The global commercial vehicle fleet management market has witnessed substantial growth in terms of revenue, driven primarily by the software sectors. In 2022, the market was valued at USD 8.78 billion, and it is projected to reach USD 24.61 billion by the year 2028, representing a remarkable compound annual growth rate (CAGR) of 19.0% during the forecast period.
A fleet management solution (FMS), whether in the form of standalone software or a cloud-based platform, facilitates centralized coordination and improvement of fleet-related operations. FMS enables fleet managers to oversee and optimize their primary administrative responsibilities, organize supply chain and inventory records, and automate end-to-end fleet management processes. Key functions of an FMS include streamlining control of fleet-related activities within a single integrated system, organizing supply chain logistics, and digitizing equipment stocktaking. Through a unified approach, fleet management solutions enable executives to efficiently manage their most critical duties, standardize supply procedures, and digitally transform fleet administration workflows from initial planning through final execution.
The global commercial vehicle fleet management market categorized by solution, for the respective periods: real time location tracking, fuel management, asset management, driver management, maintenance management, and others. In terms of solution, the real time location tracking segment dominated the market studied in 2022, holding a substantial share of 33%. Furthermore, the driver management segment is anticipated to exhibit the highest CAGR of 22.8% during the forecast period from 2023 to 2028. Real-time location monitoring via GPS allows for tracking a vehicle’s status, enabling fleet managers to receive alerts on abnormal driver behavior and ensure safety and efficiency. GPS trackers also provide detailed diagnostic information. Navigation systems and location intelligence can offer safer routes to protect drivers from hazardous road conditions, optimizing routes by utilizing geospatial and weather data.
Commercial fleet management uses hardware like remote dashboards, control devices, and sensors to track location, activate systems, and ensure security. This hardware allows remote control of commercial fleet vehicles, real-time location monitoring, and error tracking. Software was the primary revenue contributor, accounting for over 60% of the sales value share in 2022. Fleet management software firms must offer advanced services to improve their business. Leading companies like Verizon, TomTom, Zebra Technologies, and AT&T provide such services.
The commercial vehicle fleet management market can be categorized into two deployment modes, namely cloud and on-premises. The segment pertaining to cloud deployment mode is anticipated to attain a remarkable growth rate of 21.6% over the forecast period from 2023 to 2028, ultimately reaching a revenue of $14.98 billion by 2028. Cloud-based software is cost-effective and offers analytical solutions for fleet monitoring. IoT integration has driven market growth, enhancing data collection and communication. Cloud-based software is integrated into vehicles for real-time information. Asia-Pacific and North America use cloud-based software for quality tracking, driving effectiveness through vendor-provided solutions. This software enhances efficiency and emphasizes intelligent transportation, driving revenue growth.
In terms of geography, the North America emerged as the dominant player, capturing a significant share of 70% in the market studied in 2022. The valuation of the North America is projected to reach USD 16.20 billion by 2028. Conversely, the Asia-Pacific region is anticipated to exhibit a higher CAGR of 24.6% during the forecasted period from 2023 to 2028. Corporate fleets drive North America’s commercial fleet market. The growing demand to reduce the overall cost of corporate fleets is a significant factor driving the North American fleet management market. Fleet vehicle companies are increasingly outsourcing the management of their fleets to minimize the operational costs of their fleet vehicles. The region’s fleet market is driven by electronic logging device mandates and rising commercial fleets. Notably, OEMs have introduced fleet telematics in their vehicles.
Advanced, reliable, and affordable technologies collect and disseminate vehicle data and video footage cost-effectively. GPS positioning and advanced onboard systems provide real-time information for driver and vehicle management. Cloud computing, enabled by network, computing, and data storage advancements, drives demand for subscription-based fleet and mobile asset management solutions players.
Prominent vendors shaping competitive dynamics include AT&T Inc., Verizon Communications Inc., Zebra Technologies Corp., Trimble Inc., PowerFleet, Inc., MiX Telematics Limited, Teletrac Navman US Ltd., TomTom N.V., Cisco Systems, Inc., Geotab Inc., Gurtam Inc., Wheels Inc., Queclink Wireless Solutions Co., Ltd., Inseego Corp., IBM Corporation, Omnitracs, LLC, MiTAC Holdings Corporation, CalAmp Corp., Samsara Inc., among other players.
