A Complete Study of the Fleet Management Industry in Korea from 2023 to 2033
The demand for fleet management solutions in Korea is anticipated to exhibit a CAGR of 6.4% through 2033. The fleet management industry is projected to experience substantial growth, increasing from US$ 687.6 million in 2023 to around US$ 1,298.80 million by 2033.
Attributes
Key Statistics
Expected Base Year Value (2023)
US$ 687.6 million
Anticipated Forecast Value (2033)
US$ 1,298.80 million
Estimated Growth (2023 to 2033)
6.4% CAGR
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Key Highlights
Demand for Efficient Logistics to Fuel Korea’s Fleet Management Industry
The demand for effective fleet management solutions in Korea is going through an all-time high as timely deliveries, optimized routes, and minimized operational costs become crucial for businesses. As commercial activities increase, companies are faced with the challenge of managing their logistics and transportation efficiently. This provides an excellent opportunity for fleet management solution providers to streamline deliveries by monitoring the deliveries in real time to ensure timely services.
The significance of the fleet management industry is also gaining impetus as it plays a crucial role in minimizing operational costs. Fleet management systems provide insights into fuel consumption patterns, allowing companies to identify areas for improvement and implement fuel-saving strategies. In addition to this, Korea's rapidly developing economy has also driven the growth of the fleet management industry.
Adoption Analysis of Fleet Management Industry in Korea
Logistics and transportation companies constitute one of the primary consumer bases for Korea’s fleet management industry. These solutions assist them in streamlining operations by ensuring timely and reliable transportation services.
The eCommerce businesses in Korea are experiencing rapid expansion, resulting in a growing demand for efficient last-mile delivery services. These platforms utilize fleet management services to oversee their delivery fleets, track shipments, and provide real-time updates to customers.
Local retailers and manufacturing units also employ fleet management solutions to track their orders effectively as they move between production facilities, warehouses, and distribution centers.
Home appliance providers such as HVAC, plumbing, or electrical services rely on fleet management solutions to oversee their service vehicles, schedule appointments, and dispatch technicians efficiently.
Find your sweet spots for generating winning opportunities in this market.
Comparative View of Adjacent Fleet Management Solutions in Key Markets
The table illustrates the disparities in the fleet management industry between Japan, Korea, and the global market. It also provides estimated growth rates for the respective industries, along with their growth factors and critical challenges in the forecast period from 2023 to 2033. It is evident that, compared to Korea and Japan, the demand for fleet management solutions is expected to increase in the rest of the world over the coming decade.
Demand for Fleet Management Solutions in Korea:
Attributes
Demand for Fleet Management Solutions in Korea
CAGR (2023 to 2033)
6.4%
Valuation (2023)
US$ 687.6 million
Growth Factor
Korea's thriving eCommerce sector fuels a surge in fleet management solutions adoption, optimizing delivery operations to meet increasing demand
Key Challenge
The challenge of rising fuel prices looms large, posing a direct threat to operational costs and profitability, ultimately jeopardizing the industry's stability
Demand for Fleet Management Solutions in Japan:
Attributes
Demand for Fleet Management Solutions in Japan
CAGR (2023 to 2033)
10.2%
Valuation (2023)
US$ 561.6 million
Growth Factor
Japan's booming economy drives increased commercial activities, fostering greater adoption of advanced fleet management solutions to boost operational efficiency
Key Challenge
Fleet operators grapple with the pressing challenge of mitigating their carbon footprint and transitioning to sustainable practices in response to growing environmental concerns.
Global Fleet Management Industry Analysis:
Attributes
Global Fleet Management Industry Analysis
CAGR (2023 to 2033)
10.4%
Valuation (2023)
US$ 13,868.2 million
Growth Factor
The adoption of telematics systems, GPS tracking, and real-time data analytics is a prevailing trend that is revolutionizing how businesses optimize their operations and enhance overall efficiency.
Key Challenge
The challenge lies in achieving seamless data integration, which demands meticulous planning and flawless execution.
Category-wise Insights
The Popularity of Hardware Components in Korea's Fleet Management Industry
On the basis of components, hardware components dominate the fleet management industry, accounting for a revenue share of 48.20% in 2023.
Attributes
Details
Component
Hardware
Value Share in 2023
48.20%
Korea is renowned for its robust technological infrastructure and a culture that embraces innovation. This environment has facilitated the availability of high-quality and reliable hardware components for fleet management systems. Korea-based fleet management companies have invested billions of dollars in the development of innovative hardware solutions, including GPS trackers, telematics devices, and onboard diagnostics systems.
There has been a significant surge in the demand for hardware components associated with the fleet management industry, as they facilitate the collection of real-time data on vehicle location, fuel consumption, driver behavior, and other crucial metrics. This data not only plays a vital role in optimizing routes, but also contributes to improved fuel efficiency and enhances vehicle health.
Trucks, Cars, and Buses retain their Popularity in the Korea Fleet Management Industry
Based on the fleet type, the fleet management industry is segmented into trucks, buses, cars, aircraft, ships, etc. In Korea’s landscape, trucks, buses, and cars heavily dominate, accounting for a revenue share of 42.30% in 2023.
