, heightened consumer consciousness regarding electric vehicles, corporate endeavors towards sustainability, as well as collaborative efforts and strategic partnerships within the industry.

The electric vehicle fleet management market size is expected to see strong growth in the next few years. It will grow to $29.66 billion in 2028 at a compound annual growth rate (CAGR) of 6%. Anticipated growth in the forecast period can be linked to heightened environmental awareness, potential cost savings, ongoing infrastructure advancements, and the establishment of fleet electricity targets. Key trends expected during this period encompass the swift expansion of electric fleets, the incorporation of advanced technologies, a concentrated effort on enhancing energy efficiency and sustainability through partnerships and collaborations, as well as an increasing demand for data analytics and insights within the industry.

Government initiatives supporting electric vehicle (EV) adoption are projected to drive growth in the electric vehicle fleet management market. These initiatives encompass incentives such as tax credits, subsidies, and grants for infrastructure development, alongside regulations promoting emissions reduction. The resultant investments foster the development of advanced fleet management solutions tailored to electric vehicle fleets, including predictive maintenance algorithms and energy management systems. For instance, the International Energy Agency reported a significant increase in global spending on EVs in April 2022, exceeding $400 billion. Moreover, 11 countries committed to achieving 100% zero-emission new truck and bus sales by 2040, expanding the signatories to the Global Memorandum of Understanding to 27. Additionally, the US Investment and Jobs Act announced a $7.5 billion investment in building the first national EV charger network in August 2021.

Key players in the electric vehicle fleet management market prioritize cutting-edge fleet telematics solutions, notably AI-powered systems, to optimize operations and meet environmental objectives. These systems offer advanced features for enhancing fleet efficiency and reducing costs, making them essential for businesses transitioning to EVs. For instance, eBikeGo introduced EBG-Matics, an AI and machine learning-based fleet management system in August 2021, aiming to improve efficiency through behavior analysis and vehicle tracking. This innovation is expected to decrease maintenance expenses, extend vehicle lifespan, and bolster safety standards, setting a new benchmark for future electric vehicle technologies.

In August 2021, ChargePoint Inc., a leading US-based electric vehicle infrastructure firm, completed the acquisition of ViriCiti BV for approximately $88 million. This strategic move aims to strengthen ChargePoint's presence in the electric vehicle fleet management market and drive technological advancements. Through this acquisition, ChargePoint expands its range of hardware and vehicle management software, enhancing its offerings for electric fleet clients. ViriCiti BV, a Netherlands-based provider of fleet management solutions for electric buses and commercial vehicles, adds value to ChargePoint's portfolio with its expertise and networked ports.

Major companies operating in the electric vehicle fleet management market are Verizon Connect Inc., Tesla Inc., Siemens AG, BYD Company Limited, Schneider Electric SE, ABB Ltd., Rivian Automotive Inc., Arrival Ltd., Solera Group, Geotab Inc., AeroVironment Inc., Enel X North America Inc., Proterra Inc., ChargePoint Inc., Lordstown Motors Corp., Allego N.V., Lion Electric Company, Blink Charging Co., EVBox Group B.V., Greenlots Inc., Nuvve Corporation, Driivz Ltd., PowerFlex Systems Inc., Electrify America LLC, Fleet Complete.

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

Electric vehicle fleet management involves the supervision and optimization of a group of electric vehicles (EVs) used for various purposes, such as transportation, delivery, or logistics. The primary goal of electric vehicle fleet management is to maximize the effectiveness, sustainability, and cost-efficiency of the electric vehicle fleet while minimizing environmental impact and operational costs. This includes tasks such as route planning, charging station management, maintenance scheduling, and monitoring vehicle performance to ensure smooth and efficient fleet operations.

In the realm of electric vehicle fleet management, the primary pillars comprise hardware, software, and services. Hardware encompasses tangible elements such as sensors, telematics devices, and charging infrastructure crucial for the oversight and optimization of electric vehicle fleets. This hardware comes in various forms, including on-premises and cloud-based solutions, tailored to suit fleets of different magnitudes, ranging from large-scale enterprises to medium and small businesses.

The electric vehicle fleet management research report is one of a series of new reports that provides electric vehicle fleet management market statistics, including the electric vehicle fleet management industry's global market size, regional shares, competitors with an electric vehicle fleet management market share, detailed electric vehicle fleet management market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle fleet management industry. This electric vehicle fleet management market 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 electric vehicle fleet management market includes revenues earned by entities by providing services, such as monitoring vehicle performance, optimizing routes, and scheduling maintenance. 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.


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