Latest News- Fleet Management Market: Subscription is expected to lead the Type segment during 2025-2029
The Fleet Management Market is being driven by Rise in e-commerce and last-mile delivery
The Fleet Management Market is expected to grow at a CAGR of 15.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 52233.3 million. Telematics, a sector of the fleet management market, has experienced significant growth with the advent of 2G telecommunication systems and GPS-based positioning. Initially, this technology was utilized for GPS-based navigation systems, now mandatory for commercial vehicles worldwide. The rise of investments in autonomous vehicles is set to increase the adoption of sensors, connectivity devices, and network components. The increasing number of electronic control units, sensors, and wiring in autonomous vehicles necessitates a substantial demand for semiconductor components, including sensors and integrated circuits (ICs). Self-driving vehicles rely on information from a connected car network and the Internet of Things (IoT) to navigate effectively.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Subscription, Others) Vehicle Type (Commercial fleet, Passenger car) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Fleet Management Market Research Report
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Fleet managers utilize fleet management solutions to oversee their commercial vehicles, including car fleets, light commercial vehicles, and heavy commercial vehicles. These tools offer features such as routing for optimal fuel efficiency, vehicle security, driver safety, and performance tracking. Fleet owners benefit from real-time insights into fuel costs, distance traveled, driver behavior, overhead costs, and more, enabled by GPS connectivity and IoT technology. Fleet management systems provide fuel management, maintenance management, driver management, weight/volume tracking, and more for connected trucks and autonomous vehicles in freight and logistics. Fleet operators in industries like transportation and commercial services can automate processes and reduce costs through automation and advanced fleet management software.
In the realm of business operations, fleet management holds significant importance for companies with large vehicle inventories. According to market analysis by Technavio, the global fleet management market size is determined by the collective revenue generated by fleet management solution providers. This market encompasses solutions for routing optimization, vehicle security, driver safety, fleet performance analysis, fuel cost management, and driver behavior monitoring. Key growth drivers for this market include the surge in e-commerce activities leading to increased demand for efficient logistics and supply chain management, as well as the need to minimize overhead costs through optimized fleet utilization and reduced fuel consumption.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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