According to IMARC Group’s latest report, titled “Fleet Management System Market : Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global fleet management system market reached a value of US$ 21.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39 Billion by 2027, exhibiting a CAGR of 10.75% during 2022-2027.
Fleet management (FM) is the control and administration of commercial automobiles, including cars, trucks, vans, marine vessels, aircraft, etc. It involves performing numerous functions, such as fuel management, vehicle maintenance, vehicle acquisition, driver safety, regulatory compliance, etc. Fleet management systems are integrated with software programs to streamline routine tasks and improve employee efficiency. They assist in maintaining costs, provide real-time access to the fleet, improve the life span of vehicles, increase customer retention rates, ensure driver satisfaction, etc. As a result, fleet management systems find widespread applications across various sectors, including energy, utility, automotive, manufacturing, retail, construction, logistics, transportation, etc.
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Market Trends
The escalating usage of cloud computing and Internet of Things (IoT) technologies in the transportation sector is primarily driving the fleet management system market. Besides this, the elevating demand for FM solutions in the mining sector to enhance overall safety, monitor driver behavior, and minimize maintenance costs is further augmenting the market growth. Apart from this, the introduction of several innovative services, such as asset management, two-way communication, and customer relationship administration, is also catalyzing the global market. Moreover, the growing popularity of 4G and 5G technologies that assist in enhanced productivity, area coverage, access, and user response is acting as another significant growth-inducing factor. Furthermore, the launch of favorable policies by government bodies to promote smart transport techniques and various innovations, including in-vehicle cameras with telematics compatibility and remote tachograph reporting, are expected to bolster the fleet management system market in the coming years.
List of Key Companies Covered in this Market Report:
- AT&T Inc.
- Geotab
- I.D. Systems
- IBM Corporation
- Inseego Corporation
- Mix Telematics Ltd.
- Omnitracs LLC
- TomTom N.V.
- Trimble Inc.
- Verizon Communications
- Wheels Inc.
Breakup by Component:
- Solutions
- Fleet Telematics
- Driver Information Management
- Vehicle Maintenance
- Safety and Compliance Management
- Others
- Services
- Installation and Integration Services
- After-Sales Support Services
- Consulting Services
Breakup by Vehicle Type:
- Commercial Vehicles
- Passenger Cars
- Aircrafts
- Watercrafts
Breakup by End-Use Sector:
- Automotive
- Energy & Utilities
- Manufacturing
- Retail
- Transportation and Logistics
- Construction
- Others
Breakup by Technology:
- GNSS
- Cellular Systems
Breakup by Deployment Type:
- Cloud-based
- On-premises
- Hybrid
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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