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

  • Predicting the future for video camera systems
    March 12, 2012
    Jo Versavel, Managing Director of Traficon, talks about near-term trends in video camera systems. Jo Versavel starts by making one thing clear: long-term forecasts as to what the future holds for video-based traffic monitoring are to all intents and purposes meaningless. The state of the art is developing so fast that in reality it's impossible to say where we'll be in 10 years' time, says the Managing Director of Traficon. In his opinion making firm predictions even five years out is too ambitious, whereas
    Read More
  • New forms of smart mobility aiding congestion reduction, report finds
    June 26, 2015
    A new report from Navigant Research analyses the global market for smart urban mobility infrastructure and services in smart cities, including car sharing, advanced traffic management, smart parking, and other transportation innovations, with regional forecasts for revenue, through 2024. According to the report, Urban Mobility in Smart Cities, the market for smart urban mobility infrastructure and services is expected to exceed US$25 billion in 2024. In cities around the world, thoughts on mobility in ur
    Read More
  • Cost benefit: Wichita eases workzone congestion
    July 8, 2019
    Achieving higher diversion rates has helped one Kansas city to make traffic flow more efficient around workzones. David Crawford examines what’s behind a 10:1 benefit-to-cost ratio in Wichita Around 10% of highway congestion in the US results from delays in workzones, leading to an estimated annual loss of $700 million in fuel costs alone. The lack of accessible real-time traffic information to help motorists minimise their inconvenience – particularly at peak times - is a major contributor. One solut
    Read More
  • Biggest change in cars for 100 years now starting, says IDTechEx Research
    December 5, 2016
    According to a new report from IDTechEx Research, Electric Car Technology and Forecasts 2017-2027, the biggest change in cars for one hundred years is now starting. It is driven by totally new requirements and capabilities. They will cause huge new businesses to appear, but some giants will spectacularly go bankrupt. Cities will ban private cars but encourage them as autonomous taxis and rentals. Already 65 per cent of cars in China are bought by businesses. The Japanese want the car to be part of the hy
    Read More

Highlighted Content