Fleet Management Market is Thriving Worldwide By Size, Emerging Trends and Top Growing Companies by 2030
Market Synopsis
In its research report, Market Research Future (MRFR), highlights that the global Smart Fleet Management Market 2020 is expected to grow exponentially over the review period, acquiring a substantial market valuation and a healthy CAGR over the review period.
Market Highlights
The demand for smart fleet management is expected to see substantial growth during the forecast period with the entire automotive industry pushing for greater fuel efficiency in automobiles combined with high speed networks. In addition, market growth is driven by the advent and incorporation of IoT and Information , Communication, & Technology ( ICT) into industries such as logistics, automobiles, and transport. One of the main factors driving the market share of smart fleet management is the increased demand for features such as incident detection, access control and speed limit enforcement with significant advanced safety and security features. In addition, according to the core concept, the smart fleet management industry depends only on the sales and the latest breakthrough is made in tracking and managing the most advanced featured vehicles.
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Rising demand for connectivity and government regulations is expected to increase the market for smart fleet management. Reducing both shipping costs and maintenance costs has emerged as a major phenomenon in the automotive industry, attracting players in the market for smart fleet management. It is expected that increased awareness of better driver & vehicle safety and improved business decisions for fleet owners will offer lucrative opportunities for fleet management businesses in the near future.
High costs linked to the smart fleet management systems are expected to serve as a significant market hindrance. In addition, a steady rise in fleet sizes and travel routes successively results in a higher system complexity, which is expected to serve as another significant constraint for the smart fleet industry.
Competitive Dynamics
The key players of global smart fleet management market are Siemens AG, Harman International Industries, Inc., Robert Bosch GmbH., Precious Shipping Co. Ltd., Denso Corporation, IBM Corporation, Sierra Wireless, Inc., Continental AG, Cisco Systems, Inc., Calamp Corp., OTTO Marine Ltd., and Globecomm Systems, Inc.
Market Segmentation
The global smart fleet market has been segmented based on transportation, hardware, and solution.
Based on transportation, the market has been segmented ito automotive, rolling stock, and marine.
Based on the hardware, the market has been segmented into tracking, optimization, ADAS, and diagnostic.
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Regional Outlook
It is expected that the Asia Pacific region will offer lucrative opportunities for layers in the smart fleet management market. Stringent government regulations, combined with improved transportation facilities and infrastructure, are expected to help the growth of this region’s smart fleet management market. Government authorities in countries like India and China are urging the manufacturers of original equipment to introduce these systems in cars, primarily to improve driver safety. In this area the smart fleet management market is expected to thrive. In addition, the improvement of socio-economic conditions in countries such as India, Thailand and Indonesia has led to increased demand for premium segment fleets, which positively impacts the market growth during the forecast period.
Certain areas like North America and Europe are also expected to develop rapidly. The existence of sophisticated technology and major manufacturers provides the smart fleet management companies in this region with solid groundwork. Established automotive industry is also helping market growth in those regions. Growing number of commercial fleets in Europe and the USA, broadening the customer base to satisfy major manufacturers of smart fleet management systems. Significant technological advancement and research and development activities in North America and Europe are expected to give the smart fleet management market high prospects for rapid growth over the forecast period.
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