The fleet management market refers to the fleet management industry and associated business. It includes fleet service players, i.e., companies selling software as a service (SaaS), industries owning fleets of commercial vehicles, their individual or organization clients, and the buying and selling of its services along with pricing.
A fleet management market can likewise refer to the environment and mechanism facilitating the exchange, coordination, and allocation of fleet services and resources among companies and clients.
Over the last five years, the global fleet management market size has grown significantly. In 2017, its value was USD 13.78 billion. Experts project it to grow to USD 28.66 billion by 2022 — a jump of nearly 108%.
In 2020, the fleet management market size rose to USD 16 billion, with a forecasted compound annual growth rate (CAGR) of 15% from 2021 to 2027. The industry’s projected value in 2027 is USD 45 billion.
Drivers of fleet management market’s growth are:
- Increasing emphasis by fleet operators on operational efficiency
- The emergence of artificial intelligence (AI) technologies
- Greater adoption of the internet of things (IoT)
- Increased adoption of big data analytics and cloud computing solutions
- Further expansion of connected vehicle tracking technologies