Fleet Maintenance Software Market Projected to Hit US$ 30.9 Billion by 2032
The fleet maintenance software market is anticipated to experience a steady growth rate of 9.2% from 2022 to 2032. The market's overall value is projected to reach US$ 30.9 billion by 2032, a significant increase from US$ 11.6 billion in 2021.
Fleet
maintenance software, often referred to as FMS, is a digital solution designed
to facilitate a range of specific responsibilities related to the management
and administration of an organization's fleet of vehicles used in logistics or
transportation, whether in the public or private sector. These specialized
functions encompass the entire spectrum of activities, starting from vehicle
acquisition and operational management to final disposal.
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Management
of real-time data allows fleet managers to plan ahead for better routes, time
schedules, maintenance timings, and dispatching. As a result, the market for
fleet maintenance software is set to see a surge in demand with the expansion
of business, followed by economic progress.
In
the software sector, AI integrated fleet maintenance solutions have a wide
range of applications, including recognizing and analyzing the real-time data
obtained from fleet management, vehicle, drivers, and other business systems.
Road conditions, traffic, weather, and environmental dangers can also be
analyzed by AI to forecast and assess the likelihood of an oncoming risk, which
is expected to boost the global fleet maintenance software market in the
future.
Key
Takeaways
- The overall
increase of the worldwide fleet maintenance software market, calculated in
absolute dollars, is expected to reach roughly US$ 18.1 Billion during the
next ten years.
- Based on
component type, services segment with the higher growth rate of 9% is
anticipated to overtake the market against the solution segment by 2032.
- Passenger
car segment remains the largest contributor to the global fleet
maintenance software market share, with a projected growth rate of 9%
during the projection years of 2022 to 2032.
- In terms of
overall value, the fleet maintenance software market in the United States
occupies the largest share. In the year 2022, the size of the US fleet
maintenance software market is estimated to be around US$ 4.7 Billion.
- While United
Kingdom (UK) fleet maintenance software market is rapidly expanding with
the highest CAGR of 9.1% through 2032.
Competitive
Landscape for Fleet Maintenance Software Market Key Players
Name
of some of the fleet maintenance software market key players includes Geotab
Inc., Automotive Rentals Inc., Omnitracs, Teletrac Navman, Trimble, Verizon
Connect, Wheels Inc., Mix Telematics, Chevin Fleet Solution, and Donlen
Corporation among others.
Recent
Developments in Fleet Maintenance Software Market
- Element
Fleet Management Corporation is a provider of automobile fleet management
solutions that announced an upgraded element connection solution and
telematics products for the fleet management market in November 2021.
DriverCare CoPilot and QConnect are the two innovative telematics systems
for fleet owners and operators those were introduced by the business for
increasing its adoption.
- CalAmp Inc.
developed an iOn Fleet Management Software Tracker in October 2021 to help
fleet managers and owners in the United Kingdom (UK) make faster decisions
while on road. Assets, fleets, and workers are all visible in real time
with this tracker to aid in lowering fuel costs, improving fleet
efficiency, and enhancing the safety of the pilot.
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