Fleet Management Technology Global Market - Forecast(2024 - 2030)

Report Code: AM 19649 Report Format: PDF + Excel

Fleet Management Technology Market Overview

Fleet Management Technology Market size is estimated to reach $94.5 billion by 2030, growing at a CAGR of 19.4% during the forecast period 2024-2030. The Fleet Management Technology 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 Technology Industry. The rising adoption of Telematics software and hardware, enables fleet operators to seek 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 Technology Market.

Additionally, sustainability and environmental concerns have led to the adoption of eco-friendly practices and the integration of electric vehicles into fleets. Cybersecurity has emerged as a critical focus area, with companies investing in robust security measures to protect sensitive fleet data from cyber threats. Overall, the Fleet Management Technology Market continues to evolve, driven by technological innovations and the pursuit of operational efficiency, safety, and sustainability in fleet management practices.

Market Snapshot :-

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Fleet Management Technology Market Report Coverage

The report: “Fleet Management Technology Market” – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Fleet Management Technology 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 (Middle east and Africa) 

Key Takeaways

• The rising boom in e-commerce has accelerated the demand for effective operation of the logistic sector, which drives the growth of the Fleet Management Technology Market.
• The demand for autonomous driving cars and Electric vehicles has grown exponentially, which drives the Fleet Management Technology Market growth
• North America dominated the Fleet Management Technology market with a share of more than 41% in 2023, followed by Europe owing to the significant adoption of asset tracking devices across several end-verticals.

  
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Fleet Management Technology Market Segment Analysis - By Deployment Types

By Deployment Types, the Fleet Management Technology Market is segmented into Cloud Based, On Premises and Hybrid. The Cloud based segment is analyzed to register the highest share of 54% in 2023 due to the growing demand for operational efficiencies and to manage rising fuel prices, which needs innovative monitoring systems. In January 2022, Exide Technologies unveiled a cutting-edge cloud-based fleet management tool, Motion+ Fleet, designed to optimize warehouse operations by providing real-time data insights. This software empowers warehouse managers to enhance efficiency, maximize productivity, and streamline logistics operations. 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 Technology Market.

Fleet Management Technology Market Segment Analysis - By End Users

The Logistics and Transportation is analyzed to register the highest share of 56.4% in 2023 due to the growing demand of global trade activities, rapid E-commerce sectors surge and the emergence of cloud-based technologies for smart transportation. According to the Government of India report, Indian national and state highways account for a little over 5% of all road length but are responsible for more than 61% of traffic fatalities. Millions of cars drive through these roads every day, either managing the movement of goods exceeding a billion dollars or being used by industries like mining, construction, transport, and even public services. Rising cases of road accidents are anticipated to drive growth during the projected period. The augmentation of IoT solutions and developing connected networks are boosting the market growth. The technological innovations, advanced cellular System and various connected networks feasibility are contributing to the growth of the Fleet Management Technology Market.

Fleet Management Technology Market Segment Analysis - By Geography

North America dominated the Fleet Management Technology Market in 2023 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 support, thereby, accelerating the growth of Fleet Management Technology Market. In October 2023, Volvo Trucks unveils Volvo Connect, an all-in-one fleet management portal offering digital services, analytics, and reports for enhanced fleet performance. This comprehensive solution streamlines operations, providing fleets with real-time insights and tools to optimize profitability and efficiency. 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 of online shopping platforms. Hence, these market growth opportunities and performance across the telematics industry are contributing positively to the Fleet Management Technology Market.

Fleet Management Technology Market Drivers

Rapid growth of e-commerce
The exponential rise of omnichannel shopping sectors for 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 Technology to meet the rising demand. In September 2022, Ford Pro™ introduced a comprehensive fleet management suite, streamlining operations with software solutions. This suite aims to simplify paperwork and data management for businesses, offering tools for fleet health monitoring, driver behavior analysis, and cost optimization. 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 effective operation of the logistic sector, which drives the growth of the Fleet Management Technology Market.  

