According to Stratistics MRC, the Global Fleet Management Market is accounted for $18.98 billion in 2020 and is expected to reach $48.69 billion by 2028 growing at a CAGR of 12.5% during the forecast period. The rise in international trades and Growth in acceptance of wireless technology is driving the market growth. However, Atmospheric intervention causing problems for GPS connectivity is hampering the growth of the market.
Some of the key players profiled in the Fleet Management Market include Cisco Systems, Inc., Digital Matter, Embitel, Fleetmatics Group PLC, Geotab Inc., GoFleet Corporation, GoGPS, GPS Trackit, Gurtam, Linxio, Ruptela, StreetFleet, Teletrac Navman, TigerFleet, TomTom N.V., Trakm8 Limited, Trimble Inc., WebEye Telematics Group, Wireless Links ,Zebra Technologies Corp.
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The Global Fleet Management Market is majorly driven by increasing need for reliable & cost-effective fleet management, and rising demand for cloud based & big data analytics solutions. The cloud technology segment is growing at a highest CAGR owing to its cost-efficiency and hassle-free integration. Europe dominated with a significant market share due to the factors such as the increasing funds in corporate vehicle fleets for employees and the rising vehicle leasing business is also assisting the provincial market. Asia Pacific market is growing at a highest CAGR owing to rise in consciousness about driver safety and accident prevention, and development in transportation and logistics industries.
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