According to a new market research report published Monday by MarketsandMarkets, the global fleet management market is anticipated to nearly double in size by 2023, growing from $15.9 billion last year to $31.5 billion in four years. This rapid expansion will feature a compound annual growth rate (CAGR) of 14.7 percent during the forecast period.
MarketsandMarkets reports the market’s expansion can be attributed to the cost benefits versus Software-as-a-Service (SaaS) and cloud-based deployments of fleet management solutions. Other primary factors driving the growth of market include increasing government regulations, needs for optimization of fleet operating expenses, decreasing hardware and software costs and growing need for operational efficiency among fleet owners.
MarketsandMarkets’ report breaks down the global fleet management market by five major geographic regions, namely, North America, Asia Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA). The company says North America is expected to grow at a CAGR of 12.0 percent during the forecast period, due to the early adoption of fleet management solutions and strict government mandates. With the ongoing ELD mandate, this region is expected to dominate the market due to the large presence of commercial fleets.
For more information about the 154-page report, and to download a copy, please CLICK HERE.
