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

  • Rating agency Standard and Poor Tolling sees a bright future for tolling
    September 6, 2017
    Few disruptions appear on the horizon for global toll road operators, with the US poised to become a better bet for major investment, according to ratings agency Standard and Poor’s (S&P’s) Global Ratings’ 2017 report, which rates toll road operators according to their ability to raise capital. The outlook is generally stable for business conditions and credit quality for toll roads worldwide. One positive exception is the US where the overall outlook is ‘positive’ as S&P expects traffic growth to increase
    Read More
  • Need for real-time traffic information systems on the rise
    March 11, 2015
    New analysis from Frost & Sullivan, Strategic Analysis of Real-time Traffic Information Market in Europe and North America, finds that the number of real-time traffic information subscribers in North America stood at 1.9 million units in 2014 and estimates this to reach 14.2 million in 2021. In Europe, the number is expected to go up from 2.2 million in 2014 to 10.2 million in 2021. With traffic expanding at three times the rate of the economy, the research says the need for intelligent systems like real-ti
    Read More
  • Technavio names top 5 vendors in the global smart highway construction market 2017-2021
    May 26, 2017
    Technology research company Technavio has announced the top five leading vendors in their recent global smart highway construction market 2017-2021 report. This market research report also lists 14 other prominent vendors that are expected to impact the market during the forecast period. According to the report, the smart highway construction market will grow at an exponential rate and post a CAGR of almost 94 per cent by 2021. The vendors in this market can expect significant market growth in the coming ye
    Read More
  • Infrastructure and the autonomous vehicle
    December 12, 2014
    Harold Worrall ponders the effect of autonomous vehicles on transportation infrastructure. For the last century the transportation industry has been focused on the supply of infrastructure to support the ever growing fleet of vehicles and the greater number of miles covered by each vehicle. Our focus has been planning, funding, designing, building and maintaining roadways. Politicians, engineers, planners, financial managers … all of us have had this focus. We have experienced demand growth since the first
    Read More

Highlighted Content