Smart fleet management market predicted to grow by eight per cent by 2022

According to MarketsandMarkets’ latest report, Smart Fleet Management Market, the smart fleet management market is projected to grow at a CAGR of eight per cent from 2017 to 2022, to reach US$462.48 billion by 2022.
June 19, 2017 Read time: 2 mins

According to 6418 MarketsandMarkets’ latest report, Smart Fleet Management Market, the smart fleet management market is projected to grow at a CAGR of eight per cent from 2017 to 2022, to reach US$462.48 billion by 2022. Some of the major factors responsible for the growth of the market are government regulations for safety and increase in demand for real-time tracking and fleet monitoring by fleet operators to reduce transportation cost and increase operational efficiency.

Fleet operators track vehicles in real time to reduce idle time and transportation costs. The purpose of this is to provide effective fleet tracking, real-time monitoring, a dedicated remote server for fleet data and security features in a single system. With the adoption of technologies, a transporter or service provider can measure maintenance costs and monitor the driver's behaviour. Fleet management data can also be downloaded to analyse data better and make a cost effective decision or enhance safety. For instance, managers can get the data of fuel efficiency based on the route taken. The market for these technologies is growing rapidly, and regulatory bodies in Europe and North America are looking forward to mandating some of these technologies.

The global smart fleet management market is estimated to be dominated by ADAS systems during the review period. ADAS systems have higher adaptability in all passenger cars in most of the advanced economies of Europe and North America. Furthermore, the economies of Asia-Pacific region are focusing on mandating safety features for ADAS systems. These factors make the ADAS systems one of the most prominent technologies in the smart fleet management market.

Asia-Pacific is estimated to be the largest market for smart fleet management in 2017, owing to the increasing transport facilities in countries such as Japan, China, and India and stringent safety regulations in these countries. Changing government approaches towards fleet operators, drivers, passengers, and goods safety has imposed many regulations, which mandate transportation OEMs to deliver vehicles with installed safety features. Additionally, improving socio-economic conditions in countries such as India, Thailand, and Indonesia have resulted in the growth of demand for premium segment fleets, which in turn has boosted the market for smart fleet management in these countries.

Location Based Systems

For more information on companies in this article

Related Content

  • The FIA’s formula for future mobility
    March 11, 2016
    The FIA’s Region I president Thierry Willemarck tells Colin Sowman about his organisation’s campaigning work for the rights of road users and mobility for all. The Fédération Internationale de l’Automobile may be best known as the FIA and the governing body for world motor sport - particularly Formula 1 - but its influence spreads far wider than the racetrack. The organisation was founded in 1904 with a remit to safeguard the rights and promote the interests of motorists and motor sport across the world. No
    Read More
  • Bluetooth and Wi-Fi offer new options for travel time measurements
    November 20, 2013
    New trials show Bluetooth and Wi-Fi signals can be reliably used for measuring travel times and at a lower cost than an ANPR system, but which is the better proposition depends on many factors. Measuring travel times has traditionally relied automatic number plate (or licence plate) recognition (ANPR/ALPR) cameras capturing the progress of vehicles travelling along a pre-defined route. Such systems also have the benefit of being able to count passing traffic and have become a vital tool in dealing with c
    Read More
  • European bus system of the future: paving the way for a bus revolution
    October 16, 2012
    The results of the US$33.8 million (€26 million) European Bus System of the Future (EBSF) project have been announced following four years of intensive research and high-profile work. The project, which started in the midst of the financial crisis in 2008 and achieved several key results, aimed to develop a new generation of urban bus systems adapted to the needs of European cities as well as improving the perception of bus transport. By defining the bus system as a whole, rather than looking just at the v
    Read More
  • The effectiveness of roads policing
    March 6, 2015
    The Joint Roads Policing Unit of Thames Valley Police and Hampshire Constabulary in the UK commissioned the Transport Research laboratory (TRL) to evaluate the effectiveness of their roads policing strategy in terms of reducing the number of people killed and seriously injured in road collisions. The focus was on the fatal four causes of collisions: speeding, drink-driving, not wearing a seat belt and drivers using mobile phones. TRL carried out a detailed literature review, in-depth review and analysis of
    Read More

Highlighted Content