PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401781
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401781
Smart Fleet Management Market size was valued at USD 354,340 Million in 2022, expanding at a CAGR of 8.5% from 2023 to 2030.
The term "smart fleet management" describes the combination of technologies commonly used to monitor, maintain, and achieve the most effective possible fleet operations. Fuel management, maintenance, telematics, smart surveillance, telematics, and tracking are all made possible by this technology.
Smart Fleet Management Market- Market Dynamics
Increasing demand from transportation with connected cars technologies to propel market demand
The market growth is mainly driven by the transportation and logistics industries' growing fleet sizes, which necessitate efficient fleet management for timely delivery and vehicle security. Furthermore, the incorporation of linked car technology into automobiles has made possible a range of solutions that might improve fleet operations. Numerous features and advantages, including tracking, monitoring, and improved safety, and security, are possible with connected car technology. To guarantee smooth connectivity and real-time information transfer, a strong network infrastructure is necessary for the technology's implementation. One of the main obstacles that could prevent the market for smart fleet management from expanding is the absence of suitable network infrastructure, particularly in emerging countries like Mexico and India. Intelligent transport system development is being aided by several government policies and programs that are meant to build a more dependable and secure transportation network.
Smart Fleet Management Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.5% over the forecast period (2023-2030)
Based on Mode of Transport segmentation, automotive was predicted to show maximum market share in the year 2022, owing to high demand from automotive transportation.
Based on Hardware segmentation, ADAS segment was the leading segment in 2022, mainly due to increasing adoption of advanced tech in ADAS system.
Based on Application segmentation, short-range application was the leading Application in 2022, mainly due to high demand tracking in transport sector with support of government.
On the basis of region, North America was the leading revenue generator in 2022, owing to growing transportation sector and developed structure.
The Global Smart Fleet Management Market is segmented on the basis of Mode of Transport, Hardware, Application, and Region.
The market is divided into three categories based on Mode of Transport: automotive, rolling stock, and marine. The automotive segment dominates the market. The high demand for smart fleet solution in automotive industry is contributing to segment growth.
The market is divided into four categories based on Hardware: tracking, remote diagnostics, ADAS, and optimization. The ADAS segment dominates the market and is likely to maintain its dominance during the forecast period. Several applications like automated lighting, automated brakes, GPS navigation are boosting the demand for ADAS system.
The market is divided into three categories based on Application: short-range, long-range, and cloud. The short-range dominate the market and is likely to maintain its dominance during the forecast period. The increasing demand from tracking solution in short range connectivity is anticipated to boost the market growth.
Smart Fleet Management Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to lead the market during the forecast period. The growth in the region is attributed to the presence of major players and rising investment.
Many local and international companies in the industry focus on providing new smart fleet solution in automotive transportation industry. To increase their market presence, the major companies in the industry are placing a strong emphasis on the new product development as well as partnerships, mergers, and acquisitions, etc. Further, advancement in technology and logistics solution is estimated to offer new growth opportunities for market growth. For example, Continental AG acquired Zonar Systems, Inc., a provider of fleet management solutions, to increase their presence in North America market.
In April 2023, Continental and HERE announced a partnership with IVECO to present fuel saving and safety functions in commercial vehicles.
In February 2023, Cisco partnered with Mercedes-Benz to develop mobile office work innovation in Mercedes-Benz E-Class vehicles.
The scope of this report covers the market by its major segments, which include as follows: