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The Fleet Management Market size is expected to reach $31.7 billion by 2023, rising at a market growth of 19% CAGR during the forecast period. Fleet management is a process where telematics solutions are used to add value to commercial fleet-based organizations. The technology is used to increase profitability and improve sustainability by reducing fuel consumption, tracking average idle times per vehicle, providing better understanding of the performance of the vehicle and the driver, mitigating overtime payouts, and with various other benefits. Major factors that have led to growing adoption of fleet management solutions are growing awareness about the benefits of fleet management systems, volatile fuel prices, growing concern about CO2 emissions, stringent rules on emission-related regulations, and the need for efficient management of complex operations of commercial fleet-based companies.
Based on Types, the market report segments the Fleet Management Market size into Solution and Service. Solutions Type includes Asset Management Solution, Operation Management Solution, and Driver Management Solution. Service Type includes After Sales and Other Services. Based on Vehicle Type, the Global Fleet Management market segments the market into Railway, Heavy Commercial Vehicle, Light Commercial Vehicle, Aircraft, and Others. Based on Communication Technology, the market report segments the Fleet Management Market size into GNSS (Satellite) and Cellular System. Based on Verticals, the market report segments the market into Transportation & Logistics, Government, Automotive, Retail, and Others. Based on Regions, the Global Fleet Management market segments the market into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The Fleet Management Market Analysis report covers the competition analysis of key stake holders of the Global Fleet Management Market. Key companies profiled in the report include AT&T, Inc., The Hertz Corporation (Donlen Corporation), Geotab, LeasePlan Corporation (Leaseplan USA), Masternaut, Omnitracs, Trimble, Inc., Workwave, Wheels, Inc., and TomTom NV (Tomtom Telematics)