Latin America Fleet Management Market
Latin America Fleet Management Market - By Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle, Aircraft, Railway, Watercraft); By Component (Solution, Services); By Communication Technology (GNSS, Cellular System); By Solutions (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting); By End User (Retail, Transportation & Logistics, Manufacturing, Construction, Energy); By Country (Brazil, Mexico, Argentina, Peru, Colombia, Rest of Latin America), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: January 2023
- Report ID: BWC23042
- Available Format: PDF
- Page: 150
Report Overview
Growing need for public transport and increasing adoption of the wireless technologies are projected to propel the expansion of Latin America fleet management market during the forecast period between 2023 and 2029.
Latin America Fleet Management Market - Industry Trends & Forecast Report, 2029
Latin America fleet management market size is expected to expand at a CAGR of 7.9% during the forecast period between 2023 and 2029. Major growth drivers for Latin America fleet management market include increasing economic development in the country, rising need of public transport and increasing uses of the wireless technologies. In countries, such as Brazil and Mexico, economic expansion is predicted to boost the adoption of smart fleet technology over the forecasted period. The growing need for vehicle safety and fleet management is opening up new potential for the industry in this region. Furthermore, these smart fleet management apps can address the need for vehicle security and an effective tracking system to provide fast assistance in the event of an emergency. Mexico's fleet consumers are growing more intelligent and receptive to new international norms. As a result, the country's demand for IoT and telematics is increasing, helping to the expansion of its automotive sector. WEBFLEET, a fleet management platform from TomTom Telematics, helps enhance operational efficiency and achieve a competitive advantage. Due to the rising industrial industry, notably the automotive industry, the Mexican market has enormous potential for fleet management services. Furthermore, most US-based corporations are establishing production units in Mexico due to reduced manufacturing costs. This is projected to drive the smart fleet management industry during the forecast period.
Latin America Fleet Management Market – Overview
The fleet management system is a software, hardware, and communication technology hybrid. The combination of these technologies makes it easier for fleet owners to manage and repair their cars, making them more accessible, identifiable, and cost-effective. It entails overseeing all aspects of a vehicle in a business. Position and material monitoring, production monitoring and equipment assignment, and optimization are the three core components of fleet management. The advantages of fleet management systems are numerous, since they result in fuel savings, increased production, and improved customer service. The fleet management system contributes to increased vehicle productivity by enhancing features through the implementation of telematics technologies. Government approval is one of the key factors driving the growth of the fleet management systems market. Governments have established rigorous mandates to address issues related to public safety while also allowing trade between two parties.
Latin America Fleet Management Market
Growth Drivers
Growing Need for Public Transport and Increasing Use of Wireless Technologies
In the recent years, the demand for public transportation has expanded in order to give access and mobility for jobs. The increased need for medical services has increased the demand for public transportation. Public transportation also provides leisure activities in numerous areas across the world, hence demand for public transportation is likely to rise in the coming years. Also, wireless technology is in high demand and is likely to rise in the next years since it aids in the decision-making process for repairing, renting, and selling vehicles. Many technologies are available for fleet management. Wireless data transfer is provided through satellite networks and cellular networks.
Restraints
Growing Cyberthreats and GPS Connectivity Issue
The fleet managers are concerned about data security. Important information linked with fleets, including as route details and driver personal information, can be exploited and utilized for criminal purposes, and this is another key difficulty that the business faces. Also, increasing use of the GPS navigation system necessitates connectivity, however connectivity might be limited by the presence of mountains, trees, and massive buildings in diverse locations. In such instances, having an accurate signal becomes challenging.
Impact of COVID-19 on Latin America Fleet Management Market
COVID-19 had a detrimental impact on fleet management market by delaying supply chains, impeding corporate growth, and generating concern among customer segments. Fleet operators could focus on working capital management, with little room for large investment in new technologies. However, sales momentum for fleet management technologies are most likely due to its operational capability to achieve safety measures as well as cost effectiveness of operations. Major players in the COVID-19 health crisis scenario are going into contracts and agreements to secure long-term business prospects. These long-term contracts benefit both fleet management technology vendors and fleet operators.
Latin America Fleet Management Market
Segmental Coverage
Latin America Fleet Management Market – By Vehicle Type
By vehicle type, Latin America fleet management market is divided into Light Commercial Vehicle Heavy Commercial Vehicle, Aircraft, Railway, and Watercraft segments.
Latin America Fleet Management Market – By Component
Based on component, Latin America fleet management market is bifurcated into Solution and Services segments. The services segment is expected to dominate the market during the forecast period. Services are critical to the overall process of implementing and maintaining fleet management solutions. Prior to installing fleet management solutions, understanding the installation and maintenance needs is critical for determining the exact time and money commitments required.
