A new report from Berg Insight reveals that the number of active fleet management systems in North America is expected to grow from 17.4 million in Q4 2023 to 30.5 million by 2028, reflecting a compound annual growth rate (CAGR) of 11.9%.
In Latin America, the market will grow even faster, reaching 13 million units by 2028, up from 6.5 million in 2023, with a CAGR of 14.9%.
Currently, there are well over 30 players with installed bases of more than 100,000 active fleet management units in the Americas.
Leading players in the Americas market include Geotab, Verizon Connect, and Samsara, with Geotab leading the charge with over 3 million active subscribers in North America. The top-30 vendors combined manage over 16 million vehicles, and the top-10 account for 50% of the installed base.
The report also highlights increasing mergers and acquisitions, with Powerfleet expanding its presence by acquiring MiX Telematics and Fleet Complete.
Berg Insight predicts that the market will be dominated by a few major players with millions of installed systems by 2028.
