The market for fleet management was valued at US$ 39.1 million in 2021, and by the end of 2022, it is expected to reach US$ 48 billion. The fleet management market is anticipated to grow at a CAGR of 17.4 percent from 2022 to 2032. A market valuation of US$ 239 Mn is expected by the conclusion of the previously specified projection period.
Fleet management solutions are expected to be in high demand, with a historical CAGR of 20.8 percent from 2015 to 2021. The demand for cloud deployment among the available components is anticipated to increase at a CAGR of 23% during the assessment period, while operations management will show a CAGR of 16.8% through 2032.
Key Restraints/Challenges to Market Expansion:
Concerns Regarding Driver Productivity and Safety
The safety of its drivers is crucial for every fleet management company to run efficient fleet management operations. To safeguard the safety of the drivers, their rigs, and their cargo, fleet managers need to educate themselves on safe driving initiatives, rules, and analytics.
Because of the growing use of GPS and cell phones, there are more incidents that may have been avoided. Here, driver education is relevant since it is important to acquire the necessary knowledge on how to utilise technology safely and correctly. Such mishaps can be avoided, which helps manage unforeseen expenses like repairs, downtime, and responsibility. Additionally, the cost of insurance is strongly related to the safety record of a fleet. Therefore, fewer accidents result in lower insurance prices.
Maximizing productivity from the drives is a significant challenge for fleet management. Through services like GPS and speak-to-call technology, technology can help with this. The most effective way to use these technological services is via drivers. When used in conjunction with other technological tools, such as geofencing and automated cellular tracking, these services can contribute to time savings because drivers are less likely to engage in tactical phone conversations and can instead focus entirely on the road
Due to intense market consolidation by industry leaders and expanded R&D operations, which have led to advancements in telematics and analytics solutions, prominent providers are concentrating on providing a level of competitiveness. In order to increase their reach, top suppliers also rely on mergers, acquisitions, and partnerships with already established businesses. The following are some noteworthy developments:
- In October 2021, Ctrack announced the launch of PC Secure which allows devices to be tracked and recovered in the same way that Ctrack has done for the past 30 years with stolen vehicles and other assets. Any laptop or desktop computer is made visible by Ctrack PC Secure, allowing Ctrack to use cutting-edge technologies to retrieve stolen laptops or desktops.
- In June 2021, Dtac Business and Cartrack Technology announced their collaboration to offer fleet management solutions to Thailand’s small and medium-sized businesses. Business owners can easily monitor the advanced features of the Fleet Management solution, which is powered by dtac’s full suite of IoT connectivity solutions, via both a mobile app and a web portal. These features include fuel usage monitoring, intelligent transport planning solutions, and driver behaviour monitoring. Fleets may be modified to use less gasoline while also generating driving zones to improve productivity and lower operating expenses with Cartrack’s cutting-edge AI technology.
These insights are based on a report on Fleet Management Market by Fact.MR.