FLEET MANAGEMENT MARKET ANALYSIS

Fleet Management MarketSize and Trends

The global fleet management market size was valued at US$ 8.35 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 19.3%from 2023 to 2030. A rise in demand for improved tracking capabilities in vehicles is driving the market growth. The market is primarily driven by a need to ensure safe delivery of goods and equipment across the globe, mandatory government regulations related to vehicle maintenance & tracking, and growing concerns about vehicular safety.

North America is anticipated to show substantial growth in the global fleet management market over the forecast period. This is attributed to widespread use of real-time tracking systems across various sectors for ensuring smooth business operations. Moreover, early adoption of digital technologies in the region is also expected to drive growth of the global fleet management market in North America.

Along with this, Asia-Pacific is expected to gain significant growth in the global fleet management market over the forecast period, owing to strong presence of number of industrial facilities in countries such as India, Japan, and china. Along with this, the expansion of radio taxi business in the region and rise in appetite for mobility services are also the factors anticipated to boost growth of the market in Asia Pacific region.

Global Fleet Management Market Trends:

Demand for asset management solutions is a recent trend in the market

Using asset management solutions and systems allows user to create connection between property, financial, and maintenance management. This eliminates the duplication of databases and maintains a direct connection with Fleet Automotive Statistical Tool. As this technology offers efficient analysis and gathers data, it can monitor consequences of each activity in such a way that it can review the cost-benefit analysis. Thus, the trend of growing demand for asset management solutions is likely to support growth of the global fleet management market over the forecast period.

Rise in adoption of mobility-as-a-service is another trend in the market

Government authorities and mobility industries around the world are involved in implementation of mobility-as-a-service model for reducing carbon emissions and traffic on roads. Through various initiatives, these authorities are launching car sharing, ride-hailing, carpooling, and various other options for commuters to reduce use of private vehicles. The use of fleet management software will allow users to get insights regarding pick-ups, drop-offs, vehicle telematics, and payment activities. Thus, this trend is expected to aid in growth of the global fleet management market over the forecast period.