Latin America Fleet Management Market – By Communication Technology
By communication technology, Latin America fleet management market is divided into GNSS and Cellular System segments.
Latin America Fleet Management Market – By Solutions
By solutions, Latin America fleet management market is segmented into Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, and Fleet Analytics and Reporting.
Latin America Fleet Management Market – By End User
By end user, Latin America fleet management market is divided into Retail, Transportation & Logistics, Manufacturing, Construction, and Energy segments. The construction segment is expected to hold the highest market share in 2022. Fleet management solutions assist construction organizations in real-time locating heavy equipment across remote areas, which is driving product adoption. The increasing need to monitor the exact equipment job hour in light of the growing number of fatalities on construction sites is attributed to the segment's growth. The transportation and logistics segment held the second highest market share. Fleet management is critical in both transportation and logistics since it entails dispatch schedule planning and management, cost minimization, and real-time tracking to ensure effective last mile delivery. The traditional approach to fleet management, which involves human interaction and management, fails to track how items are carried from origin to destination. Metrics such as real-time position tracking, fleet movement speed, and delivery routes are critical in improving trips and calculating delivery times. This is where intelligent fleet management technology comes into play.
Latin America Fleet Management Market – By Region
Geographically, Latin America fleet management market covers major countries: Brazil, Mexico, Argentina, Peru, Colombia, and Rest of Latin America. Mexico and Brazil are progressively adopting fleet management technologies, as are Argentina, Peru, and Chile. Fleet vehicles account for roughly 20% to 25% of new vehicle sales in Chile each year. The mining, forestry, fishing, and service industries are the primary end-users of fleet management technologies in the country. The introduction of multi-brand dealers, as well as the development of fleet-specific products and services, has caused a shift in the Chilean market. Manufacturing is Argentina's largest industry, accounting for over 15% of the country's GDP. Industrial production, which was once dominated by food processing and textiles, has expanded into other areas such as medicines. This is propelling the smart fleet management market in this country. Furthermore, Argentina remains Latin America's second-largest fleet market. According to the international motor vehicle makers' group OICA, the country sold over 237,400 commercial vehicles in 2017, a considerable increase from 183,700 units in 2016. All these factors are influencing market development throughout the rest of Latin America.
Competitive Landscape
Major players operating in Latin America fleet management market include Siemens AG, Sierra Wireless Inc., Denso Corporation, I D Systems Inc (Powerfleet Inc.), Continental AG, Tech Mahindra Limited, Orbcomm Inc., Cisco Systems Inc., Omnitracs LLC, Robert Bosch GmbH, IBM Corporation, and Zonar Systems Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period– 2023–2029 |
|
Facts Covered |
Revenue in USD Billion |
Market Coverage |
Brazil, Mexico, Argentina, Peru, Colombia, Rest of Latin America |
Product/ Service Segmentation |
Vehicle Type, Component, Communication technology, Solutions, End User, Region |
Key Players |
Siemens AG, Sierra Wireless Inc., Denso Corporation, I D Systems Inc (Powerfleet Inc.), Continental AG, Tech Mahindra Limited, Orbcomm Inc., Cisco Systems Inc., Omnitracs LLC, Robert Bosch GmbH, IBM Corporation, Zonar Systems Inc. |
By Vehicle Type
-
Light Commercial Vehicle
-
Heavy Commercial Vehicle
-
Aircraft
-
Railway
-
Watercraft
By Component
-
Solution
-
Services
By Communication Technology
-
GNSS
-
Cellular System
By Solutions
-
Operations Management
-
Vehicle Maintenance and Diagnostics
-
Performance Management
-
Fleet Analytics and Reporting
By End User
-
Retail
-
Transportation & Logistics
-
Manufacturing
-
Construction
-
Energy
By Region
-
Brazil
-
Mexico
-
Argentina
-
Peru
-
Colombia
-
Rest of LATAM
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Latin America Fleet Management Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Economic Development in the Country
- Rising Need of Public Transport
- Increasing Uses of the Wireless Technologies
- Restraints
- Lack of Awareness Among Smaller Fleet Owners
- Opportunities
- Increasing Need for Vehicle Safety
- Challenges
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Industry Value Chain Analysis
- Latin America Fleet Management Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Aircraft
- Railway
- Watercraft
- By Component
- Solution
- Services
- By Communication Technology
- GNSS
- Cellular System
- By Solutions
- Operations Management
- Vehicle Maintenance and Diagnostics
- Performance Management
- Fleet Analytics and Reporting
- By End User
- Retail
- Transportation & Logistics
- Manufacturing
- Construction
- Energy
- By Country
- Brazil
- By Vehicle Type
- By Component
- By Communication Technology
- By Solutions
- By End User
- Mexico
- By Vehicle Type
- By Component
- By Communication Technology
- By Solutions
- By End User
- Argentina
- By Vehicle Type
- By Component
- By Communication Technology
- By Solutions
- By End User
- Peru
- By Vehicle Type
- By Component
- By Communication Technology
- By Solutions
- By End User
- Colombia
- By Vehicle Type
- By Component
- By Communication Technology
- By Solutions
- By End User
- Rest of LATAM
- By Vehicle Type
- By Component
- By Communication Technology
- By Solutions
- By End User
- Brazil
- By Vehicle Type
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- Latin America Fleet Management Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on Latin America Fleet Management Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- Siemens AG
- Sierra Wireless Inc.
