Fleet Management Market Size, Share, Growth Analysis, By Component(Solution (Operations management, Vehicle maintenance & diagnostics, Fleet analytics & reporting, Compliance Management), By Fleet type(Commercial fleets (Light commercial vehicles, Medium and Heavy commercial vehicles), Passenger Vehicles (Internal combustion engine, Electric Vehicles)), By Vertical(Retail, Transportation & logistics, Healthcare & pharmaceuticals, Construction), By Region - Industry Forecast 2024-2031

Global Fleet Management Market size was valued at around USD 24.4 billion in 2022 and is expected to rise from USD 28.4 billion in 2023 to reach a value of USD 81.6 Billion by 2031, at a CAGR of 14.1% over the forecast period (2024–2031).

The global fleet management market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment. 'Verizon Connect ', 'Trimble ', 'Geotab ', 'Samsara ', 'Bridgestone ', 'Inseego ', 'Solera ', 'Teletrac Navman ', 'Holman ', 'ORBCOMM ', 'MiX Telematics ', 'Verra Mobility ', 'Chevin ', 'Zebra Technologies ', 'Motive ', 'Michelin ', 'GPS Insight ', 'ClearPathGPS ', 'Fleet Complete ', 'Gurtam ', 'Via Transportation ', 'Fleetroot ', 'Ruptela ', 'Freeway Fleet Systems'

The integration of telematics and GPS offers location information and vehicle diagnostics in real-time. This improves operational oversight for fleet, thus impacting the market growth. AI is integrated to study huge quantities of data to optimize routes and predict maintenance requirements depending on real-time scenarios. IoT devices allow continuous monitoring of vehicles and drivers for better decision-making. 

Growth of Mobility-as-a-Service: The growing trend for MaaS is propelling the fleet management businesses to provide more integrated solutions that effectively amalgamate different transportation modes for unified mobility solutions. Also, alliances and partnerships among technology companies and fleet management business are growing remarkably with an aim to develop exhaustive mobility services. These trends are projected to spur the market over the estimated period. 

Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to the speedy adoption of advanced technology and a supportive regulatory environment. North America holds a greater level of technological improvements with broader use of IoT, data analytics, and telematics in fleet management. Moreover, stringent environmental and safety regulations motivate businesses to implement fleet management services for compliance. Also, the transport and logistics sectors are impacted by retail and e-commerce, which demands effective fleet management. The key players profiled in the region include Verizon Connect, Teletrac Navman, Omnicomm, Cadec Global, NexTraq, and more.