Fleet Management Market to Hit US $55B by 2026; Global Market Insights, Inc.
In a report by Global Market Insights Inc., they call for the fleet management industry to cross $55 billion USD by 2027. The fleet management solutions market was valued at USD 7.34 billion in 2020 according to Mordor Intelligence. Between autonomous vehicles, tracking software, and innovations we aren’t even aware of yet, there is much to like about this industry.
Amazon became the latest company to throw money at fleet management technology announcing they bought a stake in an AI Truck-Driving Startup.
The Hennessy SPAC involved raised $345 million in a January initial public offering. Chief Executive Officer Daniel J. Hennessy previously led blank-check firms that completed deals to form companies including electric-vehicle developer Canoo Inc., Blue Bird Corp., which makes school buses, and Texas-based transportation and logistics firm Daseke Inc.(Nasdaq:DSKE). The latter is an interesting company to look at if you are considering investing in fleet management.
Currently, many of the ‘top’ fleet management securities are rated as ‘overvalued’; including: Danaher Corporation (DHR), Verra Mobility Corporation (VRRM), Ituran Location and Control Ltd. (ITRN), and MIXT Telematics (MIXT).
That’s why we are highlighting a few companies in the Fleet Management space with room for growth.
We already mentioned Dasake, Inc. (Nasdaq:DSKE).
One even more obscure, but intriguing option is Ultrack Systems, Inc. (OTCMKTS:MJLB).
MJLB is a fleet-management GPS tracking and monitoring solution provider, with a wide array of products available. Most notably, their flagship DrivelineELD product (ELD “Electornic Logging Device”). The company is awaiting certification and when it is received it will be listed here:: https://tc.canada.ca/en/road-transportation/electronic-logging-devices/list-certified-electronic-logging-devices.
If you notice, there are currently no certified devices, so MJLB could secure a huge market share
Inseego Corp. (Nasdaq: INSG), provides 5G and intelligent IoT device-to-cloud solutions and recently participated in the ROTH Virtual London Conference June 21, 2021. It is always worth monitoring companies in the weeks following investor conferences, sometimes capital starts to flow after presentations.
Another international Fleet Management play is Element Fleet Management Corp. (OTCMKTS:ELEEF) who recently elected ten new directors at the Annual Meeting of Shareholders held on May 12, 2021. ELEEF provides across North America, Australia, and New Zealand.