In an era of rising costs, fleets are using technology to find new ways to control costs and generate revenue. For the first two decades of the 21st century, the U.S. inflation rate for urban consumers stayed below 3%—but in 2021, it jumped to a monthly average of 3.6%. One year later, the average hit a whopping 6.2%, and fleet budgets have felt it ever since. Although 2023 saw the inflation rate dip slightly, costs remain high.
Inflation affects nearly every budget line item, from vehicles and equipment to labor and insurance, so fleets are forced to get creative. Fleet management technology can be an effective cost-control tool—helping fleet managers get more out of existing resources, find new ways to cut costs and become more competitive.
Adopting fleet technology is a standard practice, according to respondents of the most recent fleet technology trends survey, which was conducted between May 19, 2023, and July 29, 2023, for Verizon Connect by Bobit Business Media, publishers of leading trade publications such as Automotive Fleet, Business Fleet, Government Fleet and Heavy Duty Trucking.
| Top Challenges | 2021 report |
2022 report |
2023 report |
2024 report |
|---|---|---|---|---|
| Increasing costs | 44% | 63% | 80% | 70% |
| Driver shortage / lack of quality workers | 40% | 54% | 59% | 53% |
| Meeting customer demand | 40% | 49% | 52% | 52% |
Four out of five respondents indicated they use at least one form of fleet technology.
The percentage of fleets indicating increasing costs are very or extremely impactful remains high at 79% in this year’s report. Using video technology, fleets were able to achieve their goals, including protection from false claims (77%), reduced accident costs (48%) and reduced insurance costs (44%).
The top goal achieved by fleets using a GPS fleet tracking system was improved productivity, which saw the largest increase since last year’s report, from 50% to 55%.
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