The number of active fleet management systems deployed in commercial vehicle fleets in North America was 15,3-million in Q4 2022 and, growing at a compound annual growth rate (CAGR) of 12,6%, this number is expected to reach 27,6-million by 2027, according to new research from IoT specialists Berg Insight.
In Latin America, the number of active fleet management systems is expected to grow at a CAGR of 12,6% from 5,3-million in Q4 2022 to reach 9,6-million in 2027.
There are now more than 30 players with installed bases of over 100 000 active fleet management units in the Americas. At the end of 2022, the top 30 vendors together had nearly 15-million vehicles under management in the region and the top 10 alone represented 50% of the total installed base in the Americas.
Geotab, Verizon Connect and Samsara are the leading fleet telematics providers in the Americas in terms of the number of active fleet management subscribers in the region.
“Geotab is clearly in the lead with an installed base in the 3-million range ahead of Verizon Connect in second place and followed by Samsara,” says Rickard Andersson, principal analyst at Berg Insight.
The remaining top five players in the region are Solera Fleet Solutions and Trimble Transportation, both active in the industry for decades.
“Additional solution providers with more than half a million units include Lytx, CalAmp, Gurtam, and Motive, as well as Zonar Systems which is owned by Continental,” continues Andersson. He adds that in addition to Continental, the world leading tire manufacturers Michelin and Bridgestone have also established strong positions in the fleet management space through acquisitions. The remaining top 15 players include Michelin Connected Fleet, Bridgestone Mobility Solutions, Fleet Complete, Powerfleet and GPS Insight (including Certified Tracking Solutions).
“Powerfleet has recently announced an agreement with MiX Telematics to form a combined business which will be branded as Powerfleet,” says Andersson.
Driven by growth strategies based on M&A activity and high-pace organic growth, Berg Insight anticipates a future scenario where the global fleet management market is dominated by a handful of providers with installed bases measured in the millions. The milestone of one million connected units worldwide has already been surpassed by more than 10 solution providers. Five of the vendors have achieved two million units and two players have surpassed the three million mark.
“Geotab has this month even reached four million subscriptions globally,” says Andersson.