Table of Contents
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 8
Part 2. Scope and Methodology 11
Report Scope 11
Solution 11
Component 11
Deployment Mode 12
Vehicle Type 12
End-User 12
Region 12
Research Methodology 13
Part 3. Commercial Vehicle Fleet Management Market Overview 15
Summary 15
Introduction 17
Industry Trends 19
Part 4. Market Dynamics 20
Growth Drivers and Future Trends 20
Restraints and Challenges 22
Opportunities 25
Part 5. Global Commercial Vehicle Fleet Management Market by Solution 27
Part 6. Global Commercial Vehicle Fleet Management Market by Component 31
Part 7. Global Commercial Vehicle Fleet Management Market by Deployment Mode 33
Part 8. Global Commercial Vehicle Fleet Management Market by Vehicle Type 35
Part 9. Global Commercial Vehicle Fleet Management Market by End-User 37
Part 10. Global Commercial Vehicle Fleet Management Market by Region 40
Part 11. Competitive Analysis 48
Competition Overview 48
Recent Developments 49
AT&T Inc. 51
Business Overview 51
Contact Information 53
Verizon Communications Inc. 54
Business Overview 54
Contact Information 56
Zebra Technologies Corp. 57
Business Overview 57
Contact Information 60
Trimble Inc. 61
Business Overview 61
Contact Information 64
PowerFleet, Inc. 65
Business Overview 65
Contact Information 67
MiX Telematics Limited 68
Business Overview 68
Key Competitive Strengths 71
Key Growth Strategy 71
Contact Information 72
Teletrac Navman US Ltd. 73
Business Overview 73
Contact Information 73
TomTom N.V. 74
Business Overview 74
Contact Information 77
Cisco Systems, Inc. 78
Business Overview 78
Contact Information 80
Geotab Inc. 81
Business Overview 81
Contact Information 81
Gurtam Inc. 82
Business Overview 82
Contact Information 82
Wheels Inc. 83
Business Overview 83
Contact Information 83
Queclink Wireless Solutions Co., Ltd. 84
Business Overview 84
Fleet Management Business 87
Contact Information 88
Inseego Corp. 89
Business Overview 89
Fleet Management Competitors and Customers 91
Contact Information 91
IBM Corporation 92
Business Overview 92
Contact Information 96
Omnitracs, LLC 97
Business Overview 97
Contact Information 97
MiTAC Holdings Corporation 98
Business Overview 98
Contact Information 99
CalAmp Corp. 100
Business Overview 100
Contact Information 105
Samsara Inc. 106
Business Overview 106
Contact Information 108
Disclaimer 109
FIGURES AND TABLES
Global Commercial Vehicle Fleet Management Market, Net Growth, 2020-2028 (USD Billion)
Fleet Management Process Works
Numerous Major Challenges Confront Fleet Operators
Global Commercial Vehicle Fleet Management Market by Solution, 2020-2028 (USD Billion)
Benefits of Using a Fuel Management System
Global Commercial Vehicle Fleet Management Market by Solution, CAGR Historic and Forecast, 2020-2028
Global Commercial Vehicle Fleet Management Market by Component, 2020-2028 (USD Billion)
Global Commercial Vehicle Fleet Management Market by Component, CAGR Historic and Forecast, 2020-2028
Global Commercial Vehicle Fleet Management Market by Deployment Mode, 2020-2028 (USD Billion)
Global Commercial Vehicle Fleet Management Market by Deployment Mode, CAGR Historic and Forecast, 2020-2028
Global Commercial Vehicle Fleet Management Market by Vehicle Type, 2020-2028 (USD Billion)
Global Commercial Vehicle Fleet Management Market by Vehicle Type, CAGR Historic and Forecast, 2020-2028
Global Commercial Vehicle Fleet Management Market by End-User, 2020-2028 (USD Billion)
Global Commercial Vehicle Fleet Management Market by End-User, CAGR Historic and Forecast, 2020-2028
