Report Overview

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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Latin America Fleet Management Market Insights
   1. Industry Value Chain Analysis
      1. DROC Analysis
      2. Growth Drivers
         1. Economic Development in the Country
         2. Rising Need of Public Transport
         3. Increasing Uses of the Wireless Technologies
      3. Restraints
         1. Lack of Awareness Among Smaller Fleet Owners
      4.  Opportunities
         1. Increasing Need for Vehicle Safety
      5. Challenges
   2. Technology Advancements/Recent Developments
   3. Regulatory Framework
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Latin America Fleet Management Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Vehicle Type
         1. Light Commercial Vehicle
         2. Heavy Commercial Vehicle
         3. Aircraft
         4. Railway
         5. Watercraft
      2. By Component
         1. Solution
         2. Services
      3. By Communication Technology
         1. GNSS
         2. Cellular System
      4. By Solutions
         1. Operations Management
         2. Vehicle Maintenance and Diagnostics
         3. Performance Management
         4. Fleet Analytics and Reporting
      5. By End User
         1. Retail
         2. Transportation & Logistics
         3. Manufacturing
         4. Construction
         5. Energy
      6. By Country
         1. Brazil
            1. By Vehicle Type
            2. By Component
            3. By Communication Technology
            4. By Solutions
            5. By End User
         2. Mexico
            1. By Vehicle Type
            2. By Component
            3. By Communication Technology
            4. By Solutions
            5. By End User
         3. Argentina
            1. By Vehicle Type
            2. By Component
            3. By Communication Technology
            4. By Solutions
            5. By End User
         4. Peru
            1. By Vehicle Type
            2. By Component
            3. By Communication Technology
            4. By Solutions
            5. By End User
         5. Colombia
            1. By Vehicle Type
            2. By Component
            3. By Communication Technology
            4. By Solutions
            5. By End User
         6. Rest of LATAM
            1. By Vehicle Type
            2. By Component
            3. By Communication Technology
            4. By Solutions
            5. By End User
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Latin America Fleet Management Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Latin America Fleet Management Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Siemens AG
   2. Sierra Wireless Inc.
   3. Denso Corporation
   4. I D Systems Inc. (Powerfleet Inc.)
   5. Continental AG
   6. Tech Mahindra Limited
   7. Orbcomm Inc.
   8. Cisco Systems Inc.
   9. Omnitracs LLC
   10. Robert Bosch GmbH
   11. IBM Corporation
   12. Zonar Systems Inc.
   13. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.       Qualitative Research
      1.   Primary & Secondary Research
   2.       Quantitative Research
   3.       Market Breakdown & Data Triangulation
      1.   Secondary Research
      2.   Primary Research
   4.       Breakdown of Primary Research Respondents, By Region
   5.       Assumptions & Limitations

*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