A booming fleet market has been witnessed internationally. Fleet management market is to grow from USD 25.5 billion in 2022 to USD 52.4 billion by 2027, as noted by Markets and Markets recently. Post the pandemic, various digital innovations have been adopted in the fleet management space for smartening efficiency and cost savings. Providers like white label GPS tracking software are introducing inventive solutions that will meet the full spectrum needs of businesses.
Here are some of the key trends that will shape the future of the fleet management system landscape by 2025:
1) More Adoption of Autonomous and Electric Vehicles:
The usage of electric vehicles (EVs) is going to mature substantially as more companies are producing advanced models of EVs that have increased capability for data sharing and fleet software use. As highlighted in the IDTechEx report on Electric and Fuel Cell Trucks 2024-2043, within 2043, the global market of medium- and heavy-duty zero-emission trucks is expected to exceed USD200 billion annually. Migration from present electronic and autonomous fleets and less use of diesel vehicles is going to make fleet management software very essential for the sustainability goals.
2) Safety Improvements:
Newer innovations will lead to the development of next-generation GPS tracking software primarily focused on improving safety features wherein geofencing, driver behavior analytics, and alarms will become advanced. Besides that, intelligent monitoring systems will give a very accurate situation report on vehicle and driver activities; while in-depth insights and reporting enable businesses to identify and fix safety-related shortcomings, minimizing accidents and risks on the road.
3) Emphasis on Telematics and Tracking:
Telematics and GPS fleet tracking are now becoming an imminent requirement of fleet managers in real-time diagnostics, to which these devices add features in signifying not only the condition of the vehicle but also how it drives.
Emerging high-speed network connections for rapid communications among vehicles and roadside infrastructure. Faster data transfers through 5G will also improve the collection and analysis of data from fleet vehicles.
Transformation in Fleet Management Systems: Insights into Future Trends
Fleet managing is pretty much the same as other sectors and has its own share of the contribution to the technological improvement evolving for effective productivity. Some of these transformations include:
4) Remote Fleet Administration :
The high emphasis on remotely managing fleets came about as a result of the Covid-19 pandemic. Here, fleet managers look forward to exploring various strategies that will give them reasonable distance oversight with operational efficiency in assessing driver performance. The current highly advanced fleet management software, coupled with the possibility of easy communication with the team, real-time data capture, and executive collaboration, will optimize the entire operation.
5) Data Security Upgrades:
Fleet vehicles, which are homes to incredibly sensitive data, need to have security measures that can protect them. Cybersecurity thus becomes a priority for fleet managers in 2023. Many of them will devote additional time to developing their IT skill sets to gain a more strategic approach for data management. As visibility into data increases, emphasis will shift from merely collecting and analyzing the data to protecting fleet data for increased operational insights.
6) Emergence of Mobility-as-a-service (MaaS):
MaaS is becoming one of the emerging trends in flexible mobility for fleet managers. The global MaaS market is forecasted to grow at a compound annual growth rate (CAGR) of more than 46% over the next eight years, starting at USD 52.56 billion in 2019 and ending at USD 280.77 billion by 2027. It enables companies to make better use of idle vehicles, reduces total costs, and minimizes environmental impact. Fleet metrics will now focus more towards operational efficiency, such as trip success rates or cost-effective methods than the simple tally of vehicles.