Global Commercial Vehicle Fleet Management Market Share by Region, 2022
Global Commercial Vehicle Fleet Management Market by Region, 2020-2028 (USD Billion)
Global Commercial Vehicle Fleet Management Market by Region, CAGR Historic and Forecast, 2020-2028
North America Commercial Vehicle Fleet Management Market Share by Country, 2022
Europe Commercial Vehicle Fleet Management Market Share by Country, 2022
Asia-Pacific Commercial Vehicle Fleet Management Market Share by Country, 2022
AT&T Inc. Financial Overview (USD Million)
AT&T Inc. Revenue, by Type, 2022
AT&T Inc. Revenue, by Segment, 2022
AT&T Inc. Revenue, by Region, 2022
Verizon Communications Inc. Financial Overview (USD Million)
Verizon Communications Inc. Revenue, by Segment, 2022
Verizon Communications Inc. Revenue, by Type, 2022
Zebra Technologies Corp. Financial Overview (USD Million)
Zebra Technologies Corp. Revenue, by Type, 2022
Zebra Technologies Corp. Revenue, by Segment, 2022
Zebra Technologies Corp. Revenue, by Region, 2022
Zebra Technologies Corp. Revenue, by Country, 2022
Trimble Inc. Financial Overview (USD Million)
Trimble Inc. Revenue, by Type, 2022
Trimble Inc. Revenue, by Segment, 2022
Trimble Inc. Revenue, by Region, 2022
PowerFleet, Inc. Financial Overview (USD Million)
PowerFleet, Inc. Revenue, by Segment, 2022
PowerFleet, Inc. Revenue, by Region, 2022
MiX Telematics Limited Financial Overview (USD Million)
MiX Telematics Limited Revenue, by Segment, 2023
MiX Telematics Limited Revenue, by Region, 2023
TomTom N.V. Financial Overview (EUR Million)
TomTom N.V. Revenue, by Products and Services, 2022
TomTom N.V. Revenue, by Segment, 2022
TomTom N.V. Revenue, by Timing of Revenue Recognition, 2022
TomTom N.V. Revenue, by Region, 2022
Cisco Systems, Inc. Financial Overview (USD Million)
Cisco Systems, Inc. Revenue, by Segment, 2022
Cisco Systems, Inc. Revenue, by Region, 2022
Queclink Wireless Solutions Co., Ltd. Financial Overview (CNY Million)
Queclink Wireless Solutions Co., Ltd. IoT Terminal Sales, and Production (Thousand Units)
Queclink Wireless Solutions Co., Ltd. Revenue, by Segment, 2022
Queclink Wireless Solutions Co., Ltd. IoT Business Revenue, by Product, 2022
Queclink Wireless Solutions Co., Ltd. Revenue, by Region, 2022
Inseego Corp. Financial Overview (USD Million)
Inseego Corp. Revenue, by Segment, 2022
Inseego Corp. Revenue, by Region, 2022
IBM Corporation Financial Overview (USD Million)
IBM Corporation Revenue, by Segment, 2022
IBM Corporation Software Revenue, by Segment, 2022
IBM Corporation Consulting Revenue, by Segment, 2022
IBM Corporation Infrastructure Revenue, by Segment, 2022
IBM Corporation Revenue, by Region, 2022
MiTAC Holdings Corporation Financial Overview (USD Million)
The Number of Patents Held by the Company
Leading Portable GPS Navigation Brand- Magellan
CalAmp Corp. Financial Overview (USD Million)
CalAmp Corp. Revenue, by Segment, 2023
CalAmp Corp. Revenue, by Type, 2023
CalAmp Corp. Revenue, by Goods and Services, 2023
CalAmp Corp. Revenue, by Timing of Revenue Recognition, 2023
CalAmp Corp. Revenue, by Region, 2023
Samsara Inc. Financial Overview (USD Million)
Samsara Inc. Revenue, by Segment, 2023
Samsara Inc. Revenue, by Region, 2023
Companies Mentioned
A selection of companies mentioned in this report includes:
AT&T Inc.
Cisco Systems, Inc.
Geotab Inc.
Gurtam Inc.
IBM Corporation
Inseego Corp.
MiTAC Holdings Corporation
MiX Telematics Limited
Omnitracs, LLC
PowerFleet, Inc.
Queclink Wireless Solutions Co., Ltd.
Teletrac Navman US Ltd.
TomTom International B.V.
Trimble Inc.
Verizon Communications Inc.
Wheels Inc.
Zebra Technologies Corp.