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Important industry insights for commercial fleet managers today
Fleet managers of business and government fleets have seen a lot of transformation in recent years and that trend is continuing into 2024. With emerging technologies, job market changes, and a heightened focus on fuel efficiency and driver safety, 2024 is continuing the pivotal shift towards innovation and transformation.
As fleets navigate through a maze of new opportunities, the need for fleet managers to stay up-to-date with the industry has never been more critical.
Let’s explore what this means for your business or government entity and what fleet managers can do to navigate these changes effectively.
What trends are shaping commercial fleet management in 2024?
Electric vehicles and mixed-energy fleets
Electric vehicles (EVs) are becoming increasingly popular in the trucking world, with legislation and sustainability initiatives supporting the transition. In fact the Biden Administration set a goal that by 2030, 50% of all new vehicle sales in the U.S. be electric. This aligns with a global goal to reach net zero greenhouse gas emissions by the year 2050, committed by organizations and nations throughout the world.
Fleet managers are starting to see the greater benefits of incorporating electric trucks into their fleets, such as lower costs down the road and incentives such as credits and rebates. However there are still some challenges to overcome, like charging options and higher upfront costs.
So to tackle those challenges, many fleet managers are adopting a blended approach, where they use a combination of electric vehicles and traditional (ICE) vehicles. This way they can enjoy the advantages of EVs while still operating the vehicles they know and trust to gradually transition towards a more sustainable future without taking on too much risk.
Better fuel efficiency through telematics and real-time tracking
Fleet managers are also actively pursuing better fuel efficiency measures to optimize their operations and reduce costs. One increasingly popular solution is to incorporate a fleet card into your operations. Fleet cards offer a range of benefits and savings opportunities. They provide managers with access to streamlined payment processes, reporting tools, and expense tracking.
WEX fleet cards, in particular, offer a range of additional benefits such as:
- Acceptance over 45,000 service stations and 95% of U.S. fueling stations
- 24/7 U.S-based customer service
- Access to a robust savings program with discounts on fuel, tires, autoparts, hotels, and more.
By using fleet cards managers can take advantage of purchase data and monitor their fuel usage across their fleet in real time, allowing them better control over their spending.
Additionally fleet managers are refining their driving practices to avoid unnecessary fuel use. This includes managing their speeds to reduce frequent acceleration and deceleration, finding the shortest and most fuel efficient routes, and better planning out the logistics of deliveries and trips. By using more advanced software and telematics, fleet managers can identify the most efficient routes for their drivers, avoiding traffic congestion and reducing overall fuel consumption.
Driving best practices that promote safety and sustainability
With emerging technologies comes the availability of vital performance information, such as driver behavior analytics. By utilizing that information fleet managers can promote eco-friendly driving behaviors.
Fleet managers are starting to fully recognize the impact that driver behavior has on fuel efficiency and emissions. They’re investing in initiatives aimed at teaching responsible driving habits, such as maintaining steady speeds and minimizing idling times.
Initiatives like these contribute to the reduction of greenhouse gas emissions, and also drive cost savings, operational efficiency, and safety.
Supply chain disruptions may still be impacting your fleet
Many factors have contributed to supply chain disruptions in the past few years. From the COVID-19 pandemic, to fuel price fluctuations, to global tensions, the industry has had its fair share of hurdles. Despite this, many fleet operators have stayed resilient by doing what they can to keep their business operating.
They’ve had to juggle countless variables, but it’s not just about fleet management logistics. It’s about the people behind the scenes, the drivers out on the road, and the teams coordinating every detail. That level of dedication and determination is important in keeping up with the rapidly changing industry.
What can fleet managers do to seize these opportunities?
In 2024, fleet managers have the chance to make big strides by embracing the change.
- Consider adopting EVs into your fleet and find a trusted fleet management partner to help them adopt electric vehicles. The WEX suite of EV solutions can help simplify the transition to a blended fleet.
- Empower better driving behavior within your fleet through training and educational opportunities.
- Utilize available tools like fleet cards and telematics to operate your fleet at peak efficiency.
Learn more on how to better manage your over-the-road fleet:
To learn more about WEX, a dynamic and nimble global organization, please visit our About WEX page.
To learn more about WEX’s EV offerings visit our EV page.
All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View WEX’s fleet card comparison chart to see which fleet fuel card is right for you.