Global Smart Fleet Management Market is Anticipated to Reach US$ 962.6 Billion by 2031, Garnering 10.2% CAGR: TMR Report
There is a growing opportunity for smart fleet management providers to expand their services to new regions and markets, with the increasing globalization of businesses
Wilmington, Delaware, United States, Sept. 22, 2023 (GLOBE NEWSWIRE) — The smart fleet management market was estimated to have acquired US$ 362.8 billion in 2021. It is anticipated to register a 10.2% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 962.6 billion.
The key element driving the market for smart fleet management is the vehicle telematics. The integration of telematics systems provides valuable data on vehicle location, maintenance needs, and driver behavior. The data is crucial for optimizing fleet operations, improving driver safety, and reducing maintenance costs.
The demand for smart fleet management is also being driven by fuel efficiency and cost reduction. Smart fleet management solutions offer real-time monitoring of vehicle performance, fuel consumption, and driver behavior, which helps companies optimize routes, reduce fuel costs, and enhance overall fleet efficiency.
There is a surge in the demand for efficient last-mile delivery solutions, with the growth of e-commerce and on-demand delivery services. Smart fleet management helps companies meet this demand by optimizing delivery routes and schedules.
Ensuring the safety of drivers and vehicles is a top priority for fleet operators. Smart fleet management systems offer features like driver monitoring, accident detection, and stolen vehicle recovery, enhancing overall security.
The Internet of Things (IoT) plays a crucial role in smart fleet management. Connected vehicles and sensors enable real-time data transmission, remote diagnostics, and predictive maintenance, reducing downtime and operational costs.
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|Market Revenue||US$ 362.8 Bn|
|Estimated Value||US$ 962.6 Bn|
|Growth Rate – CAGR||10.2%|
|No. of Pages||265 Pages|
|Market Segmentation||By Solution, Connectivity, Transportation|
|Regions Covered||North America, Latin America, Europe, Asia Pacific, Middle East & Africa|
|Companies Covered||BMW, CalAmp, CHAINWAYTSP CO., Ltd., Cisco, Continental AG, DENSO CORPORATION, Globecomm Systems Inc., HARMAN International, IBM Corporation, JUTHA MARITIME, ORBCOMM, Otto Marine Limited., Precious Shipping Public Company Limited, Robert Bosch GmbH, Siemens AG, Sierra Wireless, TomTom International BV., Zonar Systems|
Key Findings of the Market Report
- By solution, the advanced driver assistance system (ADAS) segment of the market is expected to expand at a CAGR of more than 11.4% through 2031.
- The dominance of the ADAS segment in the smart fleet management market can be attributed to several major factors, including enhanced safety, regulatory compliance, and insurance premium reduction.
- Driving training, as well as reduced maintenance costs are other major factors fueling the segmental growth.
- By connectivity, the short-range connectivity segment is anticipated to expand at a CAGR of more than 10.24% through 2031
Market Trends for Smart Fleet Management
- The global shift towards sustainability and environmental consciousness has led to the adoption of electric and alternative fuel vehicles. Smart fleet management systems are adapting to monitor and manage these eco-friendly fleets efficiently.
- Artificial intelligence (AI) and machine learning are being leveraged to analyze vast amounts of data generated by smart fleet systems, which enables predictive maintenance, route optimization, and data-driven decision-making.
- Smart fleet management is evolving to prepare for their integration, with fully autonomous vehicles still being developed. The systems will play a crucial role in managing and monitoring autonomous fleets.
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Market for Smart Fleet Management: Regional Outlook
Various reasons are propelling the growth of the smart fleet management market in different regions. These are:
- The Asia Pacific region is witnessing rapid economic growth, leading to increased trade activities, urbanization, and industrialization. There is a greater need for efficient fleet management to support logistics and transportation, as businesses expand.
- Many countries in Asia Pacific are implementing regulations and policies aimed at improving road safety and reducing emissions. The regulations often incentivize the adoption of smart fleet management solutions, such as telematics and vehicle tracking systems.
- Europe has seen significant growth in e-commerce, which has increased the demand for last-mile delivery services and created opportunities for smart fleet management solutions to enhance the efficiency of delivery operations.
- In some European countries, labor costs are high, leading to a growing interest in automating and optimizing fleet operations. Smart fleet management solutions can reduce the reliance on a large workforce.
Global Smart Fleet Management Market: Key Players
A number of dominant worldwide firms hold the majority of the market share in the smart fleet management industry. The market’s major companies are concentrating on diversifying their product lines.
The big players’ primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global smart fleet management market:
- CHAINWAYTSP CO., Ltd.
- Continental AG
- DENSO CORPORATION
- Globecomm Systems Inc.
- HARMAN International
- IBM Corporation
- JUTHA MARITIME
- Otto Marine Limited.
- Precious Shipping Public Company Limited
- Robert Bosch GmbH
- Siemens AG
- Sierra Wireless
- TomTom International BV.
- Zonar Systems
Key developments in the global smart fleet management market are:
- In 2023, Geotab launched a new fleet management solution that uses artificial intelligence to predict and prevent vehicle maintenance issues.
- In 2023, Verizon Connect acquired Fleetmatics, a leading provider of fleet management solutions for the commercial vehicle industry.
- In the same year, Omnitracs launched a new fleet management platform that offers a variety of features, including driver fatigue monitoring, vehicle health monitoring, and fleet analytics.
- In 2022, Webfleet Solutions launched a new fleet management platform that offers a variety of features, including real-time traffic updates, route optimization, and vehicle maintenance management.
Partial Table of Content (ToC):
1.1. About TMR
1.2. Market Coverage / Taxonomy
1.3. Assumptions and Research Methodology
2. Executive Summary
2.1. Global Market Outlook
2.1.1. Market Size, Thousand Units, US$ Bn, 2017-2031
2.2. Demand & Supply Side Trends
2.3. TMR Analysis and Recommendations
2.4. Competitive Dashboard Analysis
3. Market Overview
3.1. Macro-Economic Factors
3.2. Market Dynamics
3.3. Market Factor Analysis
3.3.1. Porter’s Five Force Analysis
3.3.2. SWOT Analysis
3.4. Regulatory Scenario
3.5. Key Trend Analysis
3.6. Value Chain Analysis
3.7. Cost Structure Analysis
3.8. Profit Margin Analysis
4. COVID-19 Impact Analysis – Smart Fleet Management Market
5. Global Smart Fleet Management Market, By Solution
5.1. Market Snapshot
5.1.1. Introduction, Definition, and Key Findings
5.1.2. Market Growth & Y-o-Y Projections
5.1.3. Base Point Share Analysis
5.2. Global Smart Fleet Management Market Size Analysis & Forecast, 2017-2031, By Solution
188.8.131.52. Vehicle Tracking
184.108.40.206. Fleet Optimization
220.127.116.11. Advanced Driver Assistance Systems (ADAS)
18.104.22.168. Remote Diagnostics
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Global Smart Fleet Management Market Segmentation
- Vehicle Tracking
- Fleet Optimization
- Advanced Driver Assistance Systems (ADAS)
- Remote Diagnostics
- Short Range
- Long Range
- Roadways (Automotive)
- North America
- Asia Pacific
- South America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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