Attributes
Details
Fleet Type
Trucks/Buses/Cars
Value Share in 2023
42.30%
Trucks are widely employed in transportation and logistics due to their versatility and capacity to carry large volumes of goods. With Korea's growing economy and increasing commercial activities, there is a high demand for efficient and reliable transportation. Trucks offer the necessary flexibility to transport a wide range of products, from raw materials to finished goods, across various distances.
In Korea, cars find common use in corporate fleets, ride-hailing services, and for the transportation of individuals. They provide the convenience and comfort required for the efficient transport of smaller shipments. Buses, on the other hand, offer a cost-effective and environmentally friendly mode of transportation for a large number of passengers.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
Competitive Landscape
The Korea fleet management industry has experienced significant expansion, driven by the rapid growth of eCommerce platforms and consumers' preference for last-mile delivery services. There are numerous companies in the Korea fleet management industry that cater not only to the regional industry but also to international consumers. As consumers and businesses alike become increasingly conscious of their environmental impacts, the industry is calling for innovations and sustainable changes.
Recent Developments in the Fleet Management Industry in Korea:
In 2022, GS Caltex's acquisition of the fleet management system business of LG CNS expanded its capabilities in providing comprehensive fleet management solutions, strengthening its position in the industry.
In 2021, KT's acquisition of the fleet management system business of SK Telecom allowed them to enhance their portfolio of fleet management services, leveraging their expertise in telecommunications and technology.
In 2020, Naver's acquisition of the fleet management system business of Kakao Mobility enabled them to integrate fleet management capabilities into their platform, offering a seamless and integrated transportation solution for their users.
Some of the Key Players in this field in Korea
GS Caltex
KT
Naver
LG CNS
SK Telecom
Kakao Mobility
GPS Insight Korea
Fleetmatics Korea
Trimble Korea
Omnitracs Korea
Teletrac Navman Korea
Geotab Korea
Scope of the Report
Attribute
Details
Estimated Valuation (2023)
US$ 687.6 million
Projected Valuation (2033)
US$ 1,298.80 million
Anticipated CAGR (2023 to 2033)
6.4% CAGR
Historical Analysis of the Feet Management Industry in Korea
2018 to 2022
Demand Forecast for the Fleet Management Industry in Korea
2023 to 2033
Quantitative Units
Revenue in US$ million and CAGR from 2023 to 2033
Report Coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Key Provinces Analyzed
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Key Companies Profiled
GS Caltex
KT
Naver
LG CNS
SK Telecom
Kakao Mobility
GPS Insight Korea
Fleetmatics Korea
Trimble Korea
Omnitracs Korea
Teletrac Navman Korea
Geotab Korea
Fleet Management Industry by Category
By Component:
Hardware
GPS Tracking Devices
Dash Cameras
Bluetooth Tracking Tags (BLE Beacons)
Data Loggers
Software
Fleet Management Software
Telematics Software
Services
Professional Services
Consulting & Advisory
Integration & Implementation
Support & Maintenance
Managed Services
By Fleet Type:
Trucks/Cars/Buses
Ships/Vessels
Aircrafts
Railcars
By Application:
Fleet Tracking and Geofencing
Vehicle Maintenance and Diagnostics
Driver Behavior Monitoring
Fuel Management
Others
By Industry:
Construction
Manufacturing
Mining
Transportation
Oil and Gas
Others
By Key Provinces:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
What is the Projected Growth Rate for the Fleet Management Industry in Korea?
The anticipated CAGR for Korea's fleet management industry through 2033 is 6.4%.
How big will the Fleet Management Landscape be in Korea?
Demand for fleet management solutions in Korea is likely to reach US$ US$ 1,298.80 million by 2033.
Which is the Preferred Fleet Type for Fleet Management Solutions in Korea?
Trucks, buses, and cars are the favored choices for fleet management solutions, comprising 42.30% of the industry share.
What is the Prevalent Component in Korea’s fleet Management Industry?
In Korea, the hardware component segment dominates the fleet management landscape, with a share of 48.20%.
Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.7. Regional Parent Market Outlook
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033
5.3.1. Hardware
5.3.1.1. GPS Tracking Devices
5.3.1.2. Dash Cameras
5.3.1.3. Bluetooth Tracking Tags (BLE Beacons)
5.3.1.4. Data Loggers
5.3.2. Software
5.3.2.1. Software
5.3.2.2. Telematics Software
5.3.3. Services
5.3.3.1. Professional Services
5.3.3.2. Integration & Implementation
5.3.3.3. Consulting & Advisory
5.3.3.4. Support & Maintenance
5.3.3.5. Managed Services
5.4. Y-o-Y Growth Trend Analysis By Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Professional Services
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Professional Services, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Professional Services, 2023 to 2033
6.3.1. Consulting & Advisory
6.3.2. Integration & Implementation
6.3.3. Support & Maintenance
6.4. Y-o-Y Growth Trend Analysis By Professional Services, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Professional Services, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Fleet Type
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Fleet Type, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Fleet Type, 2023 to 2033
7.3.1. Trucks/Cars/Buses
7.3.2. Ships/Vessels
7.3.3. Aircrafts
7.3.4. Railcars
7.4. Y-o-Y Growth Trend Analysis By Fleet Type, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Fleet Type, 2023 to 2033
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application
8.1. Introduction / Key Findings
8.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022
8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033
8.3.1. Fleet Tracking and Geofencing
8.3.2. Vehicle Maintenance and Diagnostics
8.3.3. Driver Behavior Monitoring
8.3.4. Fuel Management
8.3.5. Others
8.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
8.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Industry
9.1. Introduction / Key Findings
9.2. Historical Market Size Value (US$ Million) Analysis By Industry, 2018 to 2022
9.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry, 2023 to 2033
9.3.1. Construction
9.3.2. Manufacturing
9.3.3. Mining
9.3.4. Transportation
9.3.5. Oil and Gas
9.3.6. Others
9.4. Y-o-Y Growth Trend Analysis By Industry, 2018 to 2022
9.5. Absolute $ Opportunity Analysis By Industry, 2023 to 2033
10. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
10.1. Introduction
10.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
10.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
10.3.1. South Gyeongsang
10.3.2. North Jeolla
10.3.3. South Jeolla
10.3.4. Jeju
10.3.5. Rest of Korea
10.4. Market Attractiveness Analysis By Region
11. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Component
11.2.2. By Professional Services
11.2.3. By Fleet Type
11.2.4. By Application
11.2.5. By Industry
11.3. Market Attractiveness Analysis
11.3.1. By Component
11.3.2. By Professional Services
11.3.3. By Fleet Type
11.3.4. By Application
11.3.5. By Industry
11.4. Key Takeaways
12. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Component
12.2.2. By Professional Services
12.2.3. By Fleet Type
12.2.4. By Application
12.2.5. By Industry
12.3. Market Attractiveness Analysis
12.3.1. By Component
12.3.2. By Professional Services
12.3.3. By Fleet Type
12.3.4. By Application
12.3.5. By Industry
12.4. Key Takeaways
13. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Component
13.2.2. By Professional Services
13.2.3. By Fleet Type
13.2.4. By Application
13.2.5. By Industry
13.3. Market Attractiveness Analysis
13.3.1. By Component
13.3.2. By Professional Services
13.3.3. By Fleet Type
13.3.4. By Application
13.3.5. By Industry
13.4. Key Takeaways
14. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Component
14.2.2. By Professional Services
14.2.3. By Fleet Type
14.2.4. By Application
14.2.5. By Industry
14.3. Market Attractiveness Analysis
14.3.1. By Component
14.3.2. By Professional Services
14.3.3. By Fleet Type
14.3.4. By Application
14.3.5. By Industry
14.4. Key Takeaways
15. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By Component
15.2.2. By Professional Services
15.2.3. By Fleet Type
15.2.4. By Application
15.2.5. By Industry
15.3. Market Attractiveness Analysis
15.3.1. By Component
15.3.2. By Professional Services
15.3.3. By Fleet Type
15.3.4. By Application
15.3.5. By Industry
15.4. Key Takeaways
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Component
16.3.3. By Professional Services
16.3.4. By Fleet Type
16.3.5. By Application
16.3.6. By Industry
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Trimble Inc.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Cisco Systems, Inc.
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. GoFleet Corporation
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Geotab Inc.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Digital Matter
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. GPS Trackit
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Fleetmatics Group PLC
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. GoGPS
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Wireless Links
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Embitel
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.11. Gurtam
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
17.1.12. Teletrac Navman
17.1.12.1. Overview
17.1.12.2. Product Portfolio
17.1.12.3. Profitability by Market Segments
17.1.12.4. Sales Footprint
17.1.12.5. Strategy Overview
17.1.12.5.1. Marketing Strategy
17.1.13. Linxio
17.1.13.1. Overview
17.1.13.2. Product Portfolio
17.1.13.3. Profitability by Market Segments
17.1.13.4. Sales Footprint
17.1.13.5. Strategy Overview
17.1.13.5.1. Marketing Strategy
17.1.14. StreetFleet
17.1.14.1. Overview
17.1.14.2. Product Portfolio
17.1.14.3. Profitability by Market Segments
17.1.14.4. Sales Footprint
17.1.14.5. Strategy Overview
17.1.14.5.1. Marketing Strategy
17.1.15. TigerFleet
17.1.15.1. Overview
17.1.15.2. Product Portfolio
17.1.15.3. Profitability by Market Segments
17.1.15.4. Sales Footprint
17.1.15.5. Strategy Overview
17.1.15.5.1. Marketing Strategy
17.1.16. WebEye Telematics Group
17.1.16.1. Overview
17.1.16.2. Product Portfolio
17.1.16.3. Profitability by Market Segments
17.1.16.4. Sales Footprint
17.1.16.5. Strategy Overview
17.1.16.5.1. Marketing Strategy
18. Assumptions & Acronyms Used19. Research Methodology
