The global smart fleet management market was valued at USD 386.8 billion in 2020, and it is expected to reach USD 582.9 billion by 2027, with a CAGR of 8.7%, during the forecast period.
Smart fleet management is an integrated framework that is being used in streamlining for building the efficient and maintenance plans. It primarily a combination of restrictions and technological. In addition, it also provides a fully integrated range of solutions that includes flight and business processes, reservations and delivery, human resources, and financial reporting, aircraft and maintenance management.
The smart fleet management market is witnessing growth owing to the increasing need to achieve higher operational efficiencies and improve vehicular safety. Moreover, with the rising integration of connected car technologies within the vehicles has further various solutions that can enhance and improve fleet operations. Various government regulations and initiatives have aimed at providing a more reliable and secure transportation network fostering the development of intelligent transportation systems. Various government agencies have been promoting the use of connected vehicle technology to reduce energy consumption and carbon emissions and avoid road congestions. Smart fleet management helps the fleet operators to get crucial information in real time and make informed decisions that helps in saving costs and increasing the operational efficiency. However, the lack of adequate network infrastructure in developing economies such as India and Mexico act as a key hindrance for the growth of the market.
Smart Fleet Management Market is Segmented as:
By Mode of Transport:
The unique insights provided by this report also includes the following:
Based on transportation, automotive segment is dominating the market in the year 2020
The automotive segment was dominating the global smart fleet management market in the year 2020 and is expected to witness similar growth trends during the forecast period. Connected vehicle technologies enables remote monitoring and management of several operations that includes vehicle idle time, fuel management, route optimization, remote diagnostics, and predictive maintenance. These solutions enable the fleet operators to optimise their fleet operations and reduce the business risk. These types of operational benefits in addition with government interventions for road safety initiatives further fuel the market growth.
Based on hardware, Advanced Driver Assistance Systems (ADAS) is expected to grow with a high growth rate during the forecast period
The hardware segment is segmented as tracking, optimization, Advanced Driver Assistance Systems (ADAS), and remote diagnostics. Among which the ADAS segment is expected to grow with the highest CAGR during the forecast period. This segment is witnessing growth due to the rising government regulatory that mandates for vehicular safety, and adoption of autonomous vehicle technologies is also growing.
ADAS includes various components such as sensors, LiDAR, image processing units, and radars that further improve and enhance safety and helps in avoiding collisions. This ADAS also provides adaptive features like automated brakes, cruise control, GPS navigation, automated lighting, and integration with smart devices to deliver alerts, this further boosts the driving experience.
Based on connectivity, short-range communication segment dominated the smart fleet management market and is expected to witness similar growth rate over the forecast period
The short-range communication segment was dominated the global smart fleet management market in the year 2020 and is expected to witness similar growth trends over the coming years. The short-range communication technology allows vehicle-to-vehicle and vehicle-to-infrastructure communication that is being used in sharing information related to traffic, position, routing, mapping, and navigation, among others. ADAS uses this data that enhances vehicular safety by providing safeguard measures and avoiding collisions.
Cloud connectivity enables small and medium-sized fleet operators to adopt small fleet management solutions without having to invest in infrastructure. The cloud-based smart fleet solutions provide the operators the ease to scale as per the requirement and ensure lower cost of ownership while enabling them to optimize operations. Cloud solutions also provide improved and enhanced security features which safeguard business-critical data that is being collected from various sources. Thus, cloud connectivity is expected to expand at the highest CAGR over the forecast period.
Based on Regions, the Asia Pacific region is dominating the global smart fleet management market in the year 2020
Based on the regions, the smart fleet management market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, Asia Pacific was holding the largest market share in the year 2020 and is expected to witness the same during the forecast period. This region is witnessing growth due to the growing transportation facilities across developing countries includes India, Japan, China, Singapore, Korea, and Malaysia. Moreover, with the rising adoption of connectivity solutions, the market for ADAS technology will witness growth over the coming years. The rising number of accidents in this region also substantially fuels the need of the vehicle safety features to limit the number of deaths due to road accidents. As per the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), this region accounted for nearly 62% of the total deaths occurred due to road accidents that is one of the leading causes of disability and death in the region. Due to which the government of the various countries in the Asia Pacific has mandated the implementation of vehicle safety technology to reduce the number of increasing accidents and road fatalities.
North America is also expected to witness substantial growth in the market owing to the technological advancement and increasing demand for electric and autonomous vehicles are some of the key factors propelling the market growth.
Company Profiles and Competitive Intelligence:
The major players operating in the global Smart Fleet Management market includes Bosch Limited Continental AG, DENSO CORPORATION, Harman International Industries, Inc., Siemens AG, IBM Corporation, Sierra Wireless, Cisco among others. The key players operating in this market are focusing on collaborating with various stakeholders and innovating new products. The companies are investing in research and development to develop advanced and better autonomous vehicles, ADAS, IoT devices, and sensors, among others.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
The report also provides in-depth analysis of key market trends
|1||Advancements in Internet of Things (IoT) and wireless technology are expected to bring new capabilities to these systems, thus fueling the demand.||Positive|
|2||Increasing stringent government regulations pertaining to safety is expected to propel the demand for these systems.||Positive|
The report also provides in-depth analysis of recent News Developments and Investments
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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