A new report, 'Fleet Management in Southeast Asia - 1st Edition,' has identified Cartrack (Karooooo) as one of the largest providers of fleet management solutions in the region. The report forecasts substantial growth for the Southeast Asian fleet management market, projecting a compound annual growth rate (CAGR) of 13.7 percent from 2.8 million units at the end of 2023 to 5.4 million by 2028.
The market's penetration rate in the total population of fleet vehicles used by businesses is estimated to increase from 15.7 percent in 2023 to 25.7 percent in 2028. This indicates a significant underpenetrated market with considerable room for expansion. Cartrack, alongside Jimi IoT and TransTRACK, is noted for having an installed base of over 100,000 fleet management units in Southeast Asia.
This recognition underscores Karooooo's strategic focus on Southeast Asia as a key growth region, where it is intensifying investments in sales and marketing. The market is characterized by increasing adoption of more feature-rich fleet management systems, moving beyond basic tracking solutions, which aligns with Cartrack's comprehensive SaaS platform offerings.
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