The global fleet management market attained a value of USD 16 billion in 2019, driven by the increasing international trades. Aided by the rising competency, the market is expected to witness further growth in the forecast period of 2020-2025, growing at a CAGR of 18%. The market is projected to reach USD 43 billion by 2025.
The global fleet management market size is expected to grow from USD 19.9 billion in 2020 to USD 34.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The growth of the market can be attributed to the cost benefits versus Software-as-a-Service (SaaS) and cloud-based deployments of fleet management solutions. The primary factors driving the growth of fleet management market include the increasing government regulations and need for optimization of fleet operating expenses. The other factors supporting the market growth include the decreasing hardware and software costs and growing need for operational efficiency among fleet owners.