B2B Connected Fleet Services Market Size was valued at USD 8.1 billion in 2022. The B2B Connected Fleet Services market industry is projected to grow from USD 8.6 billion in 2023 to USD 56.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.3% during the forecast period (2023 - 2032). The rising role of the Internet of Things, rapid innovation in connected services, growing demand for automotive safety, and rising demand for fleet management services from commercial transportation businesses will drive the market of B2B connected fleet services.
Figure 1: B2B Connected Fleet Services Market SIZE (USD BILLION) (2018-2032)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
5G becomes more widely available across globe, fleet management software becomes more important to stay ahead of the competition and increase productivity. A shortage of professional drivers, persistent supply chain challenges, and a shortage of commercial fleet operators are driving the demand for such Fleet Types. Companies are working to maintain vehicles so that downtime is reduced, route efficiently in order to utilize their delivery capacity, monitor driver performance to reduce accidents, and create a comfortable working environment so that drivers stay with them.
Furthermore, with the help of software platforms and the huge amount of data generated by their vehicles, companies are working to maintain their vehicles and reduce downtime. According to Verizon Connect, as 5G networks enable the next level of connectivity, demand will only rise. Speedy 5G networks, according to the company, will be able to handle the data generated by connected vehicles as they generate more information more frequently.
The B2B Connected Fleet Services market segmentation, based on Service Type, includes Vehicle Tracking, Remote Diagnostics, Driver Management, Stolen Vehicle Tracking and Recovery, Others. The vehicle tracking segment is dominating in terms of market share in 2022. The adoption of vehicle tracking in passenger cars and commercial vehicles has increasing due to the rapid expansion of ride-hailing businesses.
Remote Diagnostics segment held the leading growth over the forecasted period among the rest of Service Types of B2B Connected Fleet Services market. Remote diagnostics are used to analyze the vehicle's condition and monitor the health and condition of the automobile. Increased automation level in the automobiles and reliance of customers on IoT applications and remote diagnostics integrated personal vehicles to drive B2B connected fleet services market growth
According to Fleet Type, the segment is divided into Conventional and Electric. Conventional segment led the overall market share in 2022. Conventional vehicles use as an internal combustion engine fueled by gasoline or diesel to power the wheels. Conventional vehicles are self-propelled, motorized vehicles designed for transporting persons or property on a public highway led to rise in the demand for conventional vehicles in B2B connected fleet services industry.
Electric segment is anticipated to be dominated in terms of CAGR over the forecast period. The demand for a fuel-efficient fleet has increased, due to the rise in the price of petrol and diesel. The cost of electric vehicle batteries has been decreasing during the past decade due to technological advancements and the production of electric vehicle batteries on a mass scale in large volumes. The supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, decreasing prices of batteries, and advancements in charging technologies are the key factors driving the growth of the B2B connected fleet services market.
According to Application, the segment is divided into Passenger Cars, Trucks, Buses, Others. Passenger Cars segment led the overall market in the B2B Connected Fleet Services industry in 2022. The demand for passenger vehicles is rising significantly across the globe. According to the GlobalEconomy.com Asian and European countries are showing rapid growth in terms of passenger sales in 2022 resulted in growing the demand for B2B Connected Fleet Services.
Trucks segment is expected to grow significantly in terms of CAGR during the forecast period. Recently, the rising demand for on-demand trucking services due to the benefits of on-demand trucking extends to clients, individual drivers, and others. The major benefits include the ability to lower expenses, optimize the use of containers, reduce administrative tasks, and automate processes.
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South and Central America. North America accounted for the largest share of revenue in 2022. The government of this region has played an extremely significant role in increasing the market for fleet service in recent years. The stringent regulations and rules in the North American region have successfully reduced the number of emissions that come from using vehicles and to reduce the pollution caused by vehicles the stringent regulations are compelling the industry to adhere to the policies.
The Asia-Pacific region is expected to have the largest market CAGR in the B2B Connected Fleet Services market. The growing use of fleets across different end-user sectors such as manufacturing, electrical and electronics, logistics, warehousing, and automotive, among others, is expected to drive the B2B connected fleet service market during the forecast timeline.
Further, the countries considered in the scope of the B2B Connected Fleet Services market are the US, Canada, Mexico, UK, Germany, France, Spain, China, Japan, South Korea, South Africa, Saudi Arabia, Brazil, Argentina, and others.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the B2B Connected Fleet Services market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the B2B Connected Fleet Services industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
April 2023: BlackBerry invested in CerebrumX to help it grow its range of data-driven connected automobile solutions. Its AI powered Augmented Deep Learning Platform collects linked car data relating vehicle and driver performance. provides it to manufacturers and aids them in the development of goods and services
January 2023: FINN launched its car subscription service to companies in the US, which includes maintenance, 24/7 consumer support, and emergency assistance. B2B customers also have access to a professional customer success manager who assists them on their fleet requirements.
October 2022: Hyundai Motor Company announced that its fleet of XCIENT fuel cell powered heavy-duty trucks throughout Switzerland has travelled more than 5 million kilometers in the last two years. Beginning in 2020, the company sold 47 hydrogen-powered, emissions-free commercial trucks to 23 Swiss enterprises for logistics, distribution, and retail fulfilment.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 8.1Billion |
| Market Size 2023 | USD 8.6 Billion |
| Market Size 2032 | USD 56.1 Billion |
| Compound Annual Growth Rate (CAGR) | 20.5% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Fleet Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Countries Covered | The U.S, Canada, Mexico, Germany, France, UK, Italy, China, Japan, India, South Korea, GCC, South Africa, Brazil, Argentina, Chile. |
| Key Companies Profiled | Hyundai Motor Company (South Korea), Bosch Mobility Solutions (Netherland), Verizon Connect (Ireland), Scania (Sweden) , Aptiv (Ireland), UD Trucks Corporation (Japan), Telefonaktiebolaget LM Ericsson (Ericsson) (Sweden) , Michelin Group (UK) , Merchants Fleet (US) , DAF Trucks N.V. (Netherlands), Toyota Motor Corporation (Japan) |
| Key Market Opportunities | · Rapid Rollout Of 5G Technology · Growing Advantages of Telematics Implementation For Fleet Management |
| Key Market Dynamics | · Rising Role of The Internet of Things (IOT) · Rapid Innovation in Connected Services · Growing Demand for Automotive Safety · Rising Demand for Fleet Management Services from the Commercial Transportation Businesses |
B2B Connected Fleet Services Market Highlights:
Frequently Asked Questions (FAQ) :
The market for B2B Connected Fleet Services was held at USD 8.1 Billion in 2022
The market size for B2B Connected Fleet Services is expected to be USD 56.1 Billion in 2032
The growth of B2B Connected Fleet Services market is anticipated at CAGR 20.5% during 2023-2032.
North America held the largest market share owing to the rise in the development of technological advancements in recent years.
The key players in the B2B Connected Fleet Services Market Hyundai Motor Company (South Korea), Bosch Mobility Solutions (Netherland), Verizon Connect (Ireland), Scania (Sweden), Aptiv (Ireland), UD Trucks Corporation (Japan), Telefonaktiebolaget Lm Ericsson (Ericsson) (Sweden), Michelin Group (UK), Merchants Fleet (US), DAF Trucks N.V. (Netherlands), Toyota Motor Corporation (Japan)
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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