Fleet Management Market Size

Fleet Management Market size was valued at USD 21.17 Billion in 2023 and is likely to exceed USD 86.13 Billion by the end of 2036, registering over 11.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of fleet management is evaluated at USD 23.34 Billion. The growth of the market can be attributed primarily to how transportation in logistics is evolving day by day. It was observed that worldwide, the share of the fleet that had incorporated GPS fleet tracking had increased from about 65% in 2019 to over 71% in 2020. Such technology in logistics transportation mainly helps reduce time wastage by monitoring the time spent by drivers in loading bays and work sites.

Further, the high reliance on public transportation is expected to create more demand in the global market for fleet management. It was estimated that public transportation was used for over 9 billion trips by Americans in 2019.  Public transportation is a lifeline for people traveling in places where the use of private vehicles is inconvenient in terms of time and money spent. It also helps to maintain the health of an economy as companies are able to connect with a large employee base over a large area. Fleet management could improve the efficiency of the public transportation system in a place by using data such as the number of commuters in a route and vehicle location while making the trips profitable for the whole system.