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

  • UK to tackle US$1.6 billion cost of motorway closures
    April 25, 2012
    A UK government strategy to tackle congestion caused by motorway closures and drive down the £1 billion (US$1.6 billion) annual cost to the economy has been unveiled by Roads Minister Mike Penning, who also announced the launch of a £3 million ($4.87 million) fund for police forces to purchase laser scanning technology to speed up of the investigation process and incident clear up times.
    Read More
  • TransCore to design and build I-66 active traffic management system
    February 15, 2013
    One of the most congested interstates in Virginia, US, is to get an Active Traffic Management (ATM) system. The Virginia Department of Transportation (VDOT) has selected TransCore, a division of Roper Industries, to design and build its I-66 ATM system on northern Virginia’s main highway into the District of Columbia. The US$34 million contract is 90 percent federally funded and will support thirty-four miles of highway from the District of Columbia to Gainesville US-29 in Prince William County. The projec
    Read More
  • Report shows Oslo, London and Amsterdam lead ‘green’ cities ranking
    April 28, 2017
    London-based Centre for Economics and Business Research (CEBR) has presented its ranking of 35 ‘green’ cities, sponsored by smartphone chip maker Qualcomm. The report ranks 35 global cities based on their level of progress towards achieving this goal, finding that:
    Read More
  • EdgeVis removes bandwidth barriers to mobile streamed video
    October 26, 2017
    A new generation of video compression can lower transmission costs of data and make streaming from mobile and body-worn cameras a reality, as Colin Sowman discovers. Bandwidth limitations have long been the bottleneck restricting the expanded use of video streaming for ITS, monitoring and surveillance purposes. Recent years have seen this countered to some degree by the introduction of ‘edge processing’ whereby ANPR, incident detection and other image processing is moved into (or close to) the camera, so
    Read More

Highlighted Content