Rising demand of connected cars and EV-vehicles
In recent years, the demand for autonomous driving cars and Electric vehicles has grown exponentially. Hence, the rising demand of connected cars and EV-vehicles across the globe is accelerating the growth of Fleet Management Technology Market to aim 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 greener version of driving experience. In May 2023, Inseego launches new support portal to enhance fleet customer experience. Inseego's new support portal enhances fleet customer experience by simplifying request resolution. Fleet users create tickets for instant allocation to specialists, enabling efficient tracking. Therefore, the adoption of Fleet Management Technology solution owing to the several advantages are the factors that drive the growth of Fleet Management Technology Market.

Fleet Management Technology Market Challenges

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 top standalone application or software-as-a-service solution, which is high-priced to prevent risk of cyber security and unauthorized access to the system. These factors are considered to hinder the growth of the Fleet Management Technology Industry outlook.

Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Fleet Management Technology Market. Fleet Management Technology Market top 10 companies include Geotab Inc., ZF Friedrichshafen AG, Verizon Connect, Trimble Inc., Omnitracs, LLC, GPSTrackit, Zonar Systems, Inc., WorkWave LLC, Bridgestone Group, Samsara Inc. and among others.

Partnerships/Product Launches/Contracts

• In April 2023, Trimble introduced the industry's first dwell time metrics for fleet management, enhancing operational efficiency. Integrated into Trimble Fleet Manager, this innovation leverages Connected Locations, providing real-time insights to optimize fleet performance and logistics operations, catering to the demand for data-driven solutions in the Fleet Management Technology Market.
• In February 2022, Chevin Fleet Solutions unveils FleetWave Lite software, designed to streamline fleet management processes. This user-friendly solution offers essential functionalities for efficient fleet operations, including asset tracking, maintenance scheduling, and cost management. FleetWave Lite aims to simplify fleet management tasks, catering to businesses seeking accessible and practical software solutions in the competitive Fleet Management Technology Market.

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1. Fleet Management Technology Global Market - Overview
        1.1 Definitions and Scope
2. Fleet Management Technology Global Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Fleet Management Technology Global Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Fleet Management Technology Global Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Fleet Management Technology Global Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Fleet Management Technology Global Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Fleet Management Technology Global Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Fleet Management Technology Global Market - By Product Type(Market Size -$Million / $Billion)
        8.1 Market Size and Market Share Analysis
        8.2 Application Revenue and Trend Research
        8.3 Product Segment Analysis
            8.3.1 Operation management
            8.3.2 Asset management
            8.3.3 Driver Management
9. Fleet Management Technology Global Market - By Type(Market Size -$Million / $Billion)
10. Fleet Management Technology Global - By Application Type(Market Size -$Million / $Billion)

        10.1 Segment type Size and Market Share Analysis
        10.2 Application Revenue and Trends by type of Application
        10.3 Application Segment Analysis by Type
11. Fleet Management Technology Global- By Geography (Market Size -$Million / $Billion)
        11.1 Fleet Management Technology Global Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
                  11.2.5.1 U.S
                  11.2.5.2 Canada
                  11.2.5.3 Mexico
                  11.2.5.4 Rest of North America
        11.3 Fleet Management Technology Global- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
                  11.4.5.1 Brazil
                  11.4.5.2 Venezuela
                  11.4.5.3 Argentina
                  11.4.5.4 Ecuador
                  11.4.5.5 Peru
                  11.4.5.6 Colombia
                  11.4.5.7 Costa Rica
                  11.4.5.8 Rest of South America
        11.5 Fleet Management Technology Global- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
                  11.6.5.1 U.K
                  11.6.5.2 Germany
                  11.6.5.3 Italy
                  11.6.5.4 France
                  11.6.5.5 Netherlands
                  11.6.5.6 Belgium
                  11.6.5.7 Denmark
                  11.6.5.8 Spain
                  11.6.5.9 Rest of Europe
        11.7 Fleet Management Technology Global - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
                  11.8.5.1 China
                  11.8.5.2 Australia
                  11.8.5.3 Japan
                  11.8.5.4 South Korea
                  11.8.5.5 India
                  11.8.5.6 Taiwan
                  11.8.5.7 Malaysia
                  11.8.5.8 Hong kong
                  11.8.5.9 Rest of APAC
        11.9 Fleet Management Technology Global - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
                  11.10.5.1 Israel
                  11.10.5.2 Saudi Arabia
                  11.10.5.3 UAE
            11.10.6 Africa Segment Analysis
                  11.10.6.1 South Africa
                  11.10.6.2 Rest of Middle East & Africa
12. Fleet Management Technology Global Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Fleet Management Technology Global Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Fleet Management Technology Global Market - Key Company List by Country Premium
15. Fleet Management Technology Global Market Company Analysis

