PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126520
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126520
According to Stratistics MRC, the Global Smart Fleet Management Market is accounted for $62519.7 million in 2022 and is expected to reach $167066.4 million by 2028 growing at a CAGR of 17.8% during the forecast period. Smart fleet management systems give you the necessary information to make the best decisions for your company, which can boost profits, cut expenses, and enhance customer satisfaction. A smart fleet management system includes a dedicated server to store and secure fleet data, assisting operators in making decisions that are economical. Greater safety and compliance are also ensured by a smart fleet management system. It is deployed and fully integrated to enable creating maintenance schedules simple. Technical, commercial, or operational requirements are all integrated into a smart fleet management system.
According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.
Market Dynamics:
Driver:
Government Regulations
The market is also influenced by the expansion of governmental laws and programmes aimed at building a more dependable and secure transportation network. These rules encourage the creation of intelligent transportation systems. In addition, the market for smart fleet management is positively impacted by a rise in investments, more disposable money, and the growth of the automotive industry.
Restraint:
Complex and expensive technology
The high costs required to develop smart fleet management systems are speculated to hinder the market growth. It is anticipated that expensive technology and a lack of adaptation in emerging countries will impede industry expansion. Threats to safety, security, and quality are also anticipated to restraint the growth of the smart fleet management market.
Opportunity:
Rise in Transportation
Smart fleet management is required for vehicle security and on-time delivery due to the growing fleet sizes of transportation and logistics companies, which has a further impact on the market. The market for smart fleet management will continue to expand due to the emergence of new customer segments across numerous business verticals.
Threat:
Lack of adequate network infrastructure
One of the biggest hurdles that can limit the growth of the smart fleet management market is a lack of suitable network infrastructure, particularly in developing nations such as India and Mexico. Additionally, worries about cyber-attacks and data theft may also limit the market's future possibilities.
COVID-19 Impact
The COVID-19 virus wreaked havoc on the commercial and healthcare sectors. As a result, the pandemic had a significant impact on the car sector. Automakers' factories and dealerships were temporarily closed for a number of months in 2020. However, following the shutdown, the businesses began using new technologies to work on these advancements. Due to the financial crisis, even while private fleets are installed and managed, the majority of smart fleet management end users are gravitating toward commercial fleet management. The COVID-19 pandemic's unpredictable demand picture for end users and significant capital cost are anticipated to increase interest in commercial fleet management. Commercial fleet management makes it possible to effectively manage working capital and eliminates the need for additional staff to oversee fleet operations.
The short range communication segment is expected to be the largest during the forecast period
The short range communication segment is estimated to have a lucrative growth, due to the swift adoption of the Internet of Things (IoT). Short-range communication technology enables communication between vehicles and between vehicles and infrastructure, which can be used to provide a wide range of information about traffic, position, routing, mapping, and navigation. By initiating safety procedures and preventing collisions, ADAS utilise this information to increase transport safety.
The advanced driver assistance systems (ADAS) segment is expected to have the highest CAGR during the forecast period
The advanced driver assistance systems (ADAS) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the popularity of autonomous car technologies is increasing, even though many governments continue to provide regulatory obligations for transportation safety. ADAS is essential to fleet management because it provides the highest level of operational efficiency while ensuring the safety of the driver and the asset.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the increased transportation infrastructure in developing nations like Japan, China, and India as well as strict safety requirements. It is anticipated that the market for ADAS and telematics will grow in the Asia-Pacific area as connectivity technology is more adopted. The Indian government revised its guidelines for the use of radar-based technology in 2015, which would increase the market's reliance on ADAS systems. Additionally, the region has some of the strictest automobile safety laws in the world, which would increase demand for telematics and advanced driver aid systems.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the technological advancement and increasing demand for electric and autonomous vehicles are some of the key factors propelling the market growth. Increased cargo transportation has resulted, in the rapid adoption of smart fleet systems in North America. Increasing interest along with investments by well-known industry players and incomplete collaborative efforts are accountable for regional growth.
Key players in the market
Some of the key players profiled in the Smart Fleet Management Market include Denso Corporation, Bosch, Cisco Systems, Inc., Continental AG, Otto Marine Limited, Globecomm Systems, Inc., Harman International Industries, Inc., IBM Corporation, Jutha Maritime Public Company Limited, Precious Shipping Public Company Ltd., Calamp Corporation, Orbcomm, Inc., Sierra Wireless, Inc., Siemens AG, Robert Bosch GmbH, Tech Mahindra Limited, TomTom, Trakm8, Zonar Systems, Inc.
Key Developments:
In May 2022, Automotive industry giant, Bosch Group and Astrata, a provider of enterprise management software and advanced location-based IT services (telematics), have signed a 5-year partnership today for the manufacturing of Astrata's advanced fleet management system for HGV and LCV hardware.
In June 2021, Siemens announced plans to launch a new fleet management model and app for the company cars used by its executives. This initiative has been taken with an objective to provide employees with greater access to vehicles equipped with eco-friendly drive systems and offer additional incentives to use EVs.
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