According to a recent report published by MarketsandMarkets, the fleet management market is expected to grow from USD 25.5 billion in 2022 to USD 52.4 billion by 2027. The fleet management industry has evolved further in the post-pandemic world as organizations are embracing new digital shifts to improve efficiency and control costs.
Let’s take a look at the top fleet management trends that will take center stage in 2023.
Also read: The ultimate guide to fleet management
Fleet Management Trends That Will Take Center Stage in 2023
1) Increasing Adoption of Electronic and Autonomous Vehicles
EV adoption is expected to grow further in 2023 as more companies roll out high-end versions that will enhance communication via better data sharing and advanced fleet software. An IDTechEx report titled “Electric and Fuel Cell Trucks 2023-2043,” predicts rapid growth for the global zero-emission truck market over the next decade. The global medium and heavy-duty zero-emission truck market to be worth more than $200 billion annually by 2043.
Technology like fleet management software will play a vital role in helping organizations achieve their sustainability goals as the industry reduces the reliance on diesel-powered vehicles and shifts to electronic and autonomous fleets.
2) Improved Overall Safety
Thanks to advancements in fleet management software, there will be more focus and innovation around safety. Key features like geofencing, driver behavior, alarm systems, among others, will be improved further to reduce risks and accidents. Intelligent monitoring systems are expected to provide richer vehicle and driver activity notifications. Moreover, deeper insights and reports will help identify errors and loopholes in your operations related to safety and rectify them.
3) Focus on Telematics Tracking
Fleet managers will leverage telematics and GPS fleet tracking to determine real-time diagnostics levels. They can track their fleet drivers’ location via a customizable dashboard, know their vehicles’ status, and ensure drivers are following safety practices. In 2023, fleet management software will improve with new features like integration of voice capabilities, robust data analytics, and enhanced Artificial Intelligence (AI). In-cab video has also emerged as one of the most popular new technologies in fleet management.
4) Remote Fleet Management
Remote fleet management will take center stage owing to the ongoing COVID-19 pandemic. Fleet managers are focusing on new ways to monitor the productivity of their fleet drivers and manage tasks in a remote environment. A good fleet management software will enable managers to improve communication with their executives and better track fleet data in real-time, and stay connected to their team.
5) Deeper Data Security
Fleet vehicles hold a significant amount of sensitive data that needs to be protected. In 2023, fleet managers will focus on increasing their cybersecurity measures. Several fleet managers are shifting their focus to strategic management from tactical management and are upskilling in IT to adopt newer roles. They will focus more on the collection and evaluation of data with the increase in data visibility.
6) Mobility-as-a-Service (MaaS) to Become Prominent
Mobility-as-a-Service (MaaS) will become more popular as fleet managers can customize their services and shift their traditional approach. The global MaaS market size is said to reach USD 280.77 billion in 2027, up from USD 52.56 billion in 2019.
Fleet owners will experiment with company-owned vehicles and even lease them. MaaS will help fleet managers rethink their processes in fleet management. By embracing vehicle sharing, companies can make better use of idle vehicles, control budgets, and reduce carbon footprint. Key fleet metrics will also evolve, shifting from vehicle numbers and data to factors like timing, journey success rates, attendance rates, and annual cost.
7) Evolution of 5G Network
5G fleet management will be one of the top trends this year. Fleets will be able to leverage the main features of 5G to reduce latency and increase productivity. Companies using a fleet management app will benefit from 5G with better communication due to increased coverage and increasing productivity. It is the perfect time to get a fleet management software to maximize efficiency and stay ahead of the competition with global availability of 5G.
8) Improved Driver Safety Measures
Final Thoughts
In 2022, cost inflation, extended repair times, electric vehicle transition, telematics data management, and improving fleet productivity were some of the key fleet management challenges. Meanwhile, in 2023 owing to a record high surge in diesel prices, fuel efficiency, and reducing fuel spend will be crucial concerns for the fleet industry. At the same time, the fleet industry will see innovation and deeper tech integration in 2023 that will improve fleet management software features. Leveraging fleet management software will boost operational efficiency and enhance the tracking and management of fleets.
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