North America Fleet Management Solutions Market Size (2024 - 2029)

The market size of fleet management solutions in North America is experiencing significant growth due to factors such as the increasing adoption of wireless technology and rising international trades. The expansion of communication technologies, leading to a network of connected vehicles, is also driving the market. Key vendors are collaborating to develop advanced fleet management solutions to meet the growing demand. The rapid expansion of 5G availability is also propelling the growth of fleet management systems across various industries. However, the market's growth is being hindered by issues related to data security in cloud and server-based services.

Market Size of North America Fleet Management Solutions Industry

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north america fleet management solutions market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 20.21 %
Market Concentration Medium

Major Players

 fleet management market

*Disclaimer: Major Players sorted in no particular order

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North America Fleet Management Solutions Market Analysis

The North America fleet management solution market was valued at USD 2.2 billion in 2020, and it is expected to reach USD 6.72 billion by 2026, registering a CAGR of 20.21% during the forecast period (2021-2026). The growing adoption of wireless technology, increasing investment in fleet management solutions to optimize the fleet operating expenses, rising international trades are some of the major factors driving the growth of the fleet management solution market in North America.

  • The rapid expansion of communication technologies has turned the world into a cluster of billions of connected vehicles where the driver can communicate with other cars on the road (vehicle-to-vehicle), roadside infrastructure (vehicle-to-infrastructure), and the cloud (vehicle-to-cloud) to yields higher productivity, agility, and efficiency and is expected to drive the market.
  • Moreover, most of the key vendors are collaborating to develop and launch new and advanced fleet management solutions to seize the growing demand. For instance, in 2019, I.D. Systems, Inc partnered with Jungheinrich to develop a highly integrated telemetry platform for Jungheinrich vehicles combined with sophisticated fleet management software. This technology partnership will power-up Jungheinrich customers' ability to run safer, more cost-effective intralogistics operations.
  • Additionally, the rapid expansion of 5G availability is driving the growth of fleet management systems in various industries. For instance, as per Ericsson's 2019 report on the mobile industry has predicted that by 2024 there will be 1.9 billion 5G cellular subscriptions that will drive the growth of connecting vehicles. North American market is expected to grow most with 63% of mobile subscriptions with 5G service, and 47% of cellular subscribers in East Asia will have 5G access as well. Much of the growth will be credited to reductions in chipset prices and the expansion of cellular technologies such as NB-IoT and Cat-M1.
  • However, lack of data security in cloud and server-based services is hampering the growth of the market. Cloud-based services bring many unique security issues and challenges. Data is stored with a third-party provider and accessed in the cloud. This means visibility and control over that data is limited.

North America Fleet Management Solutions Industry Segmentation

Fleet management solution is a system of technologies and procedures that allows companies to organize and coordinate work vehicles to reduce costs, improve efficiency, and ensure compliance with government regulations across an entire fleet operation. It includes a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics, such as tracking and diagnostics, driver management, speed management, fuel management, and health and safety management.

By Deployment
On-Premise
Cloud
Hybrid
By Application**
Asset Management
Information Management
Driver Management
Safety and Compliance Management
Risk Management
Operations Management
Other Solutions
By End-User Industry
Transportation
Energy
Construction
Manufacturing
Other End User Industries
Country
United States
Canada

North America Fleet Management Solutions Market Size Summary

The North America fleet management solution market is experiencing significant growth due to factors such as the increasing adoption of wireless technology, rising investments to optimize fleet operating expenses, and a surge in international trades. The rapid expansion of communication technologies, which allows drivers to communicate with other cars on the road (vehicle-to-vehicle), roadside infrastructure (vehicle-to-infrastructure), and the cloud (vehicle-to-cloud), is also contributing to the market growth. Key vendors are collaborating to develop and launch advanced fleet management solutions to meet the growing demand. However, the lack of data security in cloud and server-based services is posing a challenge to the market growth. The transportation sector is expected to witness a significant increase in the adoption of fleet management solutions due to the growing number of smart transportation projects under the smart city concept. The increasing adoption of commercial vehicles by businesses in the United States and Canada to enhance their transportation offerings is also expected to boost the market in North America. The United States is making efforts to expand the production of competitive industries and products through exports, which is expected to fuel the market. However, the reliance of fleet management systems on electronic components like transducers could potentially hinder growth rates due to disruptions in the electronic supply chains caused by the COVID-19 pandemic.

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North America Fleet Management Solutions Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Favorable market regulations coupled with growing emphasis on operational efficiency

      2. 1.2.2 Advent of the concept of Green Fleets to further aid market growth

      3. 1.2.3 Technological advancements enabling greater reach and declining costs of installation

    3. 1.3 Market Challenges

      1. 1.3.1 Privacy and operational concerns related to geocoding

    4. 1.4 Market Opportunities

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Bargaining Power of Suppliers

      2. 1.5.2 Bargaining Power of Consumers

      3. 1.5.3 Threat of New Entrants

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Impact of COVID-19 on the Fleet Management and Telematics industry

    7. 1.7 Industry Standards & Regulations

    8. 1.8 Industry Value Chain Analysis - IT Software, Fleet Hardware (Telematics), Connectivity, Automotive OEM's, etc.

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Deployment

      1. 2.1.1 On-Premise

      2. 2.1.2 Cloud

      3. 2.1.3 Hybrid

    2. 2.2 By Application**

      1. 2.2.1 Asset Management

      2. 2.2.2 Information Management

      3. 2.2.3 Driver Management

      4. 2.2.4 Safety and Compliance Management

      5. 2.2.5 Risk Management

      6. 2.2.6 Operations Management

      7. 2.2.7 Other Solutions

    3. 2.3 By End-User Industry

      1. 2.3.1 Transportation

      2. 2.3.2 Energy

      3. 2.3.3 Construction

      4. 2.3.4 Manufacturing

      5. 2.3.5 Other End User Industries

    4. 2.4 Country

      1. 2.4.1 United States

      2. 2.4.2 Canada

North America Fleet Management Solutions Market Size FAQs

The North America Fleet Management Solutions Market is projected to register a CAGR of 20.21% during the forecast period (2024-2029)

PowerFleet, Inc., Geotab, Inc., Verizon Communications Inc. (Connect), Omnitracs, LLC and GPS Trackit, Inc. are the major companies operating in the North America Fleet Management Solutions Market.

North America Fleet Management Solutions Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)