MarketsandMarkets forecasts the global fleet management market size to grow from USD 20.6 Billion in 2021 to USD 33.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The presence of various key players in the ecosystem has led to a competitive and diverse market. The market include a high growth rate for the adoption of cloud computing and analytics, declining hardware and IoT connectivity costs, a growing need for operational efficiency, and recent government mandates. However, there are significant growth opportunities for fleet management vendors. Small firms and startups are also marking their presence in the fleet management market by providing their offerings across the world. The fleet management industry is gradually adopting advanced technologies, and various fleet organizations are undertaking green initiatives to reduce environmental impact and increase the overall fleet efficiency.
The fleet analytics and reporting segment to record a higher growth rate during the forecast period
In the fleet management market by solution, the fleet analytics and reporting segment is expected to record a higher growth rate during the forecast period. Fleet management solutions aim at reducing risks, improving safety and security, monitoring fleets, and optimizing fleet operations. They help in reducing the total cost of ownership, protecting investments in assets, assisting asset inventory management, facilitating preventative maintenance in compliance with vehicles’ Original Equipment Manufacturers (OEM) guidelines, and reducing repair costs by improving fleet safety.
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Passenger Cars are expected to hold a larger market share during the forecast period
By fleet type, passenger cars are expected to hold a larger market size. Passenger cars are vehicles with a seating capacity of up to six persons, excluding the driver. In line with the agreed categories of sub-classification, passenger cars are further classified into the following segments: mini cars, compact cars, midsize cars, executive cars, premium cars, and luxury cars. Leasing a small fleet of cars, minivans, or pickups is easier and more advantageous than ever. The associated services include supply chain management, maintenance, licensing and compliance, fuel management, and accident claims for keeping the vehicles well maintained. Fleet Management Solution assists in organizing, managing, and coordinating fleet operations from a centralized information system. It uses connectivity technologies to enable data and information flow between fleets and the back-end systems, accessible by fleet owners and managers.
Technology represents huge opportunities for fleet managers to access the data anytime and anywhere. The use of telematics to remotely communicate with fleet vehicles is gradually becoming mainstream in the fleet management industry. Telematics facilitates the fleet managers to store, send, and receive information to control distant objects, particularly vehicles in motion, owing to the integration of GPS technologies with the capabilities of mobile devices.
The key and emerging market players in the fleet management market include Automotive Rentals Inc. (ARI) (US), Azuga Inc. (Azuga) (US), Chevin Fleet Solutions (Chevin) (England), Donlen Corporation (Donlen) (US), Geotab (Canada), GPS Insight (US), Inseego Corp. (Inseego) (US), Masternaut Limited (Masternaut) (England), MiX Telematics International (Pty) Ltd (MiX Telematics) (South Africa), NexTraq, LLC (NexTraq) (US), Omnitracs LLC (Omnitracs) (US), Teletrac Navman (US), Trimble Inc. (Trimble) (US), Verizon Connect (US), Zonar Systems, Inc. (Zonar Systems) (US), ORBCOMM (US), Samsara Networks, Inc. (Samsara) (US), KeepTruckin, Inc. (KeepTruckin) (US), ClearPathGPS, Inc. (ClearPathGPS) (US), Bestmile SA (Bestmile) (US), Complete Innovations, Inc. (Fleet Complete) (Canada), Automile Inc (Automile) (US), Fleetonomy (Israel), Certified Tracking Solutions Inc. (Titan GPS) (Canada), GURTAM (Gurtam) (Belarus), Fleetroot (UAE), Avrios International AG (Avrios) (Switzerland), and Rarestep, Inc. (Fleetio) (US). This research report also studies the strategic alliances and lucrative acquisitions among various global and local players in the fleet management ecosystem. These players have adopted various strategies to grow in the global fleet management market.
Geotab provides Fleet Management Solution such as Geotab GO and MyGeotab. These products helps the business to track their vehicles and manage their fleet. They help organizations effortlessly synchronizing their workflows from different devices and locations. Geotab GO is an advanced real-time vehicle tracking device with Fleet Management capabilities, which provides the customers real-time tracking of its vehicles for better decision making, fuel efficiency and time utilization. MyGeotab is a web-based fleet management system for the commercial fleet and passenger cars.
Geotab focuses on Y-o-Y growth with organic and inorganic growth strategies. For instance, in March 2021, Geotab and Lytx have extended their long-standing strategic partnership for the availability of an integrated camera solution from Surfsight. The Surfsight video technology seamlessly integrates with Geotab’s telematics platform, providing fleets with access to a robust dashboard camera solution. In the same year, Geotab collaborated with Lion Electric to help optimize zero-emission heavy-duty fleet operation with LionBeat advanced EV telematics system.
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Donlen is one of the prominent players in the Fleet Management market. The firm intends to provide an online platform for efficient fleet management with an extensive view that helps the company access company policies and vehicle information, input vehicle mileage for business and personal use, perform advanced fuel location, and service vendor searches, and update the vehicle delivery status. This platform is called DonlenDriver. The company aims to provide products, Solution, and services that cater to customers specific needs, such as a FleetWeb Platform and DonlenDriver.
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