Smart Fleet Management Market 2022 Overall Industry Size, Growth, Trends, Competitor Analysis & Forecast up to 2030
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. 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.
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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.
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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