Market overview:
According to MRFR analysis, the global Smart Fleet Management Market is expected to register a CAGR of ~ 15% from 2022 to 2030 and hold a value of over USD 600 Billion by 2030. Smart fleet management raises the integration of fleet management technologies that are extensively used for managing, maintaining, and achieving optimum efficient operations of the fleet. The technology permits digital technology applications for fuel management, upkeep, telematics, smart surveillance, telematics, and tracking. Smart fleet management is projected to gain traction over the forecast period amid rising government regulations for the smart transport system. Several governing bodies across the globe have imposed stringent norms to curb energy consumption, and theft activities, and reduce road accidents. Smart fleet management permits the operator to keep track of the driver’s performance, fuel consumption, route management, and vehicle maintenance. This system gives the option to download the complete data of the fleet, which makes it easy for the operator to take cost-effective measures after examining the data.
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Key Players
Some of the key market players are Continental AG, Cisco Systems Inc., Sierra Wireless Inc., Calamp Corp., OTTO Marine Ltd., Precious Shipping Co. Ltd., Globecomm Systems, Harman International Industries Inc., Robert Bosch GmbH., Siemens AG, Denso Corporation, and IBM Corporation
Market Segmentation
The Global Smart Fleet Management Market has been segmented into the Hardware and Connectivity type
Based on the Hardware, The Global Smart Fleet Management Market has been segmented into tracking, ADAS, and remote diagnostics. The tracking type segment is anticipated to dominate the smart fleet management market. The tracking device permits the management owner to keep track of the vehicle, its route, and the driving pattern of the driver.
Based on the connectivity type, The Global Smart Fleet Management Market has been segmented into short-range, long-range, and cloud. The short-range segment is anticipated to dominate the market during the estimated period. Short-range connectivity proposals are vehicle-to-infrastructure and vehicle-to-vehicle connectivity. This connectivity gives vital information to the driver regarding traffic, triangulation, and routing.
Regional Analysis
Asia-Pacific dominated the market share owing to the growing competition, the increasing penetration of smart devices and connected machines, and the rising investments in smart cities. High economic growth in developing nations, such as China, India, and Vietnam, has improved the number of related solutions that consist of sensors and RFID tags, subsequent in an impulsive outburst of huge amounts of data. TMS is a prominent feature in this region's rising transportation and logistics sector.
North America accounted for the second-largest market share in the market due to the large-scale deployment of real-time tracking solutions across industries for seamless business operations. Growing adoption of vehicle tracking systems adoption from automobile companies, such as General Motors, Ford, and Fiat-Chrysler, in the US. Also, the region is the early adoptive parent of digital technologies, which is a factor contributing to the growth of the market in this region
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