IoT Fleet Management Market
IoT Fleet Management Market Study by Routing Management, Tracking & Monitoring Management, Fuel Management, and Remote Diagnostics for Passenger Vehicles and Commercial Vehicles from 2024 to 2034
Analysis of IoT Fleet Management Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
IoT Fleet Management Market Outlook (2024 to 2034)
The global IoT fleet management market is approximated at a value of US$ 9.03 billion in 2024. As per Fact.MR’s recent industry analysis, global demand for IoT fleet management solutions is forecasted to rise at a CAGR of 11.2% and reach a market value of US$ 26.1 billion by 2034.
Growing need for the consolidation of electronic vehicles and smartphones with vehicles is set to propel IoT fleet management market growth over the years ahead. Regionally, North America is projected to hold 35% of the global market share by 2034. Digital transformation of vehicles and rising adoption of technologically advanced automotive products are driving the demand for IoT fleet management solutions in the region.
Manufacturers are taking initiatives to augment their fleet performance encompassing all features. Moreover, European countries and the United States have made it mandatory for the implementation of telematics equipment for monitoring and tracking vehicles, thereby, boosting the IoT fleet management market size during the forecast period.
With increasing maintenance costs and fluctuating fuel prices across the world, fleet manufacturers are focusing on enhancing operational efficiency. IoT offers real-time monitoring and data transmission with advanced technology such as a 5G network. Introduction of vehicular internet connectivity is resulting in increasing adoption of IoT fleet management. It has allowed fleet operators to enhance their operational efficiency and reduce expenses. Moreover, IoT fleet management assists in complying with government rules and regulations regarding road safety while transporting goods.
| Report Attribute | Detail |
|---|---|
| IoT Fleet Management Market Size (2024E) | US$ 9.03 Billion |
| Forecasted Market Value (2034F) | US$ 26.1 Billion |
| Global Market Growth Rate (2024 to 2034) | 11.2% CAGR |
| South Korea Market Value (2034F) | US$ 1.51 Billion |
| Fuel Management Demand Growth (2024 to 2034) | 14.2% CAGR |
| Key Companies Profiled | Telefónica IoT & Big Data Tech, SA.; TomTom International BV; Sierra Wireless; Omnitracs, LLC; Geotab Inc.; Intel Corporation; Verizon Communications Inc.; Oracle Corporation; AT&T, Inc.; Cisco Systems, Inc.; IBM Corporation; Trimble Inc.; Bridgestone Mobility Solutions B.V.; Teletrac Navman Group. |
Don't Need a Global Report?
save 40%! on Country & Region specific reports
What is Driving Popularity of IoT Fleet Management Solutions?
“Integration of Advanced Technologies Leading to Development of Advanced IoT Fleet Management Solutions”
Integration of advanced technologies such as cloud computing, GPS, and big data analytics are some of the notable IoT fleet management market trends. With the advent of vehicular internet connectivity, there has been an increase in demand for advanced methods to monitor the fleet. The growing demand for real-time fleet monitoring along with rapid digitalization is expected to offer lucrative opportunities for IoT fleet management solution providers.
- In August 2021, eBikeGo, an electric mobility platform, rolled out a developed AI and IoT-based fleet management system. This system is called EBG-Matics and observes vehicles and riders to enhance efficiency.
Companies are integrating telematics and GPS technologies with the software to provide real-time monitoring of the current and estimated data. For instance, WebillionMS fleet software is GPS-controlled and an IoT-based telematics fleet tracking solution. It allows businesses to raise, track, and analyze operations for their fleet, regardless of its size.
Advent of innovative auto tech organizations such as Aeris Communications and Telit IoT Platforms LLC is bringing IoT-based fleet management solutions into the mainstream. These factors are acting as an opportunity for the expansion of the IoT fleet management market.
“Increasing Adoption of Mobility-as-Service Solutions”
Implementation of mobility-as-a-service by automobile organizations and government authorities to reduce carbon emissions and lessen traffic congestion is expected to drive the sales of IoT fleet management solutions. Introduction of carpooling, ride-hailing, and other methods for commuters is benefitting the market considerably. Modern software is likely to help in gaining significant insights regarding drop-offs, pick-ups, and payment activities.
Key players in the ride-sharing market such as Ola, Uber, Lyft, and DiDi are set to play a key role in autonomous fleet management over the coming years. Growing usage of smartphones, deployment of 5G networks, and increasing cashless payment systems are expected to strengthen the mobility-as-a-service demand, thereby, benefitting the IoT fleet management software sales growth.
What Obstacles Do IoT Fleet Management Solution Providers Face?
“Poor Network Connectivity and Lack of Manufacturing Standards”
IoT fleet management solution adoption is expected to be hindered by poor connectivity, especially in poor countries. The lack of efficient IoT infrastructure in budget-constraint economies is also hampering the revenue growth of key market players. With the lack of standards to assist developers and manufacturers, the design of products may result in poor results. This is expected to impede the development in poor countries.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Start-up Ecosystem
- Hong Kong-based start-up Orbiz manufactures location tracking and navigation solutions for fleet managers. The company makes use of data from global navigation satellite systems (GNSS) to offer précised location intelligence services.
