Market Research Report
Asia-pacific Smart Fleet Management Market Forecast 2021-2028
|Asia-pacific Smart Fleet Management Market Forecast 2021-2028|
Published: August 2, 2021
Content info: 141 Pages
Delivery time: 2-3 business days
The Asia-Pacific smart fleet management market is set to grow with a CAGR of 7.51% over the forecasting period of 2021 to 2028. The regional market's growth is predominantly credited to the increased need to manage large fleets, the rising demand for smart transportation, supportive government initiatives introduced in developing countries, and the growing population base.
The Asia-Pacific smart fleet management market growth evaluation includes the assessment of South Korea, Australia & New Zealand, Indonesia, Thailand, China, Japan, India, Vietnam, and the rest of the Asia-Pacific. India's demand for tracking and fleet management systems is set to be driven by the country's infrastructure investment plans of around $1 trillion over the upcoming years. In addition, recent policy initiatives by the local and central governments to install 400,000 new buses over the next two years are expected to play a vital role, as well. Besides, India also requires efficient transportation, thereby fueling the need for fleet management solutions.
On the other hand, the automotive industry in Vietnam is a rapidly growing sector, predominantly dependent on domestic sales. Currently, all manufactured models are designed internationally by foreign brands and several counts on knock-down kit production. Hence, owing to the increased import taxes on automobiles, the Vietnamese government strives to protect domestic manufacturing. As a result, these factors are anticipated to propel the smart fleet management market growth in the Asia-Pacific during the forecast years.
The top firms operating in the market are International Business Machines Corporation, Tech Mahindra Limited, Denso Corporation, etc.