US Smart Fleet Management Market Size Likely to Surpass at a CAGR of 7.4% By 2033

The CMI Team’s most recent market research predicts that from 2024 to 2033, the US Smart Fleet Management Market will grow at a CAGR of 7.4%. In 2024, the market size is projected to reach a valuation of USD 170.3 Billion. By 2033, the valuation is anticipated to reach USD 323.8 Billion.

US Smart Fleet Management Market: Growth Factors and Dynamics

• Technological Progressions: The integration of advanced technologies such as GPS technology, IoT applications, Artificial Intelligence, and telematics amongst others in the management of fleets is a revolution from the management of fleets to real time tracking of vehicles, prediction of break downs transits and even advanced routing of the vehicles. These technologies enable greater understanding of the fleet systems improving efficiency and reliability which in turn propels the growth of the market.

• Growth in the Need for Operational Efficiency: The organizations are increasingly deploying smart fleet management systems in order to improve their activities, cut down fuel costs and improve the efficiency of delivery trips. The above need for operational efficiency translates to cost saving and enhanced productivity as such smart fleet management becomes a wise decision.

• Policies and Strategies of the Government: Stringent government policies that are aimed at addressing carbon emissions and improving vehicle safety, risk encouraging firms to embrace improved fleet management systems. Furthermore, these policies introduce subsidies for electric and autonomous cars thereby facilitating market growth by promoting cleaner and better fleets.

• Increase in the Importance of Safety and Compliance: The increased concern on safe use of vehicles as well as compliance with set standards is propelling the market for smart fleet management solutions. These solutions comprise capabilities for monitoring the operations in real-time, analytical capabilities, and reporting capabilities allowing the firms to comply with safety requirements and avoid incurring losses due to fines.

• Increase in E-Commerce and Logistics Business: Owing to the growth catalyzed by the rise in the e-commerce and logistics businesses, the requirement for fleet management systems that can guarantee effectiveness has grown. E-commerce transportation includes children’s saver cut-out who do not want to be in the van and also in managing fleets for the good and fast delivery, smart fleet systems optimize the delivery on time without compromising on the efficiency of operations.

• Consumer Expectations with regards to Sustainable Solutions: In recent years, there has been a growing concern among consumers on environmental sustainability and this expectation creates a strain on businesses. These smart technologies that adhere to the fuel policies, cut down emissions and facilitate the use of electric or hybrid cars, promote their use in the market.

• Data Driven Decision Making: The capacity to harness big data and analytics is revolutionizing fleet management. Such smart Management Systems support collection and analytics of data to provide the necessary insights for operating costs such as vehicle maintenance, rerouting of vehicles, and controlling drivers’ behaviours. This model of operation helps to streamline activities, improve effectiveness and cut back expenses prompting the use of smart fleets.

US Smart Fleet Management Market: Partnership and Acquisitions

• In 2023, The “Sustainable Fleet Management” solution by Samsara includes a host of fuel efficiency and EV related materials in its capabilities. New systems offer customers data-centric viewpoints for greener fleets by decreasing emissions, mitigating EV changes, and achieving sustainability targets – enabling climate-friendly management of fleets.

Report Scope

US Smart Fleet Management Market: COVID-19 Analysis

The smart fleet management market in the U.S. was adversely affected by COVID-19 pandemic due to its associated disruptions on various sectors. Demand for transport services fell dramatically due to restrictions on movements and lockdown – especially the logistics sector, the transportation of passengers and also freight carrying services.

Since there were few or no vehicles operating, fleet operators experienced reduced revenues, which also influenced their spending on sophisticated fleet management systems. In addition, nearly every company in the aims of extern economic uncertainty, focus on cost reduction strategy rather than enhancing technology, that is why many smart fleet solutions such as telematics, GPS, predictive maintenance systems have not been embraced.

Also, logistics interruptions made it hard to obtain aid equipment slowing down changes. In spite of the fact that the pandemic created a need for improved fleet effectiveness, the simple prioritisations of immediate revenue generation pressures and system services market volatility still limited the smart fleet management market growth in the United States for that period.

 List of the prominent players in the US Smart Fleet Management Market:

• Samsara Inc.
• Geotab Inc.
• Verizon Connect (Verizon Communications Inc.)
• Trimble Inc.
• Teletrac Navman (Fleet Complete)
• TomTom Telematics (TomTom N.V.)
• Fleet Complete
• Zonar Systems (ZF Friedrichshafen AG)
• Cerner Corporation
• Omnicomm Systems
• Lytx Inc.
• Dashcam (Cinch IT Solutions)
• KeepTruckin Inc.
• Trackimo
• Vehicle Tracking Solutions (VTS)
• Others

The US Smart Fleet Management Market is segmented as follows:

By Mode of Transport

• Automotive
• Rolling Stock
• Marine
• Others

By Hardware

• Tracking
• Optimization
• Advanced Driver Assistance Systems (ADAS)
• Remote Diagnostics
• Others

By Connectivity

• Short Range Communication
• Long Range Communication
• Cloud

By Solutions

• Vehicle Tracking
• Fleet Optimization