Market Research Report
Global Smart Fleet Management Market Forecast 2021-2028
|Global Smart Fleet Management Market Forecast 2021-2028|
Published: August 2, 2021
Content info: 204 Pages
Delivery time: 2-3 business days
The global smart fleet management market is projected to develop with a CAGR of 6.47% over the forecasting years of 2021 to 2028. The market growth is mainly attributed to factors such as the increasing need for streamlining fleet management, the introduction of connected technologies in vehicles, as well as the growing concerns associated with vehicle security, safety, and emission.
Smart fleet solutions are a fully integrated system utilized in automobiles for effective maintenance plans. Smart fleet management improves vehicle budget, fuel management, driver management, vehicle maintenance, and safety, in addition to vehicle telematics of marine, aircraft, light commercial vehicle (cars, and minivans, among others), heavy commercial vehicle (trucks, trailers, tankers, buses, and others), and railway. Furthermore, it also benefits businesses relying on the transportation of goods and services with greater efficacy and productivity.
The increasing concerns of vehicle safety, security, and emission have significantly influenced the transportation sector. Governments of numerous developed countries are acknowledging them and subsequently introducing safety programs as well as strict norms. For instance, the United States government initiated a 'National Safety Program' for its General Services Administration (GSA) fleet. It also announced a strategic plan to develop Intelligent Transportation Systems (ITS) over five years. Hence, these active initiatives are set to promote the adoption of smart technologies in the avenue of fleet management.
The global smart fleet management market growth assessment entails the analysis of North America, the Asia-Pacific, Europe, and the Rest of World. The Asia-Pacific is set to lead and dominate the global market during the forecasted period. The regional market's growth is attributed to factors like the increasing demand for smart transportation, the augmenting e-commerce sector, and the rising concerns over the safety of vehicles and drivers.
The smart fleet management market is characterized by the augmenting presence of original equipment manufacturers, the increased fragmentation, reduced product differentiation levels, and plummeting hardware and connectivity costs. Although the general industry outlook is positive, numerous developing markets for fleet solutions are yet to be captured by market incumbents. Hence, the industrial rivalry is moderate and anticipated to increase over the upcoming years.
Some of the top companies operating in the market are I.D. Systems, Sierra Wireless Inc, Continental AG, Denso Corporation, etc.