- Denso Corporation
- I D Systems Inc. (Powerfleet Inc.)
- Continental AG
- Tech Mahindra Limited
- Orbcomm Inc.
- Cisco Systems Inc.
- Omnitracs LLC
- Robert Bosch GmbH
- IBM Corporation
- Zonar Systems Inc.
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Latin America Fleet Management Segmentation
Figure 2 Latin America Fleet Management Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Latin America Fleet Management Market Size, By Value (USD Million), 2019–2029
Figure 5 Latin America Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Figure 6 Latin America Fleet Management Market Share, By Component, By Value, 2019–2029
Figure 7 Latin America Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Figure 8 Latin America Fleet Management Market Share, By Solutions, By Value, 2019–2029
Figure 9 Latin America Fleet Management Market Share, By End User, By Value, 2019–2029
Figure 10 Latin America Fleet Management Market Share, By Country, By Value, 2019–2029
Figure 11 Brazil Fleet Management Market Size, By Value (USD Million), 2019–2029
Figure 12 Brazil Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Figure 13 Brazil Fleet Management Market Share, By Component, By Value, 2019–2029
Figure 14 Brazil Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Figure 15 Brazil Fleet Management Market Share, By Solutions, By Value, 2019–2029
Figure 16 Brazil Fleet Management Market Share, By End User, By Value, 2019–2029
Figure 17 Mexico Fleet Management Market Size, By Value (USD Million), 2019–2029
Figure 18 Mexico Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Figure 19 Mexico Fleet Management Market Share, By Component, By Value, 2019–2029
Figure 20 Mexico Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Figure 21 Mexico Fleet Management Market Share, By Solutions, By Value, 2019–2029
Figure 22 Mexico Fleet Management Market Share, By End User, By Value, 2019–2029
Figure 23 Argentina Fleet Management Market Size, By Value (USD Million), 2019–2029
Figure 24 Argentina Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Figure 25 Argentina Fleet Management Market Share, By Component, By Value, 2019–2029
Figure 26 Argentina Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Figure 27 Argentina Fleet Management Market Share, By Solutions, By Value, 2019–2029
Figure 28 Argentina Fleet Management Market Share, By End User, By Value, 2019–2029
Figure 29 Peru Fleet Management Market Size, By Value (USD Million), 2019–2029
Figure 30 Peru Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Figure 31 Peru Fleet Management Market Share, By Component, By Value, 2019–2029
Figure 32 Peru Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Figure 33 Peru Fleet Management Market Share, By Solutions, By Value, 2019–2029
Figure 34 Peru Fleet Management Market Share, By End User, By Value, 2019–2029
Figure 35 Colombia Fleet Management Market Size, By Value (USD Million), 2019–2029
Figure 36 Colombia Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Figure 37 Colombia Fleet Management Market Share, By Component, By Value, 2019–2029
Figure 38 Colombia Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Figure 39 Colombia Fleet Management Market Share, By Solutions, By Value, 2019–2029
Figure 40 Colombia Fleet Management Market Share, By End User, By Value, 2019–2029
Figure 41 Rest of LATAM Fleet Management Market Size, By Value (USD Million), 2019–2029
Figure 42 Rest of LATAM Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Figure 43 Rest of LATAM Fleet Management Market Share, By Component, By Value, 2019–2029
Figure 44 Rest of LATAM Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Figure 45 Rest of LATAM Fleet Management Market Share, By Solutions, By Value, 2019–2029
Figure 46 Rest of LATAM Fleet Management Market Share, By End User, By Value, 2019–2029
List of Tables
Table 1 Latin America Fleet Management Market Size, By Value (USD Million), 2019–2029
Table 2 Latin America Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Table 3 Latin America Fleet Management Market Share, By Component, By Value, 2019–2029
Table 4 Latin America Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Table 5 Latin America Fleet Management Market Share, By Solutions, By Value, 2019–2029
Table 6 Latin America Fleet Management Market Share, By End User, By Value, 2019–2029
Table 7 Latin America Fleet Management Market Share, By Country, By Value, 2019–2029
Table 8 Brazil Fleet Management Market Size, By Value (USD Million), 2019–2029
