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

  • Fleet performance technology ‘could cut van accidents’
    January 22, 2016
    According to GreenRoad Technologies, fleet performance solutions could help to reduce the alarming number of road accidents involving vans, which have risen by 11 per cent in the last year. The organisation says new data has revealed that the number of crashes involving vans across the UK rose by 11 per cent in a year to 14,043 during 2014. And across Europe, the cost of accidents is reckoned to be US$157 billion per year. David Rodriguez of GreenRoad Technologies said: “This latest data shows that accident
    Read More
  • Managed lane operators: meet the CAV pioneers
    June 26, 2018
    There is some controversy over the testing of connected and autonomous vehicles – but Robert Deans of Transurban North America explains how managed lanes could be vital in the development of CAVs, benefiting everyone. Managed lane operators have the opportunity to establish themselves as leaders in the testing and roll-out of connected and automated vehicles (CAVs), assisting and accelerating the transition of CAVs onto road networks to deliver economic and safety benefits. Managed lane facilities
    Read More
  • Costing transit is complicated case
    August 19, 2015
    David Crawford welcomes fresh thinking from Canada. Public transit improvements can bring society “significantly more value” than conventional transport models normally indicate, argues Canadian researcher Todd Litman. “Traditional evaluation practices originally developed to assess roadway improvements, and focus primarily on vehicle travel speeds and operating costs. “They do not generally quantify or monetise basic mobility benefits, vehicle ownership and parking cost savings, or efficient land developme
    Read More
  • Do buses need subsidies in congestion charging areas
    June 20, 2016
    David Crawford takes a look at the debate surrounding bus subsidies. Subsidies for public transport are a well-known and frequently-used policy tool directed at reducing the high environmental and social costs of peak-period traffic congestion. But at the end of last year the Swedish Centre for Transport Studies published a working paper entitled ‘Should buses still be subsidised in Stockholm?’ This concluded that the subsidy levels currently being applied in Stockholm could be nearly halved by setting bus
    Read More

Highlighted Content