Selbyville, Delaware,, Nov. 01, 2022 (GLOBE NEWSWIRE) --
The fleet management market is expected to record 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 set to drive industry trends. AI-based fleet management systems help operators adopt IoTs, machine learning systems, displays, and communication systems. Industry players are also offering advanced fleet management solutions, thereby augmenting market share.
The lack of awareness among smaller fleet owners may emerge as a key restraining factor. The limited knowledge among small fleet operators, insufficient financial budgets, and mounting operational costs are affecting product adoption among small-scale OEMs. Even though small fleet operators own up to 100 fleet vehicles, the lack of operational efficiency restricts the agility of fleet operations. Nevertheless, advancements in cloud-based fleet management systems are predicted to spur product penetration.
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Government initiatives for improving traffic control systems to boost the demand for vehicle tracking systems
The fleet management market size from the vehicle tracking system segment is foreseen to showcase notable progress between 2023 and 2032. The segment growth is attributed to the surging need for fuel management and lower insurance costs. Driven by the demand for weather & traffic updates, along with government initiatives and norms towards telematics and ELDs, is speculated to stimulate the product penetration. In 2022, the vehicle tracking system segment registered USD 6.5 billion in revenue.
Rigorous developments in cloud-based fleet management solutions to shape industry outlook
The cloud segment is forecast to witness considerable demand through 2032 due to the increased emphasis of technology firms on the development of fleet management solutions. For instance, in March 2021, Amazon Web Services Inc., a cloud-computing subsidiary of Amazon, and ABB Group Limited, an emerging technology company, joined hands to develop a cloud-based fleet management solution specifically designed for fleet management of electric vehicles.
High operational risks to amplify product penetration in utility end-uses
The fleet management market outlook from the utility end-use segment is primed to grow at approximately 15% CAGR up to 2032. The need for responding to customer demand, including restoring gas, electricity, water, or telecom services during inclement weather or after natural disasters, imposes high occupational risks for utility fleet managers. Through the integration of vehicle telematics data, utility fleet managers can analyze and regulate fleet driving behavior and more, lowering any risks related to utility services.
Soaring awareness about vehicle safety to support the Latin America industry
The Latin America fleet management market is anticipated to reach more than USD 7 billion by 2032. The growing adoption of location-based technologies is a major factor pushing regional growth. Furthermore, significant awareness pertaining to passenger & driver safety is likely to propel the regional outlook.
Booming car leasing and renting space to bolster passenger vehicle segment growth
The passenger vehicle segment is slated to exceed USD 30.5 billion by 2032. With growing opportunities in car leasing and renting businesses, the flourishing production of passenger vehicles is estimated to fuel the demand for fleet management solutions. Passenger vehicle OEMs, such as Ford Motor Company, Denso Corporation, and so on, are integrating advanced telematics software and hardware devices within the vehicle’s ECUs, which is set to propel segment growth.
Strategic partnerships to remain a favorable growth strategy
The competitive landscape of the fleet management market is inclusive of Teletrac Navman US Ltd., Masternaut Ltd., ORIX Corporation, MiX Telematics International (Pty) Ltd., LeasePlan Corporation., Omnitracs, LLC, Samsara Networks, Inc., and others. These companies engage mainly in strategic alliances and product development initiatives to strengthen their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Fleet management industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 - 2032
2.3 Regional trends
2.4 Deployment model trends
2.5 Solution trends
2.6 End use trends
2.7 Vehicle type trends
Chapter 3 Fleet Management Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact analysis of Russia-Ukraine war
3.4 Fleet management industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Investment portfolio
3.8 Industry news
3.9 Middle East & Africa
3.10 Regulatory landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls & challenges
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
