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

  • GSM-R market coverage grows nearly 50 per cent
    December 19, 2014
    GSM-R has been used in Europe for more than ten years to provide voice and data communications for railway and acts as a radio bearer for train control messages. Mandated by the European Commission and supported by the dynamic railway industry in the region, the GSM-R system has established a significant market in Europe. Over the past few years the market extended to regions outside Europe including Asia-Pacific, Middle East, and Africa. Led by Nokia, Kapsch CarrierCom, and Huawei, GSM-R track coverage
    Read More
  • Automotive telematics and smart energy will lead M2M market growth
    March 22, 2012
    According to ABI Research’s new study, Cellular M2M Connectivity Services, the M2M market has become a fully mainstream segment of the cellular industry. By the end of 2011, most major mobile operators in North America, Europe, and the Asia-Pacific region had established M2M business units to focus their efforts in this fast growing market. ABI Research predicts that the market for cumulative cellular M2M connections will rise from about 110 million connections in 2011 to approximately 365 million connectio
    Read More
  • euroFOT study demonstrates benefits of driver assistance systems
    June 26, 2012
    Today, the euroFOT consortium published the findings of a four-year study focused on the impact of driver assistance systems in the Europe. The €22 million (US$27.5 million) European Field Operational Test (euroFOT) project which began in June 2008 and involved 28 companies and organisations, was led by Aria Etemad from Ford’s European Research Centre in Aachen, Germany. The study looked at existing technologies and their potential to both enhance safety and reduce environmental impact. euroFOT also reveale
    Read More
  • Fifty per cent of consumer cars to have telematics devices by 2022
    June 23, 2017
    A new report from Juniper Research has revealed that, by 2022, 50 per cent of consumer vehicles on the road will have at least one connectivity service, such as telematics, V2X (vehicle-to-everything) communications, or connected car commerce services.
    Read More

Highlighted Content