According to Custom Market Insights (CMI), The Global Smart Fleet Management Market was estimated at USD 360 billion in 2021 and is anticipated to reach around USD 600 billion by 2030, growing at a CAGR of roughly 9% between 2022 and 2030. Our research report offers a 360-degree view of the Smart Fleet Management market’s drivers and restraints, coupled with the impact they have on-demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Smart Fleet Management market.
Smart Fleet Management Market: Overview
The fleet sector is changing rapidly as new trends and technology emerge frequently and transform it in all aspects. Since fleet operators’ top priorities are lowering costs and managing risks, they are prepared to adopt innovation. Telematics-enabled fleet management solutions help maintain efficiency and safety standards and increase supply-chain visibility, cost savings, and regulatory compliance.
Browse the full “Smart Fleet Management Market Size, Trends and Insights By Transportation Mode (Roadways, Railways, Airways, Marine), By Application (ADAS, Tracking, Fuel Cards, Optimization, Automatic Vehicle Identification), By Connectivity (Long Range, Short Range), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030″ report at https://www.custommarketinsights.com/report/smart-fleet-management-market/
Adoption of Cloud-based Technologies Boosting the Smart Fleet Management Market
One of the key drivers propelling the market’s growth is the need to increase operational efficiency and improve vehicle safety. Additionally, the vehicles’ inclusion of connected car technology has improved the fleet management process. The development of intelligent transport systems is assisted by government initiatives designed to build a more dependable and secure transportation network, which is propelling the growth of the Smart Fleet Management market.
Promoting connected automobiles has been considerably encouraged by rising traffic jams, energy use, and carbon emissions. Smart Fleet Management systems enable the operator to save money and improve operational effectiveness while providing real-time fleet information. The benefits of connected automobiles are numerous, including real-time tracking and monitoring.
The market for Smart Fleet Management is segmented into transportation, mode, application, and connectivity. By transportation mode, the roadways segment is estimated to dominate the Smart Fleet Management market in 2021. Numerous benefits provided by connected vehicles, including remote diagnostics, remote monitoring, fuel management, route optimization, reduced vehicle idle time, and predictive maintenance, significantly impact the segment’s growth. These technologies allow fleet management business owners to lower business risk and improve fleet operations. These operational advantages, in addition to government support and vehicle and road safety measures, are projected to fuel market growth for the roadways segment.
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Asia Pacific Region to Offer Lucrative Growth Opportunities
This is due to the expansion of transportation infrastructure in developing nations like Malaysia, Singapore, India, South Korea, Singapore, Japan, and China. It is predicted that as connectivity solutions become more widely used, the market for ADAS technology will expand significantly in the coming years.
The need for car safety features is also greatly increased by the growing number of accident cases around the region, which will help to reduce the number of fatalities from road accidents throughout Asia and the Pacific. Road accidents, one of the primary causes of disability and death in the region, are responsible for about 62% of all fatalities in the region, according to UNESCAP. Following this, the governments of the various nations in the Asia Pacific have made it mandatory to implement car safety technologies to reduce the number of accidents and fatalities on the roads. The aforementioned factors are expected to support the growth of the Smart Fleet Management market in the region.
North America is expected to hold the second-largest market share. The region has seen an increase in the use of Smart Fleet Management services, and it is projected that nations like the United States and Canada will be the main growth contributors to the region’s Smart Fleet Management market in the future.
Key Players Insights
The top market players are implementing a variety of inorganic growth strategies, including mergers & acquisitions, partnerships, and collaborations, to improve their position in the global industry, making the market for Smart Fleet Management extremely competitive. To retain and increase its competitive advantage in the industry, they are also aggressively investing in product development and enhancement as well as research and development.
Some of the prominent players
- Continental AG
- DENSO CORPORATION
- Globecomm Systems Inc.
- IBM Corp.
- Robert Bosch GmbH
- Cisco Systems, Inc
- Tech Mahindra Limited
- Samsung Electronics Co. Ltd.
- Sierra Wireless
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