The Global Smart Fleet Management Market is projected to grow at a CAGR of 8.0% during the forecast period, to reach USD 462.48 billion by 2022.
The major factors responsible for the growth of the market include the introduction of advanced technologies such as fleet optimization and real-time monitoring systems in rolling stock, automotive, and marine transport as well as raising awareness about fleet tracking, driver monitoring, and enhanced safety.
Demand Side Analysis–
1 Safety Concerns in Fleet Management
2 Mandate on Cost-Containment
Supply Side Analysis–
1 Technological Advancement
2 A need for Connectivity for Safetforand Security
Short-range communication: growing Connectivity technology in fleet
Smart fleet management with short-range network uses short-range communication technologies such as Radar and Lidar, which are designed for a communication range up to 1000 feet. The short range allows rapid communication between smart fleet management networks and is used for various applications in modern transportation. Its applications include driver assistance technologies such as fleet tracking system, automatic train protection system, and in-depth monitoring systems. The market for these technologies is on the rise, and the trend is expected to continue in the coming years. The short range of technology is thus a high growth potential market in the overall smart fleet management market.
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long-range Communication: high growth potential technology
The long-range communication is a type of radar system with the ability to detect targets at very long ranges beyond the radar horizons. The major reason for the development of such technologies is to avoid loss of fleet. Allowing better safety of vehicles, long-range communication technology is estimated to have the highest growth potential in the smart fleet management market across the globe. It is projected to grow at a promising CAGR of 15.4% from 2017 to 2022. This growth can be attributed to the adoption of telematics application to enhance safety and reduce transportation cost.
The report includes detailed profiles of the following companies:
- Continental AG
- Denso Corporation
- Robert Bosch GmbH
- Infineon Technologies AG
- Precious Shipping Company Public Limited
- Otto Maritime Limited
Asia-pacific: the fastest growing market for smart fleet management market
Asia-Pacific is estimated to be the most promising market for smart fleet management during the next five years, owing to the improved vehicle tracking and adaptability toward telematics application. Also, the upcoming safety regulations in the Asian countries would also positively influence the market for driver assistance systems such as adaptive cruise control system and lane departure warning system. The sale of luxury cars in Asia-Pacific by key manufacturers such as Audi, BMW, Mercedes, and Volvo increased in 2015. The adaptability for telematics application in railways and marine segments in the region has also increased significantly. All these fleets are equipped with telematics devices and sensors for adaptive cruise control, lane departure warning systems, geo-fencing systems, real-time tracking, and other applications. The increased demand for railways and marine segments is thus anticipated to boost the market for smart fleet management in the Asia-Pacific region in the near future.
