Home > Automotive > Automotive Technology > Vehicle Safety and Security > Vehicle Management System (VMS) Market

Vehicle Management System (VMS) Market Trends

Report ID: GMI9807
Published Date: Jun 2024
Report Format: PDF

Download Free Sample

Vehicle Management System Market Trends

Expansion of electric vehicle fleets and growing reliance on alternative fuels could be an upcoming trend across the VMS industry. As the automotive sector escalates its transition toward sustainability, EVs, and vehicles powered by alternative fuels will become more prevalent.

According to IEA, nearly 14 million new electric cars were registered worldwide in 2023, raising the total to 40 million on the roads. This closely matches the sales forecast from the 2023 Global EV Outlook. In 2023, electric car sales were 3.5 million higher than in 2022, marking a 35% increase year-over-year.

VMS solutions are evolving to support the unique requirements of managing EVs, such as monitoring battery health, optimizing charging schedules, and managing energy consumption. Additionally, VMS platforms are being designed to handle mixed fleets that include traditional internal combustion engine vehicles, EVs, and alternative fuel vehicles, ensuring seamless management and operational efficiency across diverse vehicle types.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vehicle management system (VMS) reached USD 17.3 billion in 2023 and is set to witness 8% CAGR between 2024 and 2032, owing to the need to comply with government regulations.

The solutions segment is projected to exceed USD 20 billion by 2032, driven by the need for enhanced operational efficiency, cost reduction, and regulatory compliance.

Asia Pacific market recorded over 47% share in 2023, due to rapid urbanization, expanding industrial activities, and increasing adoption of advanced technologies.

Azuga, Bosch Automotive Service Solutions, Geotab, Launch Tech, LoJack Corporation, Lytx, Mobileye, Snap-on, and Verizon Connect among others.