- Fleeti is a France-based start-up that produces fleet management and geo-tracking software solutions. The software of Fleeti connects and digitizes fleet operations. The company uses IoT sensors or telematics to connect assets in one place.
Country-wise Analysis
What is the Sales Outlook for IoT Fleet Management Solutions in the United States?
“Rise in Adoption of IoT-enabled Telematics Solutions across the Country”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 2.47 Billion |
| Growth Rate (2024 to 2034) | 10% CAGR |
| Projected Value (2034F) | US$ 6.39 Billion |
Increasing adoption of IoT technologies across various industries such as transportation, logistics, and automotive is augmenting the United States market growth. Fleet operators in the United States are increasingly integrating IoT-enabled telematics products to monitor vehicle performance. These IoT products help fleet managers to analyze drivers’ behavior and route optimization in real time.
What’s Positively Influencing Demand for IoT Fleet Management Solutions in Japan?
“Automakers Focusing on Automotive Innovations with IoT Platforms”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 573.9 Million |
| Growth Rate (2024 to 2034) | 12.8% CAGR |
| Projected Value (2034F) | US$ 1.92 Billion |
Japan is well-known for its automotive industry. The automakers in Japan are forefront of integrating IoT technologies in vehicle fleets for advanced vehicle diagnostics, predictive maintenance, and enhanced safety measures. The automobile companies in Japan are also investing in a combination of artificial intelligence and machine learning with IoT platforms to enhance the performance and predictive analytics of fleet management.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Category-wise Analysis
Why is Use of IoT High in Routing Management?
“Effective Monitoring Capabilities Aiding in Optimal Routing Management”
| Attribute | Routing Management |
|---|---|
| Segment Value (2024E) | US$ 3.61 Billion |
| Growth Rate (2024 to 2034) | 10% CAGR |
| Projected Value (2034F) | US$ 9.39 Billion |
IoT devices can effectively monitor drivers’ behavior, vehicle maintenance needs, and cargo conditions in real-time. This helps to enhance fleet safety and security. Real-time monitoring also helps to keep an update and track of the routing network. Fleet managers can make use of such features to optimize routes dynamically based on traffic conditions and weather changes.
Which Vehicles are Widely Integrated with IoT Fleet Management Solutions?
“High Use of IoT Fleet Management Solutions in Commercial Vehicles for Enhanced Operational Efficiency”
| Attribute | Commercial Vehicles |
|---|---|
| Segment Value (2024E) | US$ 7.04 Billion |
| Growth Rate (2024 to 2034) | 10.8% CAGR |
| Projected Value (2034F) | US$ 19.57 Billion |
Integration of IoT devices is high in commercial vehicles as these devices offer enhanced vehicle safety and security. By leveraging IoT devices fleet operators can identify inefficiencies and reduce operation costs. The real-time monitoring of fuel consumption and driver behavior can lead to fuel savings and lower maintenance costs.
Competitive Landscape
Key players in the global IoT fleet management industry are focused on product innovations for which they are investing heavily in research and development activities. Industry giants are collaborating with various technology providers to offer enhanced fleet management with advanced GPS, and better insights. They are also entering into strategic partnerships with various car manufacturers to provide better fleet management solutions and increase market reach.
- In November 2023, Limble announced a partnership with Samsara to enhance predictive maintenance for fleet management teams.
- In December 2021, GPS Insight acquired FieldAware Company to develop a top fleet management, field services, and telematics software platform.
Fact.MR provides detailed information about the price points of key producers of IoT fleet management solutions positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.
Key Segments of IoT Fleet Management Market Research
-
By Cloud Type :
- Public IoT Fleet Management
- Private IoT Fleet Management
- Hybrid IoT Fleet Management
-
By Application :
- Routing Management
- Tracking & Monitoring Management
- Fuel Management
- Remote Diagnostics
-
By Fleet Type :
- Passenger Vehicles
- Commercial Vehicles
-
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
- FAQs -
What is the size of the IoT fleet management market in 2024?
The global IoT fleet management market is estimated at US$ 9.03 billion in 2024.
What are the projections for the global market by 2034?
The market for IoT fleet management is forecasted to reach US$ 26.1 billion by 2034.
What is the future of IoT fleet management?
Demand for IoT fleet management solutions is projected to increase at a CAGR of 11.2% from 2024 to 2034.
What share does North America hold in the global market?
North America is expected to capture 38% of the global market share in 2024.
Which type of vehicles are IoT devices widely integrated into?
Use of IoT fleet management solutions in commercial vehicles is foreseen to rise at a CAGR of 10.8% through 2034.
What is the IoT fleet management market size in South Korea?
The South Korea market is approximated at US$ 440.9 million in 2024.
Who are the top 3 producers of IoT fleet management solutions?
Leading companies are Intel Corporation, Verizon Communications Inc., and Oracle Corporation.
How is IoT used in fleet management?
IoT-enabled devices aid fleet managers, drivers, and logistics operators in making more data-driven and informed vehicle-related decisions.
How is AI used in fleet management?
Artificial intelligence (AI) benefits fleet managers in streamlining data management effectively.
IoT Fleet Management Market