        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Company 2
        15.3 Company 3 & More
*Financials would be provided on a best efforts basis for private companies
16. Fleet Management Technology Global Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Fleet Management Technology Global Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends

LIST OF TABLES

1.Global Fleet Management technology MARKET, BY TYPE Market 2019-2024 ($M)
1.1 Operation management Market 2019-2024 ($M) - Global Industry Research
1.2 Asset management Market 2019-2024 ($M) - Global Industry Research
1.3 Driver Management Market 2019-2024 ($M) - Global Industry Research
2.Global Fleet Management technology MARKET, BY TYPE Market 2019-2024 (Volume/Units)
2.1 Operation management Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Asset management Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Driver Management Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Fleet Management technology MARKET, BY TYPE Market 2019-2024 ($M)
3.1 Operation management Market 2019-2024 ($M) - Regional Industry Research
3.2 Asset management Market 2019-2024 ($M) - Regional Industry Research
3.3 Driver Management Market 2019-2024 ($M) - Regional Industry Research
4.South America Fleet Management technology MARKET, BY TYPE Market 2019-2024 ($M)
4.1 Operation management Market 2019-2024 ($M) - Regional Industry Research
4.2 Asset management Market 2019-2024 ($M) - Regional Industry Research
4.3 Driver Management Market 2019-2024 ($M) - Regional Industry Research
5.Europe Fleet Management technology MARKET, BY TYPE Market 2019-2024 ($M)
5.1 Operation management Market 2019-2024 ($M) - Regional Industry Research
5.2 Asset management Market 2019-2024 ($M) - Regional Industry Research
5.3 Driver Management Market 2019-2024 ($M) - Regional Industry Research
6.APAC Fleet Management technology MARKET, BY TYPE Market 2019-2024 ($M)
6.1 Operation management Market 2019-2024 ($M) - Regional Industry Research
6.2 Asset management Market 2019-2024 ($M) - Regional Industry Research
6.3 Driver Management Market 2019-2024 ($M) - Regional Industry Research
7.MENA Fleet Management technology MARKET, BY TYPE Market 2019-2024 ($M)
7.1 Operation management Market 2019-2024 ($M) - Regional Industry Research
7.2 Asset management Market 2019-2024 ($M) - Regional Industry Research
7.3 Driver Management Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
2.Canada Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
3.Mexico Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
4.Brazil Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
5.Argentina Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
6.Peru Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
7.Colombia Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
8.Chile Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
9.Rest of South America Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
10.UK Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
11.Germany Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
12.France Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
13.Italy Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
14.Spain Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
15.Rest of Europe Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
16.China Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
17.India Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
18.Japan Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
19.South Korea Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
20.South Africa Fleet Management Technology Global Market Revenue, 2019-2024 ($M)
21.North America Fleet Management Technology Global By Application
22.South America Fleet Management Technology Global By Application
23.Europe Fleet Management Technology Global By Application
24.APAC Fleet Management Technology Global By Application
25.MENA Fleet Management Technology Global By Application