PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462908
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462908
Electric Vehicle Fleet Management Market size was valued at USD 21,256 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
Electric vehicle fleet management is the process of effectively overseeing a fleet of electric cars (EVs). The effective and efficient operation of the electric fleet depends on managing a number of issues, including the purchase of vehicles, the infrastructure for charging them, maintenance, route planning, and general operations.
Electric Vehicle Fleet Management Market- Market Dynamics
Growing product launches to propel market demand
Increasing product launches are expected to propel the market growth during the forecast period. For instance, in June 2023, the new fleet management software for electric vehicles from ZEVXTM Inc. is now available. The company has been well-known for its hardware up until now. However, it now offers a range of battery electric powertrain and power system components that can convert Class 2-5 commercial fleet assets and auxiliary power tools to zero carbon. To maximize efficiency at the depot level, ZEVX wants to increase total cost of ownership, operational control, and fidelity of fleet assets with the launch of OpenZEVXTM, a SaaS fleet management system intended for battery electric powertrains and e-mobility solutions. Fleet managers may enhance EV performance, range, and driver safety by optimizing commercial EV powertrains and charging systems with the use of this software. Through the use of numerous sophisticated tools and predictive features, it offers insights and dynamic control over vehicle systems to optimize drive profile and battery efficiency.
Electric Vehicle Fleet Management Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on type segmentation, the Cloud-Based segment is expected to dominate the market over the forecast period
Based on the component segmentation, the software segment is expected to lead the market growth during the forecast period
Based on fleet size segmentation, the Large segment is expected to hold the largest market share over the projected period
Based on region, North America was the leading revenue generator in 2023
The Global Electric Vehicle Fleet Management Market is segmented based on Type, Component, Fleet Size, and Region.
Based on the type, the market is categorized into On-Premises and Cloud-Based. The Cloud-Based segment is expected to dominate the market over the forecast period. They are widely utilized because they offer fleet management data access in real time. It enables managers to exchange data, manage and keep an eye on the fleet of electric vehicles, and work together with team members. Managers may act fast on data-driven decisions because the data is real-time.
Based on the component, the market is divided into Software, Hardware and Services. The software segment is expected to lead the market growth during the forecast period. The segment expansion is attributed to the increasing innovative product launch in the industry.
Based on the fleet size, the industry is divided into Large and Small and Medium-sized. The Large segment is expected to hold the largest market share over the projected period. With a combination of internal and external expertise, in-house software development, and cutting-edge hardware components, EV fleet management systems are increasingly intricate and personalized. SMEs, on the other hand, typically depend on external service providers, standardized hardware components, and pre-packaged software for easier and more affordable solutions.
Electric Vehicle Fleet Management Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold the majority of market share during the forecast period. Electric vehicle fleet management systems have been adopted by a number of sizable fleet operators in the transportation, distribution, and utility industries. To assist electric vehicle fleets, telematics devices are being integrated, new fleet management apps are being developed regionally, and infrastructure for charging vehicles is being set up.
The key players in the market are Geotab Inc., GPS Insights LLC, and many others in the market adopted several strategies such as product launch, expansion, investment, collaboration, and others to obtain the maximum market share of the market. For instance, in August 2023, Webfleet entered into a partnership with fleet electrification specialist Vev to help accelerate the adoption of commercial electric vehicle.
In February 2024, With the launch of its first fleet management solution for electrical vehicles, Fleetio has provided tools for monitoring charging expenses in a diverse fleet. The program can be imported one at a time or in bulk, and it can track several charging session parameters, such as fees, discounts, session length, and energy consumption.
GLOBAL ELECTRIC VEHICLE FLEET MANAGEMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Geotab, Inc.
Element Fleet Management Corp
Charge Point Inc.
LocoNav
Donlen LLC
ridgestone Corp.
GGC UK Holdings Ltd.
CalAmp Corp.
Inseego Corp.
Keep Truckin, Inc.
Lytx Inc.
Michelin Co.
MiX Telematics Ltd.
Samsara Corp.
Siemens
Solera Holdings, Inc.
Trimble Inc.
Verizon Connect Inc.
ZF Friedrichshafen Ag
Zubie, Inc