Table 9 Brazil Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Table 10 Brazil Fleet Management Market Share, By Component, By Value, 2019–2029
Table 11 Brazil Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Table 12 Brazil Fleet Management Market Share, By Solutions, By Value, 2019–2029
Table 13 Brazil Fleet Management Market Share, By End User, By Value, 2019–2029
Table 14 Mexico Fleet Management Market Size, By Value (USD Million), 2019–2029
Table 15 Mexico Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Table 16 Mexico Fleet Management Market Share, By Component, By Value, 2019–2029
Table 17 Mexico Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Table 18 Mexico Fleet Management Market Share, By Solutions, By Value, 2019–2029
Table 19 Mexico Fleet Management Market Share, By End User, By Value, 2019–2029
Table 20 Argentina Fleet Management Market Size, By Value (USD Million), 2019–2029
Table 21 Argentina Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Table 22 Argentina Fleet Management Market Share, By Component, By Value, 2019–2029
Table 23 Argentina Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Table 24 Argentina Fleet Management Market Share, By Solutions, By Value, 2019–2029
Table 25 Argentina Fleet Management Market Share, By End User, By Value, 2019–2029
Table 26 Peru Fleet Management Market Size, By Value (USD Million), 2019–2029
Table 27 Peru Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Table 28 Peru Fleet Management Market Share, By Component, By Value, 2019–2029
Table 29 Peru Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Table 30 Peru Fleet Management Market Share, By Solutions, By Value, 2019–2029
Table 31 Peru Fleet Management Market Share, By End User, By Value, 2019–2029
Table 32 Colombia Fleet Management Market Size, By Value (USD Million), 2019–2029
Table 33 Colombia Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Table 34 Colombia Fleet Management Market Share, By Component, By Value, 2019–2029
Table 35 Colombia Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Table 36 Colombia Fleet Management Market Share, By Solutions, By Value, 2019–2029
Table 37 Colombia Fleet Management Market Share, By End User, By Value, 2019–2029
Table 38 Rest of LATAM Fleet Management Market Size, By Value (USD Million), 2019–2029
Table 39 Rest of LATAM Fleet Management Market Share, By Vehicle Type, By Value, 2019–2029
Table 40 Rest of LATAM Fleet Management Market Share, By Component, By Value, 2019–2029
Table 41 Rest of LATAM Fleet Management Market Share, By Communication Technology, By Value, 2019–2029
Table 42 Rest of LATAM Fleet Management Market Share, By Solutions, By Value, 2019–2029
Table 43 Rest of LATAM Fleet Management Market Share, By End User, By Value, 2019–2029
Table 44 Siemens AG Company Overview
Table 45 Siemens AG Financial Overview
Table 46 Sierra Wireless Inc Company Overview
Table 47 Sierra Wireless Inc Financial Overview
Table 48 Denso Corporation Company Overview
Table 49 Denso Corporation Financial Overview
Table 50 I D Systems Inc. (Powerfleet Inc.) Company Overview
Table 51 I D Systems Inc. (Powerfleet Inc.) Financial Overview
Table 52 Continental AG Company Overview
Table 53 Continental AG Financial Overview
Table 54 Tech Mahindra Limited Company Overview
Table 55 Tech Mahindra Limited Financial Overview
Table 56 Orbcomm Inc. Company Overview
Table 57 Orbcomm Inc. Financial Overview
Table 58 Cisco Systems Inc. Company Overview
Table 59 Cisco Systems Inc. Financial Overview
Table 60 Omnitracs LLC Company Overview
Table 61 Omnitracs LLC Financial Overview
Table 62 Robert Bosch GmbH Company Overview
Table 63 Robert Bosch GmbH Financial Overview
Table 64 IBM Corporation Company Overview
Table 65 IBM Corporation Financial Overview
Table 66 Zonar Systems Inc Company Overview
Table 67 Zonar Systems Inc Financial Overview
Market Segmentation
By Vehicle Type
-
Light Commercial Vehicle
-
Heavy Commercial Vehicle
-
Aircraft
-
Railway
-
Watercraft
By Component
-
Solution
-
Services
By Communication Technology
-
GNSS
-
Cellular System
By Solutions
-
Operations Management
-
Vehicle Maintenance and Diagnostics
-
Performance Management
-
Fleet Analytics and Reporting
By End User
-
Retail
-
Transportation & Logistics
-
Manufacturing
-
Construction
-
Energy
By Region
-
Brazil
-
Mexico
-
Argentina
-
Peru
-
Colombia
-
Rest of LATAM
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