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

  • Road pricing is inevitable – because the ‘user pays’ principle is fair
    June 14, 2018
    We pay for roads through our taxes: the poor pay proportionately more, and effectively subsidise the rich. It would be fairer to accept the ‘user pays’ principle, says Dr John Walker. Road pricing is already used worldwide to combat congestion and pollution, to compensate for falling revenues from fuel duty (‘gas tax’), to provide an alternative (and fairer) means of charging motorists than the 80-year old fuel tax and to improve the efficiency of and expand transport infrastructure. However, it could and s
    Read More
  • Driving forward cooperative intersection safety applications
    July 24, 2012
    Gregory Davis, FHWA, John Harding, NHTSA, and Mike Schagrin, ITS Joint Program Office (RITA) chart the course for cooperative intersection safety applications being pursued as part of the IntelliDrive programme. Crashes at intersections accounted for 8,703 highway fatalities in the US in 2008. Research and development is moving forward on IntelliDriveSM safety applications designed to help drivers avoid intersection accidents. These new safety systems could substantially drive down the highway death and inj
    Read More
  • Big data and GPS combine to cut emergency response times
    April 2, 2014
    David Crawford looks at technologies for better emergency medical service delivery. Emergency medical services (EMS) play key roles in transporting, or bringing treatment to, patients who become ill through medical emergencies or are injured in road traffic accidents (RTAs). But awareness has been rising steadily, in the US and elsewhere, of the extent to which EMS can generate their own emergencies. The most common cause is vehicles causing or becoming involved in RTAs, as a result of driving fast under pr
    Read More
  • "AI can help fast-track Net Zero and Vision Zero," says VivaCity
    January 16, 2024
    Artificial intelligence isn't just about self-driving cars - and ‘smart’ doesn't always have to be shiny, new and innovative. Mark Nicholson, CEO at VivaCity, offers a few predictions for 2024...
    Read More

Highlighted Content