The major players in the fleet management market are Teletrac Navman US Ltd., Masternaut Ltd., ORIX Corporation, MiX Telematics International (Pty) Ltd., LeasePlan Corporation., Omnitracs, LLC, Samsara Networks, Inc., and others.
Selbyville, Delaware, Nov. 01, 2022 (GLOBE NEWSWIRE) —
The fleet management market is expected to register a valuation of USD 70 billion by 2032, as reported in a research study by Global Market Insights Inc. The emergence of AI technology in fleet management systems is expected to drive industry trends. AI-based fleet management systems are helping operators adopt IoTs, machine learning systems, displays, and communication systems. The industry players are also offering advanced fleet management solutions, thereby increasing their market share.
Lack of awareness among small fleet owners may emerge as a key limiting factor. Limited knowledge of small fleet operators, insufficient financial budgets and increasing operating costs are affecting product adoption by small OEMs. Even though small fleet operators own up to 100 fleet vehicles, lack of operational efficiency limits the agility of fleet operations. Nonetheless, advancements in cloud-based fleet management systems are expected to boost product penetration.
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Government initiatives to improve traffic control systems to drive demand for vehicle tracking systems
The fleet management market size of the vehicle tracking systems segment is expected to show notable progress between 2023 and 2032. The growth of the segment is attributed to the growing need for fuel management and falling insurance costs. Driven by demand for weather and traffic updates, as well as government initiatives and standards relating to telematics and ELDs, it is believed to drive product penetration. In 2022, the vehicle tracking systems segment recorded a revenue of USD 6.5 billion.
Rigorous developments in cloud-based fleet management solutions to shape industry outlook
The cloud segment is expected to see tremendous demand through 2032 due to the increased focus of technology companies on developing fleet management solutions. For example, in March 2021, Amazon Web Services Inc., a cloud computing subsidiary of Amazon, and ABB Group Limited, an emerging technology company, partnered to develop a purpose-built cloud-based fleet management solution. for electric vehicle fleet management. .
High operational risks to amplify product penetration in utility end uses
The utility end-use segment fleet management market outlook is poised to grow at around 15% CAGR through 2032. The need to meet customer demand, including the restoration of gas, electricity, water or telecommunications in bad weather or after disasters, imposes high professional risks on the managers of utility fleets. With vehicle telematics data integration, utility fleet managers can analyze and regulate fleet driving behavior and more, reducing utility service risk.
Increased vehicle safety awareness to support Latin American industry
The Latin America Fleet Management Market is expected to reach over USD 7 billion by 2032. The increasing adoption of location-based technologies is a major driver of regional growth. Additionally, significant passenger and driver safety awareness is likely to propel the regional outlook.
The rise of car leasing and rental to support the growth of the passenger vehicle segment
The passenger vehicle segment is expected to surpass $30.5 billion by 2032. With growing opportunities in car leasing and rental business, booming production of passenger vehicles is expected to fuel demand for passenger vehicle management solutions. fleet. Passenger vehicle OEMs, such as Ford Motor Company, Denso Corporation, etc., are integrating advanced telematics software and hardware devices into vehicle ECUs, which is expected to propel the growth of the segment.
Strategic partnerships to remain a favorable growth strategy
The competitive landscape of the fleet management market includes Teletrac Navman US Ltd., Masternaut Ltd., ORIX Corporation, MiX Telematics International (Pty) Ltd., LeasePlan Corporation., Omnitracs, LLC, Samsara Networks, Inc. and others. These companies mainly engage in strategic alliances and product development initiatives to strengthen their position in the market.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 Fleet Management 360 Industry0 summary, 2018 – 2032
2.2 Trade trends
2.2.1 Total Addressable (TAM) Market Trends, 2023 – 2032
2.3 Regional trends
2.4 Deployment Model Trends
2.5 Solution Trends
2.6 End-use trends
2.7 Trends in vehicle types
Chapter 3 Fleet Management Industry Overview
3.2 Impact of the COVID-19 outbreak
3.3 Impact analysis of the Russian-Ukrainian war
3.4 Fleet Management Industry Ecosystem Analysis
3.5 Technology and innovation landscape
3.6 Patent Analysis
3.7 Investment portfolio
3.8 Industry News
3.9 Middle East and Africa
3.10 Regulatory landscape
3.11 Industry impact forces
3.11.1 Drivers of growth
3.11.2 Industry Pitfalls and Challenges
3.12 Growth Potential Analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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