B2B Connected Fleet Services Market is projected to grow at a CAGR of 20.5% during the forecast period: MRFR

Global B2B Connected Fleet Services Market Overview:

The B2B Connected Fleet Services Market is predicted to reach USD 56.1 billion by 2032, registering a 20.5% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Rising concerns about fleet safety, mandatory government regulations towards vehicle maintenance & tracking, the need for operational competency in fleet management, and an increase in the adoption of wireless technology have been important factors for the increased demand for fleet management services in commercial transportation businesses.

Rising demand for fleet management services from the commercial transportation businesses is driving the market for B2B Connected Services globally. A fleet management system’s major goals are to increase a fleet’s efficiency and production while also increasing the safety of its drivers. This is often accomplished by a combination of vehicle tracking, fuel usage reporting, driver behavior monitoring, and vehicle maintenance management. One of the most important features of fleet management software is that it generates near-real-time alerts and notifications concerning unsafe driving behaviors.

Businesses all around the world have been bolstering international collaborations, launches, and expansions in order to accelerate economic recovery in the growing market conditions for technology. In August 2021, Clarience Technologies' launched a 5G Ready telematics solution in commercial transportation named 'Road Ready'. As the transportation sector shifts to 4G, fleets equipped with Road Ready 5G Ready are able to operate their systems without interruption due to the next network upgrade.

Segmental Analysis

The scope of the global B2B Connected Fleet Services market has been segmented based on by Services type, Fleet Type, Application.

Based on service type, the global B2B Connected Fleet Services market is segmented into includes Vehicle Tracking, Remote Diagnostics, Driver Management, Stolen Vehicle Tracking and Recovery, Others. The Remote Diagnostics segment is expected to exhibit the fastest CAGR during the projected period. The sales of vehicle tracking are growing due to the increasing use of car leasing and rental services, which has forced rental businesses to incorporate monitoring devices to improve services.

Based on Fleet Type, the global B2B Connected Fleet Services market is segmented into Conventional and Electric. The Electric segment will experience the highest CAGR over the forecasted period. Growing demand for low-emission commuting and governments supporting long-range, zero-emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric fleets around the world.

Based on Application, the global B2B Connected Fleet Services market is segmented into Passenger Cars, Trucks, Buses, Others. Major benefits include the ability to lower expenses, optimize the use of containers, reduce administrative tasks, and automate processes are boosting the market growth for trucks durng upcoming years.

Regional Analysis

Geographically, the global B2B Connected Fleet Services market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.

North America accounted for the largest share of revenue in 2022 owing to the development of technological advancements such as IoT and AI related to the fleet management. Increasing technology adoption, large manufacturers in this region, and financing from regulatory agencies to create automated warehouses and distribution centers contribute to market growth.

During the forecast period, the Asia Pacific region is expected to exhibit the fastest CAGR. The rise in technological advancements and the growth in industrial developments, mainly across countries including China, Japan, and India, are leading to the market growth in the region. The presence of leading companies will add fillip to the regional growth. The presence of many manufacturing facilities in China, Japan, South Korea and India is further expected to enhance the global B2B connected fleet service market growth in Asia-Pacific.

Key Players

The key players in the global B2B Connected Fleet Services market Hyundai Motor Company (South Korea), Bosch Mobility Solutions (Netherland), Verizon Connect (Ireland), Scania (Sweden), Aptiv (Ireland), UD Trucks Corporation (Japan), Telefonaktiebolaget LM Ericsson (Ericsson) (Sweden), Michelin Group (UK), Merchants Fleet (US), DAF Trucks N.V. (Netherlands), Toyota Motor Corporation (Japan)